Canada Pension Plan (CPP) Changes 2024

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Canada Pension Plan (CPP) Changes in 2️⃣0️⃣2️⃣4️⃣

There have been a few changes to the CPP contributions this year.

Anyone who is earning up to $68,500 will contribute $3867.50 which is around 3% ⬆️ than 2023 and adjusted for inflation.

There is another second tier (CPP 2.0) for people earning more than $73,200. They have to pay an extra $188 per year and they will also receive more at the time of retirement as per Canada Revenue Agency.

BUT, Is this enough for your retirement ❓❓

As per CRA, in October 2023, the average payout for 🆕 Retirement Pension was just $758.32.

Definitely not enough for us even if we take inflation adjustment into account.

Here are the details 👉 https://www.canada.ca/en/revenue-agen...

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