Time to Dig into Your 2024 Paycheck Changes
YOUR 2024 CANADA PENSION PLAN CHANGES
Maximum pensionable earnings will be $68,500 (up from $66,600 in 2023)
2024 employee and employer CPP contribution rates remain at 5.95%, and the maximum contribution will be $3,867.50 each (up from $3,754.45).
The additional maximum pensionable earnings ceiling of $73,200 will be used to determine additional contributions. This has been planned since 2019.
Earnings between $68,500 and $73,200 will subject to a second layer of contributions. The maximum contribution will be $188.00 each, with the self-employed rate double that.
The basic exemption amount for 2024 remains at $3,500.
YOUR RRSP DOLLAR LIMIT
This will be $31,560 for 2024 and $32,490 for 2025 (up from $30,780 for 2023).
YOUR TFSA LIMIT
The TFSA limit increased by $7000 for 2024.
Let's talk about what you owe and
prepare to manage it before before February 29, 2024
Source Canada Revenue Agency https://www.canada.ca/en/revenue-agency.html
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