Canada Pension Plan Service Canada Website

Maximum Pensionable Earnings for 2024

Maximum pensionable earnings under CPP for 2024 will be $68,500—up from $66,600 in 2023. New for 2024 a second earnings ceiling has been added. An additional CPP contribution (CPP2) is required for those earning from $68,500 to $73,200. The basic exemption amount for 2023 remains at $3,500.

The employee and employer CPP contribution rates for 2024 will remain at 5.95% — up from 5.70 % in 2022. The maximum employer and employee CPP contribution to the plan for 2024 will be $3,867.50 each and the maximum self-employed CPP contribution will be $7,735.00. The maximums in 2023 were $3,745.45 and $7,508.90, respectively.

For more information, refer to the Canada Revenue Agency