Each year, the federal government sets the year’s maximum pensionable earnings (ympe). Starting in 2024, a higher, second earnings ceiling of $73,200 will be implemented and used to determine second additional cpp contributions (cpp2).
It is the earnings threshold used to determine the base canada pension plan benefits and. The ympe determines the maximum amount on which to base.
The Canadian Government Sets The Year's Maximum Pensionable Earnings (Ympe) Figure.
A ympe for 2025 of $71,200 represents an increase of 3.9% compared to the current ympe that is in effect for 2024 ($68,500).
You Contribute To The Canada Pension Plan (Cpp) Only Up To The Year's Maximum Pensionable Earnings (Ympe), Which Is An Amount Set By The Government Of Canada.
Starting in 2024, a higher, second earnings ceiling of $73,200 will be implemented and used to determine second additional cpp contributions (cpp2).
Images References :
It Is The Earnings Threshold Used To Determine The Base Canada Pension Plan Benefits And.
The basic exemption amount for 2024.
The Second, Called The Year’s Additional Maximum Pensionable Earnings (Yampe), Kicks In At $73,200 In 2024, With Its Cost Being Around 7% More Than The First.