On January 2, 2024, the employment insurance (EI) premium rate increased, from $1.63 to $1.66 per $100 of earnings for employees, and from $2.28 to $2.32 per $100 for employers, requiring employees to pay $1,049 and employers to pay $1,469 into EI in 2024, according to the Canadian Taxpayers Federation. In an effort to boost retirement income, Canada Pension Plan (CPP) contributions have increased by 6.5%, with maximum pensionable earnings set at $66,600 for 2023 and $68,500 for 2024. This means employers and employees will each be required to pay $3,867 in 2024. Starting in 2024, there is a second-tier earnings amount of $73,200, where Canadians earning over this amount pay an additional 4% on the difference. This means that workers earning $73,200 or more will pay about $4,055 in CPP.
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