Important CPP Changes For 2024 You Need to Know

I always thought that employer match was from the RRSP, I did not realize it was also the CPP. This has me considering working for an employer whenever I can.

Last employee job I had was 2008 then became unable to work due to disability. Now I'm trying to work for myself whenever possible, but now I think I need to see if I can work for an employer part-time when possible.

With the addition or a tiered system is there any change to the payout when pulling from CPP? I know its based off yeaea contributed and age when requesting payoutt. I presume the payout calculation also has a portion related to the amount paid into the plan?

Amazing info ,,, thanks ,,,

Hair still on point 😊

Well explained

Hi well Explained. But i have a question? Just got my Jan CCP up 4.4%.Great News. But I'm still working! I have too, way past 65! but is there any way you can show how to work out the % you get for working in 2023? I know it will show up in July! I never max my CCP out, so even makes it hard, how much more will i get each year if i keep work??? find it a had Question must be only be a few dollar's? dave

Hi Joe, excellent and informative...thank you.
You mention the CPP and CPP2 can be significantly higher in 2024 when gross earnings are over $73K annually. But, once the CPP max of $3,867.50 and CPP2 max of $188 are achieved, wouldn't that have satisfied the CPP maximum contribution for the year? Therefore, wouldn't an employor/employee just be required to contribute the maximum $3,867.50 each for 2024?

Notwithstanding other considerations you have previously explained between paying yourself Dividend Vs Salary, does this 2024 increase in CPP now tip the scale in favor of paying yourself dividends ?

You forgot to mention why we are paying more! Its sickening

Seems like a way to just fleece Canadians for more money. When you die your spouse only gets half. That doesn't exist in any other pension plans. My wife gets my full government pension when I day but take half of everything I and my employer contributed when I die. Big rolling scam.

its a tax