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In 2024, both employees and employers will maintain a CPP contribution rate of 5.95%, with the maximum contribution increasing to $3,867.50 each, up from the 2023 value of $3,754.45. Self-employed individuals will continue with an 11.90% CPP contribution rate, and the maximum contribution for them will rise to $7,735.00, compared to $7,508.90 in 2023.
Additionally, the CPP2 contribution rates for employees and employers in 2024 are set at 4.00%, with a maximum contribution of $188.00 each. Self-employed individuals will have an 8.00% CPP2 contribution rate, resulting in a maximum self-employed contribution of $376.00.
It is important to note that contributors are neither required nor allowed to make contributions on pensionable earnings exceeding $73,200.
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