CPP Calculator & CPP Payments Dates

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Canada Pension Plan was launched in 1965 by Prime Minister, this plan helps contributors a regular pension payments. Every individual who reach minimum of 3500$ in annual salary and are between 18 and 65 years old. Pension benefits start as early as at the age of 65 but paid 100% from 65 years old.

Rates and Maximum for CPF in 2017

To conclude the amount of CPP contribution, you must take into account these variables on the 2017 gross income

  • General contribution rate (employee and employer): 4.95%
  • Self-employed contribution rate: 9.9%
  • Basic exemption amount (unchanged since at least 1997): 3 500$
  • Manual maximum allowable gross income to contribute (year’s maximum pensionable earnings, YMPE): 55 300$

The usual contribution rate for CPP is same from 2003 and it will be calculated on gross income, not after -tax income

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CPP Calculator:

For and employee or employer

CPP Contribution – (the least number between – Gross revenue and year’s maximum pensionable earnings YMPE in 2017 – basic exemption) X (Employee or Employer rate / 100)

This calculator will help you to calculate contributions to be needed in Canadian Pension Plan 2017 earnings

 

For example: Gross earnings in 2017 = 15000$

Contribution = (45.000$ – 3500$) x (4.95 / 100)

41500$ x 0.0495 = 2054.25$

For a self employed

Canada pension plan contribution = exactly the same calculation formula as mentioned previously except for the self employed rate

CPP table of Rates

Here are the changed contributions tables to the CPP for the last 2 years

Contribution in 2017

Maximum annual earnings for CPP             55 300$
CPP contribution rate of employee, employer 4.95%
CPP contribution rate for self-employed 9.9%
Basic exemption amount             3 500$
Maximum contribution amount for employee, employer 2 564.10$
Maximum contribution amount for self-employed 5 128.20$

Contribution in 2016

Maximum annual earnings for CPP 54 900$
CPP contribution rate of employee, employer 4.95%
CPP contribution rate for self-employed 9.9%
Basic exemption amount 3 500$
 

Maximum contribution amount for employee, employer

2 544.30$
Maximum contribution amount for self-employed 5088.60$

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CPP Payments Dates

Here is the list of CPP payments, if you have signed up direct deposit. Your  payments for Canada Pension Plan are automatically deposited in your account on the below dates in 2017:

  • January 27
  • February 24
  • March 29
  • April 26
  • May 29
  • June 28
  • July 27
  • August 29
  • September 27
  • October 27
  • November 28
  • December 20

If you are not requested payment through direct deposit, you will generally receive your payments within the last 3 business days of each month. But direct deposit is secure, convenient and reliable

To sign up for direct deposite all you require:

  • Your social insurance number
  • Your branch transit number and your account number
  • The name of your bank or financial institution

Also Read:

What is CPP & Benefits Of Canada Pension Plan

How to Apply For CPP Retirement Pension

How to Apply For CPP Disability Benefits

Canada Pension Plan Disability – Eligibility & Benefits

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