Canada to Raise Pension Plan Maximum Taxable Earnings for 2020

The maximum pensionable earnings amount for the Canada Pension Plan (CPP) is to be C$58,700 (U.S. $44,613.51) for 2020, up from C$57,400 (U.S. $43,625.47) for 2019, the Canada Revenue Agency said in a news release.

The term maximum pensionable earnings refers to the maximum annual amount of employment income per employee upon which pension contribution rates for the employer and employee may be assessed.

Québec employees and employers are not covered by the Canada Pension Plan (CPP), but are alternatively covered under the Québec Pension Plan (QPP). As the maximum pensionable earnings amount for the Québec Pension Plan (QPP) ...