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Federal Government provides update on CPP2 rates and maximums

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September 21, 2023

A CPP Contribution Statement with some cash laying on top of it

The Canadian government has announced changes to the rules regarding additional CPP contributions.

Starting January 1, 2024, the second additional CPP contributions, known as CPP2, must be deducted from earnings above the annual maximum pensionable earnings.

For each year on and after January 1, 2024, the CRA will dictate the rate used to calculate the CPP2 contribution amount to be deducted, as well as additional maximum pensionable earnings.

For more details, read the official government announcement by clicking on more information:

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