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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





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