Canada’s 2024 payroll deductions formulas include formulas for additional Canada Pension Plan contributions that take effect Jan. 1, 2024, and were released Nov. 17 by the Canada Revenue Agency.
The additional contribution for both the CPP and Quebec Pension Plan is 4% for both employers and employees and is only assessed on wages above the pensionable earnings limit, which is C$68,500 (US$49,906.02) in 2024, up to a second limit of C$73,200, the CRA said in Guide T4127, Payroll Deductions Formulas. Other CPP and QPP contribution rates are unchanged from 2023, the CRA said. An exemption of C$3,500 annually applies ...
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