CPP contributions for 2024:
| Maximum pensionable earnings | $68,500.00 |
| Basic annual exemption | -3,500.00 |
| Maximum contributory earnings | $65,000.00 |
| Contribution rate | 5.95% |
| Maximum employee contribution ($65,000.00 x 5.95%) |
$ 3,867.50 |
| Maximum employer contribution ($65,000.00 x 5.95%) |
$ 3,867.50 |
| Self-employed maximum | $ 7,735.00 |
| Starting in 2024, a higher, second earnings ceiling of $73,200 will be implemented and used to determine second additional CPP contributions (CPP2). As a result, pensionable earnings between $68,500 and $73,200 are subject to CPP2 contributions. | |
| 2024 additional maximum pensionable earnings | $73,200.00 |
| Additional maximum employee contribution | 4.00% |
| Additional maximum employee contribution ($73,200.00 – $68,500.00) x 4.00% |
$ 188.00 |
| Additional maximum employer contribution ($73,200.00 – $68,500.00) x 4.00% |
$ 188.00 |
| Additional self-employed maximum | $ 376.00 |
EI premiums for 2024:
| Maximum annual insurable earnings | $63,200.00 |
| Premium rate | 1.66% |
| Maximum employee contribution | $ 1,049.12 |
| Maximum employer contribution ($63,200.00 x 2.324%) |
$ 1,468.77 |
CPP contributions for 2023:
| Maximum pensionable earnings | $66,600.00 |
| Basic annual exemption | -3,500.00 |
| Maximum contributory earnings | $63,100.00 |
| Contribution rate | 5.95% |
| Maximum employee contribution ($63,100.00 x 5.95%) |
$ 3,754.45 |
| Maximum employer contribution ($63,100.00 x 5.95%) |
$ 3,754.45 |
| Self-employed maximum | $ 7,508.90 |
EI premiums for 2023:
| Maximum annual insurable earnings | $61,500.00 |
| Premium rate | 1.63% |
| Maximum employee contribution | $ 1,002.45 |
| Maximum employer contribution ($61,500.00 x 2.282%) |
$ 1,403.43 |
E. & O.E.