Employment Insurance (EI) premium rates will increase in 2024. In a recent release, the Canada Employment Insurance Commission (CEIC) announced that the EI premium rate for employees will increase to $1.66 (from $1.63) per $100 of insurable earnings for 2024. The CEIC also advises that the maximum insurable earnings for 2024 will increase to $63,200 (from $61,500), resulting in an annual cash increase in the maximum EI contribution of $46.67 for employees and $65.34 for employers.
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Information is current to October 2, 2023. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500
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