Question

when would pensionable earnings and insurable earnings be different? provide an example?

Answer 1

Pensionable earnings

For Example an employee who are eligible for  pensionable employment makes contributions to the Common pension fund  through withholdings on the salary earning or wages paid by the employer ,
or it is income income used by your employer to calculate your pension or  PF contribution.

Insurable earnings

This earnings are the part  of your income that is used to calculate your contributions like Insurable earnings are those reported before any deductions are made for income tax,

Differences between insurable earning and pensionable earnings

Pesionable earning will be calculated based on Income tax Act

Insurable earning will be calculated based on Employment insurance Act

Following types of earnings are not insurable earnings:

"Benefits other than in cash are not insurable with the exception "

Amounts excluded from earnings under the Income Tax Act:

value of benefits
personal or living expenses;
allowance with respect to employment at a special worksite or remote location;
certain disability-related employment benefits;.

Pensionable income is the income used by your employer to calculate your pension or provident fund contribution.

Contributory salary and wages = gross taxable income + stock options - deductions allocated to a member of the clergy
For earnings to be insurable, a person must in fact receive and enjoy the amounts paid. For example, a deceased person could not receive and certainly not enjoy amounts paid to him or her.