Homework Answers
Calculation of amount to be remitted to Canada pension plan
Annual pensionable earnings = $50000 (A)
Basic Exemption Amount= $3500 (B)
Contributory earnings =$50000-$3500 = $46500 (A-B=C)
Employee and employer contribution rate for 2018 = 4.95%
Amount to be remitted = $46500*4.95%= 2301.75
Correct Answer is option C
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