Final answer:
The Canada Revenue Agency annually establishes contribution rates, maximums, and exemptions for the Canada Pension Plan, which are integral for tax preparation and financial planning.
Step-by-step explanation:
Each year, the Canada Revenue Agency determines the contribution rates, maximums, and exemptions for the Canada Pension Plan (CPP). These determinations are essential for tax preparation and financial planning for both employers and employees. The CRA is responsible for administering tax laws for the Government of Canada and for most provinces and territories, and these laws involve the collection of revenue through taxes and the administration of various social and economic benefit and incentive programs delivered through the tax system.