Canada Pension Plan — C-8 8
ividual who is described in section 10 and to whom the provisions of this Act relating to the making of contributions apply, minus the prorated portion of the employee’s basic exemption for the year calculated under subsection (4), and (ii) the prorated portion of the employee’s maximum contributory earnings for the year calculated under subsection (5); (a.1) for 2019 and each subsequent year, the product obtained when the first additional contribution rate for employees for the year under this Act is multiplied by the lesser of (i) 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, plus the employee’s contributory self-employed earnings for the year in the case of an individual who is described in section 10 and to whom the provisions of this Act relating to the making of contributions apply, minus the prorated portion of the employee’s basic exemption for the year calculated under subsection (4), and (ii) the prorated portion of the employee’s maximum contributory earnings for the year calculated under subsection (5); (a.2) for 2024 and each subsequent year, the product obtained when the second additional contribution rate for employees for the year under this Act is multiplied by the amount by which (i) 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, plus the employee’s contributory self-employed earnings for the year in the case of an individual who is described in section 10 and to whom the provisions of this Act relating to the making of contributions apply — not exceeding the prorated portion of the employee’s additional maximum pensionable earnings for the year calculated under subsection (8), exceeds (ii) the prorated portion of the employee’s maximum pensionable earnings for the year calculated under subsection (9); (b) the product obtained when the base contribution rate for employees for the year under a provincial pension plan is multiplied by the lesser of (i) the employee’s contributory salary and wages for the year in respect of pensionable employment to which the provisions of a provincial pension plan apply, minus the prorated portion of the employee’s basic exemption for the year calculated under subsection (6), and (ii) the prorated portion of the employee’s maximum contributory earnings for the year calculated under subsection (7); (c) for 2019 and each subsequent year, the product obtained when the first additional contribution rate for employees for the year under a provincial pension plan is multiplied by the lesser of (i) the employee’s contributory salary and wages for the year in respect of pensionable employment to which the provisions of the provincial pension plan apply, minus the prorated portion of the employee’s basic exemption for the year calculated under subsection (6), and (ii) the prorated portion of the employee’s maximum contributory earnings for the year calculated under subsection (7); and (d) for 2024 and each subsequent year, the product obtained when the second additional contribution rate for employees for the year under a provincial pension plan is multiplied by the amount by which (i) the employee’s contributory salary and wages for the year in respect of pensionable employment to which the provisions of the provincial pension plan apply — not exceeding the prorated portion of the employee’s additional maximum pensionable earnings for the year calculated under subsection (10), exceeds (ii) the prorated portion of the employee’s maximum pensionable earnings for the year calculated under subsection (11). Overpayment (3) The overpayment 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 empl