On January 4, 2024, contribution limits, contribution rates and benefit maximums changed for certain Canadian benefit programs. Following is a summary of the new figures for 2024:

Employment Insurance (Federal)

Jan 1, 2023 Jan 1, 2024
Maximum Annual Insurable Earnings $61,500 $63,200
Premium Rate (Employee) 1.63% 1.66%
Premium Rate (Employer) 2.282% 2.324%
Maximum Annual Premium (Employee) $1,002.45 $1,049.12
Maximum Annual Premium (Employer) $1,403.43 $1,468.77
Maximum Weekly Benefit $650 $668

Employment Insurance (Quebec)

Jan 1, 2023 Jan 1, 2024
Maximum Annual Insurable Earnings $61,500 $63,200
Premium Rate (Employee)  1.27% 1.32%
Premium Rate (Employer) 1.778% 1.848%
Maximum Annual Premium (Employee) $781.05 $834.24
Maximum Annual Premium (Employer) $1,093.47 $1,167.94
Maximum Weekly Benefit $650 $668

Quebec Parental Insurance Plan

Jan 1, 2023 Jan 1, 2024
Maximum Annual Insurable Earnings $91,000 $94,000
Premium Rate (Employee)  0.494%  0.494%
Premium Rate (Employer) 0.692% 0.692%
Maximum Annual Premium (Employee) $449.54 $464.36
Maximum Annual Premium (Employer) $629.72 $650.48
Maximum Weekly Benefit Depending on plan chosen
and type of benefit
$962.50 /
$1,225.00 /
$1,312.50
Depending on plan chosen
and type of benefit
$994.23 /
$1,265.38 /
$1,355.77

Canada Pension Plan
 

Jan 1, 2023 Jan 1, 2024
Maximum Annual Pensionable Earnings $66,600 $68,500
Basic Exemption Amount $3,500 $3,500
CPP Contribution Rate (Employee/Employer) 5.95% 5.95%
Maximum Annual CPP Contribution (Employee/
Employer)
$3,754.45 $3,867.50
Additional Maximum Annual Pensionable Earnings $73,200
CPP2 Contribution Rate (Employee/Employer) 4.00%
Maximum Annual CPP2 Contribution (Employee/
Employer)
$188.00
Maximum Monthly Retirement Pension (at age 65) $1,306.57 $1,364.60
Maximum Monthly Post-Retirement Benefit (at age 65) $40.25 $44.46
Maximum Monthly Disability Benefit $1,538.67 $1,606.78
Maximum Monthly Survivor’s Pension (younger than 65) $707.95 $739.31
Maximum Monthly Survivor’s Pension (65 and older) $783.94 $818.76
Maximum Monthly Benefit for Children of Disabled
Contributor
$281.72 $294.12
Maximum Monthly Benefit for Children of Deceased
Contributor
$281.72 $294.12
Lump Sum Death Benefit $2,500.00 $2,500.00
Maximum Monthly Combined Benefits:
         Combined Survivor’s and Retirement Pension (at age 65) $1,313.13 $1,375.41
         Combined Survivor’s Pension and Disability Benefit $1,542.77 $1,613.54

Quebec Pension Plan

Jan 1, 2023 Jan 1, 2024
Maximum Annual Pensionable Earnings $66,600 $68,500
Basic Exemption Amount $3,500 $3,500
Contribution Rate (Employee/Employer) 6.40% 6.40%
Maximum QPP Annual Contribution (Employee/Employer) $4,038.40 $4,160.00
Additional Maximum Annual Pensionable Earnings $73,200
QPP2 Contribution Rate (Employee/Employer) 4.00%
Maximum QPP2 Annual Contribution (Employee/Employer) $188.00
Maximum Monthly Retirement Pension (at age 65) $1,306.57 $1,364.60
Maximum Monthly Retirement Pension Supplement $31.72 $34.71
Maximum Monthly Disability Benefit $1,537.13 $1,606.75
Additional Maximum Monthly Disability Benefit for
Retirement Pension Beneficiaries
$558.71 $583.29
Maximum Monthly Survivor’s Pension:
         Under age 45, not disabled, without dependent children $649.20 $668.91
         Under age 45, not disabled, with dependent children $1,024.88 $1,061.12
         Under age 45, disabled, with or without dependent children $1,064.81 $1,102.80
         Between ages 45 and 64 $1,064.81 $1,102.80
         Age 65 or over $804.13 $822.14
Maximum Monthly Benefit for Children of Disabled Contributor $89.45 $93.39
Maximum Monthly Benefit for Children of Deceased Contributor $281.72 $294.12
Lump Sum Death Benefit $2,500 $2,500.00

Registered Pension & Savings Plans

Jan 1, 2023 Jan 1, 2024
Money Purchase – Maximum Annual Contribution Limit $31,560 $32,490
Defined Benefit – Maximum Annual Pension Limit $3,506.67 $3,610.00
Deferred Profit Sharing Plan – Maximum Annual Contribution
Limit
$15,780 $16,245
Registered Retirement Savings Plan – Maximum Annual
Contribution Limit
$30,780 $31,560
Tax-Free Savings Account – Maximum Annual Contribution
Limit
$6,500 $7,000

Old Age Security

Jan-Mar 2024
Maximum Monthly Pension (at age 65) $713.34
Maximum Monthly Guaranteed Income Supplement Benefits:
        Single, widowed or divorced pensioner $1,065.47
        Spouse/common-law partner receives OAS pension $641.35
        Spouse/common-law partner does not receive OAS pension $1,065.47
        Spouse/common-law partner receives the Allowance $641.35
Maximum Monthly Allowance Benefits:
        Spouse/common-law partner receives GIS and OAS pension $1,354.69
        Surviving spouse or common-law partner $1,614.89

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With rising costs and changing demographics, employers need to pay close attention to group insurance, retirement benefits and total rewards provided to employees. WCBC offers consulting solutions and a variety of published surveys that can help.

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