Payroll
CPP
Quick Definition
Canada Pension Plan, a contributory pension program funded by employer and employee contributions.
CPP is a contributory pension program. Contributions are withheld from pensionable earnings above the annual basic exemption, up to an annual maximum, and the employer contributes a matching amount. FastBuild computes CPP from the pay period's pensionable earnings; the exemption, contribution rate, and maximum change yearly, so employers should confirm the current figures with the Canada Revenue Agency.
