Tax Tip - Canada Revenue Agency announces maximum pensionable earnings and contributions for 2024
The maximum pensionable earnings under the Canada Pension Plan (CPP) will be $68,500—up from $66,600 in 2023.
- The maximum pensionable earnings under the Canada Pension Plan (CPP) will be $68,500—up from $66,600 in 2023.
- Starting in 2024, a higher, second earnings ceiling of $73,200 will be implemented and used to determine second additional CPP contributions (CPP2).
- Employee and employer CPP contribution rates for 2024 remain at 5.95%, and the maximum contribution will be $3,867.50 each—up from $3,754.45 in 2023.
- Employee and employer CPP2 contribution rates for 2024 will be 4.00%, and the maximum contribution will be $188.00 each.