Canada: Pension plan contribution limits for 2024
Canada Pension Plan (CPP) contribution limits
Canada Pension Plan (CPP) contribution limits
The Canada Revenue Agency (CRA) announced the following pension plan contribution limits for 2024.
Pension contribution limits
- The new maximum registered pension plan (RPP) contribution limit will increase to $32,490.*
- The new maximum registered retirement savings plan (RRSP) contribution limit will increase to $31,560.
- The new deferred profit sharing plan (DPSP) contribution limit will increase to $16,245.
Read a November 2023 report [PDF 212 KB] prepared by the KPMG member firm in Canada
Canada Pension Plan (CPP) contribution limits
- The maximum pensionable earnings under the CPP for 2024 will increase to $68,500 (from $66,600).
- The employee and employer contribution rates for 2024 will remain at 5.95%, and the self-employed contribution rate will remain at 11.9%.
- Starting in 2024, an additional maximum pensionable earnings amount is introduced with additional CPP contributions of 4% for both employers and employees (8% for the self-employed) on earnings between the yearly maximum pensionable earnings limit ($68,500 for 2024) and the new additional maximum pensionable earnings amount ($73,200 for 2024).
Read a November 2023 report [PDF 207 KB] prepared by the KPMG member firm in Canada
*$ = Canadian dollar
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