Effective January 1, 2024, a higher second earnings ceiling of $73,200, known as the Year’s Additional Maximum Pensionable Earnings (YAMPE), will be implemented and used to determine second additional CPP contributions (CPP2). This CPP2 is part of the CPP enhancement.
As a result, pensionable earnings between $68,500 and $73,200 are subject to CPP2 contributions.
The 2024 CPP2 maximums and rates are summarized as follows:
|
Year’s Additional Maximum Pensionable Earnings |
$73,200.00 |
|
Year’s Maximum Pensionable Earnings |
$68,500.00 |
|
Basic Exemption |
N/A |
|
Contributory Earnings |
$4,700.00 |
|
Contribution Rate |
4.00% |
|
Maximum Contribution |
$ 188.00 |