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  • Carol Kostachuk

Changes to CPP in 2024

Updated: Jan 8




The maximum pensionable earnings under the Canada Pension Plan will be $68,500.

up from $66,000. in 2023. The basic exemption amount remains at $3,500.


Starting in 2024 a higher second earning ceiling of $73,200. will be implemented

and used to determine second additional CPP contributions (CPP2).

The result being pensionable earnings between $68,500. and $72,200 are

subject to CPP2 contributions


Contributions and Rate Amounts


Employeer and Employee rates for 2024 remain at 5.95%, and the maximum contribution will be $3,867.50 each up from $3,754.45 The self employed CPP contribution rate remains at 11.90% and the maximum contribution will be

$7,735. up from $7,508.90 in 2023.

Employer and employee CPP2 contribution rates will be 4.00% and the

maximum contribution will be $188. each. The self employed CPP2 contribution

rate will be 8.00 % and the maximum self employed contibution will be $376. Contributors are not required or permitted to make contibutions on

pensionable earnings above $73,200.


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