Canada Pension Plan (CPP/QPP) and Employment Insurance (EI)

Canada (CPP), (CPP2) and Quebec (QPP) Pension

Description	Amount	Effective Date
Annual CPP Maximum Pensionable Earnings	$68,500	Increase from $66,600 in 2023
Annual CPP Basic Exemption	$3,500	Unchanged from 2023
Annual CPP Maximum Contributory Earnings	$65,000	Increase from $63,100 in 2023
CPP Contribution rate	5.95%	Unchanged from 2023
Annual Maximum CPP Employer and Employee Contribution	$3,867.50	Increase from $3,754.45 in 2023
CPP2 Contribution rate for pensionable earnings after $68,500	4%	Effective Jan 1, 2024
CPP2 (additional) Maximum pensionable earnings	73,200	Effective Jan 1, 2024
Annual CPP2 Maximum Employer and Employee Contribution	$188	Effective Jan 1, 2024
QPP Contribution rate	6.40%	Unchanged from 2023
Annual Maximum QPP Employer and Employee Contribution (including additional plan)	$4222	Increase from $4,038.40 in 2023

Federal or Non-Quebec Employment Insurance (EI)

Description	Amount	Effective Date
Annual Maximum Insurable Earnings	$63,200	Increase from $61,500 in 2023
Employee Contribution Rate	1.66%	Increased from 1.63% in 2023
Employer Contribution Rate	2.32%	Increased from 2.28% in 2023
Annual Maximum Employee Contribution	$1049.12	Increase from $1002.45 in 2023
Annual Maximum Employer Contribution	$1,468.77	Increase from $1,403.43 in 2023

Quebec Employment Insurance (EI)

Description	Amount	Effective Date
Annual Maximum Insurable Earnings	$63,200	Increase from $61,500 in 2023
Employee Contribution Rate	1.32%	Increase from 1.27% in 2023
Employer Contribution Rate	1.85%	Increase from 1.778% in 2023
Annual Maximum Employee Contribution	$834.24	Increase from $781.05 in 2023
Annual Maximum Employer Contribution	$1,167.94	Increase from $1,093.47 in 2023
Different EI rates apply for employees working in Quebec as a result of the creation of the Quebec Parental Insurance Plan (QPIP).

Quebec Parental Insurance Plan (QPIP)

Description	Amount	Effective Date
Annual Maximum Insurable QPIP Earnings	$94,000	Increase from $91,000 in 2023
Employee Contribution Rate	0.494%	Unchanged from 2023
Employer Contribution Rate	0.692%	Unchanged from 2023
Annual Maximum Employee Contribution	$464.36	Increase from $449.54 in 2023
Annual Maximum Employer Contribution	$650.48	Increase from $629.72 in 2023

Disclaimer: This information is for reference only. To ensure accurate set up, we highly recommend that the information is verified with the applicable federal and state/provincial agencies. TimeTrex makes no claims, guarantees, or promises about the accuracy, current status, or completeness of the information provided. In no event shall TimeTrex be liable for any errors or omissions with respect to any resource information.

Last Updated: Dec 2023