News Story

Navigating TTCPP Contributions and CPP Changes in 2024

January 1, 2024

In 2024, the Canada Revenue Agency (CRA) made changes to Canada Pension Plan (CPP) contributions. They’re adding a “Year’s Additional Maximum Pensionable Earnings” (YAMPE) to the existing “Year’s Maximum Pensionable Earnings” (YMPE). This started January 1, 2024, with the YAMPE set at $73,200 and YMPE at $68,500.

Understanding your TTCPP Contributions

The new YAMPE does not impact contributions to your TTC Pension Plan or the pension formula.

Previously, you contributed 9.25% of your pensionable earnings up to the YMPE. Once your pensionable earnings exceed the YMPE, your TTCPP contributions increase to 10.85% for all earnings for the remainder of the calendar year. This has not changed.

Understanding CPP Changes

Starting in 2024, people who have income above the first earnings ceiling (YMPE) will make additional CPP contributions on their earnings above the YMPE up to the second earnings ceiling (YAMPE). For additional information specific to these increases and how they impact you, please visit the CRA website.

Final Thoughts

These changes might sound like a lot, but don’t worry – your contributions remain the same. This update is just to let you know what’s happening in 2024. We remain committed to providing a financially secure retirement for our members by delivering a pension for life at a reasonable cost.

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