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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.

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