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2014 Legislative Compliance Rates

Let us take a look of the Legislative Compliance Rates of 2014 as per Canada/Quebec Pension Plan (CPP/QPP). In this article we have covered Employment Insurance (EI) & Quebec Parental Insurance Plan (QPIP), Pension Adjustment (PA) Limits, Withholding Rates for Lump-Sum Payments.

Canada/Quebec Pension Plan (CPP/QPP)
CPP QPP
Yearly Maximum Pensionable Earnings $52,500.00 $52,500.00
Basic Exemption (by pay period type)    
Annual $3,500.00 $3,500.00
Monthly (12) $291.66 $ 291.66
Semi-Monthly (24) $145.83 $145.83
Biweekly (26) $ 134.61 $134.61
Biweekly (27) $129.62 $129.62
Weekly (52) $67.30 $67.30
Weekly (53) $66.03 $66.03
Annual Maximum Contributory Earnings $49,000.00 $49,000.00
Contribution Rate 4.95% 5.175%
Annual Maximum Contribution (Employee/Employer) $2,425.50 $2,535.75

 

Employment Insurance (EI) & Quebec Parental Insurance Plan (QPIP)
EI EI (Quebec) QPIP (Quebec)
Annual Maximum Insurable Earnings $48,600.00 $48,600.00 $69,000.00
Premium/Contribution Rate (Employee) 1.88% 1.53% .559%
Premium Rate (Employer  1.4*xEmployee EI) 2.632% 2.142%
Contribution Rate Employer QPIP 0.782%
Annual Maximum Premium EI/QPIP (Employee) $913.68 $743.58 $385.71
Annual Maxmum Premium (Employer 1.4*xEmployee EI) $1,279.15 $1,041.01
Annual Maximum  QPIP Contribution (Employer) $539.58
* Unless a reduced premium is applicable

 

Pension Adjustment (PA) Limits
Defined Contribution RPP (Money Purchase) – Annual Contribution Limit $24,930.00
Defined Benefit RPP – (Maximum pension benefits ($2,770.00)x9) – $600.00 $24,330.00
DPSP – Annual Contribution Limit (Half of money purchase limit) $12,465.00
RRSP – Annual Contribution Limit $24,270.00

 

Withholding Rates for Lump-Sum Payments
Federal Quebec
Amounts up to and including $5,000.00 10% 5%
Amounts over $5,000.00 up to and including $15,000.00 20% 10%
Amounts over $15,000.00 30% 15%
*Do not deduct CPP contributions or EI premiums from retiring allowances
*Visit Canada Revenue Agency at www.cra-arc.gc.ca for more information on Lump-Sum Payments

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