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CPP Exemption Quiz

What’s the Salesperson’s CPP Basic Exemption Amount?

SITUATION 

In addition to a monthly base salary of $2,000 salesman Bob White is paid commissions on sales he negotiates with municipalities across the country. Base salary is paid at the end of the month; commissions are paid only after the customer pays the first installment on its sales contract. But once that installment is paid, Bob receives the full commission for the deal. In Feb. 2016, Bob earns only one commission for $8,475, which he receives on Feb. 12. His 2016 CPP pensionable earnings don’t hit the YMPE (Year’s Maximum Pensionable Earnings) until April. For source deduction purposes, Bob has a monthly pay period and his commissions are subject to the bonus tax method.

QUESTION

What is the correct CPP Basic Exemption on Bob’s Feb. $2,000 monthly salary?

A. 0 since this salary is the second payment in his monthly pay period
B. 0 since any Basic Exemption was absorbed by the $8,475 commission payment
C. $291.66, the bas...

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