You might notice a little more coming off of your paycheck now we are in the New Year.
There is an increase in CPP deductions in 2024 for those who make a middle-income wage according to the Canadian Tax Payers Federation.
If you earn $68,500 or less you will see no change to your CPP contribution in 2024. But for those making over that amount and less than $73,200, you will pay an additional 4% on any earnings or an estimated $188 extra.
If you make $73,200 or more, it will be an increase of $301.
The government is increasing the contributions to keep pace with inflation but those who will benefit most won’t be retiring for 40 years.
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