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1 Ιαν 2024 · CPP contribution rates, maximums and exemptions. Beginning January 1, 2024, you must deduct the second additional CPP contributions (CPP2) on earnings above the annual maximum pensionable earnings. Learn more: What is the CPP enhancement. For each year, the CRA provides the:
The Maximum Pensionable Earnings and Canada Pension Plan (CPP) rates and amounts for the tax years 1966 to 2021.
With very few exceptions, every person over the age of 18 who works in Canada outside of Quebec and earns more than a minimum amount ($3,500 per year) must contribute to the Canada Pension Plan (CPP).
The maximum pensionable earnings of the Canada Pension Plan (CPP) increased from $55,900 in 2018 to $57,400 in 2019. The contribution rate for the base CPP remained unchanged at 9.9%. The CPP enhancement began its 7-year phase-in on January 1, 2019, with a contribution rate of 0.3%, for a combined contribution rate of 10.2%.
CPP and OAS Annual Statistics Tables contain historical data on CPP and OAS, average monthly benefits and net payments in fiscal years. For a more detailed report on CPP and OAS Annual Statistics Tables, see THE ANNUAL CPP & OAS STATS BOOK 2023 to the following web site:
The dataset presents the monthly maximum amount of each CPP benefit (including combined benefits) from 1967 to 2019. From 1967 to 2018, the monthly maximum amount remained the same during the year, while from 2019 onward, the maximum amount changes every month with the enhancement.
CPP Rate Table 1 provides a list of the annual Year's Maximum Pensionable Earnings (YMPE), Average Year's Maximum Pensionable Earnings (AYMPE), and Year's Basic Exemption (YBE) amounts under the Canada Pension Plan (CPP).
