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	$71,300	Increase from $68,500 in 2024
Annual CPP Basic Exemption	$3,500	Unchanged from 2024
Annual CPP Maximum Contributory Earnings	$67,800	Increase from $65,000 in 2024
CPP Contribution rate	5.95%	Unchanged from 2024
Annual Maximum CPP Employer and Employee Contribution	$4,034.10	Increase from $3,867.50 in 2024
CPP2 Contribution rate for pensionable earnings after $68,500	4%	Unchanged from 2024. Effective Jan 1, 2024
CPP2 (additional) Maximum pensionable earnings	$81,200	Increase from $73,000 in 2024. Effective Jan 1, 2024
Annual CPP2 Maximum Employer and Employee Contribution	$396	Increase from $188 in 2024. Effective Jan 1, 2024
QPP Contribution rate	6.40%	Unchanged from 2024
Annual Maximum QPP Employer and Employee Contribution (including additional plan)	$4339.20	Increase from $4,222 in 2024

Federal or Non-Quebec Employment Insurance (EI)

Description	Amount	Effective Date
Annual Maximum Insurable Earnings	$65,700	Increase from $63,200 in 2024
Employee Contribution Rate	1.64%	Decreased from 1.66% in 2024
Employer Contribution Rate	2.296%	Decrease from 2.32% in 2024
Annual Maximum Employee Contribution	$1077.48	Increase from $1049.12 in 2024
Annual Maximum Employer Contribution	$1,508.47	Increase from $1,468.77 in 2024

Quebec Employment Insurance (EI)

Description	Amount	Effective Date
Annual Maximum Insurable Earnings	$65,700	Increase from $63,200 in 2024
Employee Contribution Rate	1.31%	Decrease from 1.32% in 2024
Employer Contribution Rate	1.83%	Decrease from 1.85% in 2024
Annual Maximum Employee Contribution	$860.67	Increase from $834.24 in 2024
Annual Maximum Employer Contribution	$1204.94	Increase from $1,167.94 in 2024
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	$98,000	Increase from $94,000 in 2024
Employee Contribution Rate	0.494%	Unchanged from 2024
Employer Contribution Rate	0.692%	Unchanged from 2024
Annual Maximum Employee Contribution	$484.12	Increase from $464.36 in 2024
Annual Maximum Employer Contribution	$678.16	Increase from $650.48 in 2024

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 2024