Canada Pension Plan Premiums and Payment
2021 | 2020 | 2019 | 2018 | 2017 | |
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CPP Payments - Max Monthly Rates | 2021 | 2020 | 2019 | 2018 | 2017 |
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2024 | 2023 | 2022 | 2021 | 2020 | |
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Maximum pensionable earnings | $68,500 | $66,600 | $64,900 | $61,600 | $58,700 |
Basis exemption | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 |
Maximum contributory earnings | $65,000 | $63,100 | $61,400 | $58,100 | $55,200 |
Employee and employer rate | 5.95% | 5.95% | 5.70% | 5.45% | 5.25% |
Maximum contribution | $3,867.50 | $3,754.45 | $3,499.80 | $3,166.45 | $2,898.00 |
Self-employed contributory rate | 11.90% | 11.90% | 11.40% | 10.90% | 10.50% |
Maximum self-employed contribution | $7,735.00 | $7,508.90 | $6,999.60 | $6,332.90 | $5,796.00 |
Canada Pension Plan Payments - Maximum Monthly Rates | 2024 | 2023 | 2022 | 2021 | 2020 |
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Retirement Benefit (at 65) | $1,364.60 | $1,306.57 | $1,253.59 | $1,203.75 | $1,175.83 |
Survivor's Benefit | |||||
-under 65 | 739.31 | 707.95 | 674.79 | 650.72 | 638.28 |
-at 65 and over | 818.76 | 783.94 | 752.15 | 722.25 | 705.50 |
Combined survivor's and retirement benefit at 65 | 1,375.41 | 1,313.13 | 1,257.13 | 1,203.75 | 1,175.83 |
Disability benefit | 1,606.78 | 1,538.67 | 1,457.45 | 1,413.66 | 1,387.66 |
Combined survivor's and disability benefit | 1,613.54 | 1,542.77 | 1,467.04 | 1,413.66 | 1,387.66 |
Children of disabled contributors | 294.12 | 281.72 | 264.53 | 257.58 | 255.03 |
Children of deceased contributors | 294.12 | 281.72 | 264.53 | 257.58 | 255.03 |
Death benefit lump-sum | 2,500.00 | 2,500.00 | 2,500.00 | 2,500.00 | 2,500.00 |
Calculation of CPP maximum monthly rates for new benefits
Retirement: 25% of 1/12 of the average year's maximum pensionable earnings. (YMPE) for last five years
Survivor:
-under 65: (retirement x 0.375) + flat rate ($165.6)
-65 and older: retirement x 0.60
Disability: (retirement x 0.75) + flat rate ($424.43)