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The CPP maximum pensionable earnings for 2022 will increase to $68,500.00

The CRA has announced the Canada Pension Plan (CPP) contribution limits for the upcoming year. The maximum pensionable earnings under the CPP for 2024 will increase to $68,500.

The employee and employer contribution rates for 2024 are set to rise to 5.95% and the self-employed contribution rate will increase to 11.9%. As a result, the maximum employer and employee CPP contribution for 2024 will be $3,867.50 each, and the maximum self-employed contribution will be $7,735.00.

In addition, the 2nd additional contribution (enhanced CPP) will see the employee and employer contribution rates for 2024 are set to rise to 4% and the self-employed contribution rate will increase to 8%. As a result, the maximum employer and employee additional CPP contribution for 2024 will be $188 each, and the maximum self-employed contribution will be $376.

The basic exemption amount for CPP for 2024 remains at $3,500. Individuals who earn less than that amount do not need to contribute to the CPP.