Canada Pension Plan — C-8 8
nt made by the employee on account of the employee’s contributions for the year under this Act is the lesser of (a) the aggregate of all amounts deducted as required from the remuneration of that employee on account of the employee’s contributions under this Act for the year, minus the sum of the amounts determined under paragraphs (2)(a) to (a.2), and (b) the excess amount calculated in accordance with subsection (2). Prorated portion of employee’s basic exemption (4) For the purposes of subparagraphs (2)(a)(i) and (a.1)(i), the prorated portion of the employee’s basic exemption for the year is the product obtained when the employee’s basic exemption is multiplied by the ratio that (a) the employee’s contributory salary and wages for the year in respect of pensionable employment to which the provisions of this Act relating to the making of contributions apply, subject to (i) for each year before 2024, the maximum pensionable earnings in respect of each pensionable employment, and (ii) for 2024 and each subsequent year, the additional maximum pensionable earnings in respect of each pensionable employment, bears to (b) the aggregate of the employee’s contributory salary and wages for the year in respect of pensionable employment to which the provisions of this Act relating to the making of contributions apply or to which the provisions of a provincial pension plan apply, subject to (i) for each year before 2024, the maximum pensionable earnings in respect of each pensionable employment, and (ii) for 2024 and each subsequent year, the additional maximum pensionable earnings in respect of each pensionable employment. Prorated portion of employee’s maximum contributory earnings (5) For the purposes of subparagraphs (2)(a)(ii) and (a.1)(ii), the prorated portion of the employee’s maximum contributory earnings for the year is the product obtained when the employee’s maximum contributory earnings is multiplied by the ratio that (a) the employee’s contributory salary and wages for the year in respect of pensionable employment to which the provisions of this Act relating to the making of contributions apply, subject to (i) for each year before 2024, the maximum pensionable earnings in respect of each pensionable employment, and (ii) for 2024 and each subsequent year, the additional maximum pensionable earnings in respect of each pensionable employment, bears to (b) the aggregate of the employee’s contributory salary and wages for the year in respect of pensionable employment to which the provisions of this Act relating to the making of contributions apply or to which the provisions of a provincial pension plan apply, subject to (i) for each year before 2024, the maximum pensionable earnings in respect of each pensionable employment, and (ii) for 2024 and each subsequent year, the additional maximum pensionable earnings in respect of each pensionable employment. Prorated portion of employee’s basic exemption (6) For the purposes of subparagraphs (2)(b)(i) and (c)(i), the prorated portion of the employee’s basic exemption for the year is the difference between the employee’s basic exemption, determined without taking into account paragraphs 19(b) and (c), and the prorated portion calculated under subsection (4). Prorated portion of employee’s maximum contributory earnings (7) For the purposes of subparagraphs (2)(b)(ii) and (c)(ii), the prorated portion of the employee’s maximum contributory earnings for the year is the difference between the employee’s maximum contributory earnings, determined without taking into account paragraphs 17(b) and (c) and 19(b) and (c), and the prorated portion calculated under subsection (5). Prorated portions of employee’s additional maximum pensionable earnings (8) For the purposes of subparagraph (2)(a.2)(i), the prorated portion of the employee’s additional maximum pensionable earnings for the year is the product obtained when the employee’s additional maximum pensionable earnings is multiplied by the ra