Here are the changes to CPP deductions starting in 2024

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The Canadian Press

Ritika Dubey

Published Jan 01, 2024 • 3 minute read

Starting in January, middle-income earners are going to see a jump in how much they contribute to the Canada Pension Plan. Information regarding CPP is displayed on the Service Canada website in Ottawa on Tuesday, Jan. 31, 2012. Photo by Sean Kilpatrick /THE CANADIAN PRESS

TORONTO — Middle-income earners will start seeing a larger portion of their paycheques going toward Canada Pension Plan contributions as of Monday.

A broader pension revamp began in 2019 as both the Quebec Pension Plan and CPP began phasing in enhanced benefits intended to provide more financial support for Canadians after they retire. So far, individual contributions — and the employer’s matching portion _ have primarily ticked upward.

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The Canadian Press

2024-01-01 04:01:39

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