11. Canada Pension Plan (CPP)
Contribution Calculation
Rate/Amount |
2023 |
2024 |
Contribution rate |
5.95 % |
5.95 % |
Maximum annual allowable earnings |
$66,600.00 |
$68,500.00 |
Annual exemption |
$3,500.00 |
$3,500.00 |
Maximum annual pensionable earnings |
$63,100.00 |
$65,000.00 |
Maximum annual contribution (employee and employer) |
$3,754.45 |
$3,867.50 |
Maximum annual allowable earnings |
N/A |
$73,200.00 |
Annual exemption |
N/A |
$4,700.00 |
Maximum annual pensionable earnings |
N/A |
4.00 % |
Maximum annual contribution (employee and employer) |
N/A |
$188.00 |
Basic Exemptions
Frequency |
2023 |
2024 |
Weekly (52 pay periods) |
$67.30 |
$67.30 |
Bi-weekly (26 pay periods) |
$134.61 |
$134.61 |
Semi-monthly (24 pay periods) |
$145.83 |
$145.83 |
Monthly (12 pay periods) |
$291.66 |
$291.66 |
Annually |
$3,500.00 |
$3,500.00 |