On November 1, 2023, the Canada Revenue Agency announced the 2024 CPP maximum pensionable earnings for 2024 will be $68,500 — up from $66,600. The basic exemption amount for 2024 remains at $3,500.
The employee and employer contribution rates for 2024 will remain at 5.95 percent, and the self-employed contribution rate will remain at 11.90 percent.
The maximum employer and employee contribution to the plan for 2024 will be $3,867.50 each, and the maximum self-employed contribution will be $7,735.
The 2024 yearly maximum pensionable earnings, exemption, contribution rate, and maximum CPP contribution are summarized as follows:
|
CPP Rates |
||
|
|
2023 CPP |
2024 CPP |
|
Maximum pensionable earnings |
$66,600.00 |
$68,500.00 |
|
Annual basic exemption |
$3,500.00 |
$3,500.00 |
|
Contributory earnings |
$63,100.00 |
$65,000.00 |
|
Contribution rate |
5.95% |
5.95% |
|
Employee-employer maximum contribution |
$3,754.45 |
$3,867.50 |