Starting this year, a secondary contribution system, CPP2 and QPP2, will be launched for employees surpassing the Year’s Maximum Pensionable Earnings (YMPE). Employers are required to match these additional contributions to strengthen retirement pensions through this initiative.


In addition to the current YMPE, a crucial component is the Year’s Additional Maximum Pensionable Earnings (YAMPE). If an employee’s earnings surpass the first earnings threshold, they will continue to contribute a portion above the second earnings threshold.

 

In 2024, CPP and QPP details are:

 

Parameter

CPP 2024

QPP 2024

First ceiling contribution rate

5.95%

6.40%

YMPE

$68,500

$68,500 

Max yearly contribution

$3,867.50

 $3,867.50

Second ceiling contribution rate

4% 

4%

2024 YAMPE

$73,200ontact us today 

LEARN MORE$73,200 

Max yearly Second CPP contribution

$188

$188
Employers need to stay updated on potential increases in the first and second earnings ceilings, as this crucial information is usually announced by the Government every November. For additional details and help with your payroll, Contact us today
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