Beginning january 1, 2024, you must deduct the second additional cpp contributions (cpp2) on earnings above the annual maximum pensionable earnings. The ympe for 2024 has been set to $68,500 or $5,708.33 per month.
A ympe for 2025 of $71,200 means that the year’s additional maximum. The ympe for 2024 has been set to $68,500 or $5,708.33 per month.
This Will Provide Enhanced Cpp Benefits.
A ympe for 2025 of $71,200 represents an increase of 3.9% compared to the current ympe that is in effect for 2024 ($68,500).
The Maximum Pensionable Earnings Under The Canada Pension Plan (Cpp) Will Be $68,500—Up From $66,600 In 2023.
Instead of another rate increase, this second phase introduced the year’s additional.
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The Ympe For 2024 Has Been Set To $68,500 Or $5,708.33 Per Month.
Earnings above the main 2024 ympe up to $73,200 will be subject to new additional cpp contributions of 4% (employee and employer).
You Only Pay Into The Cpp Up To The Years Maximum Pensionable Earnings (Ympe), Which Is An Amount Set By The Government Of Canada Every Year.