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 |