New Trust Reporting Menu
We want to bring to your attention changes that may affect you in the coming tax season and throughout 2024:
- Reporting by Trusts
- Underused Housing Tax
- Toronto Vacant Housing Tax
- Sales of Residential Real Estate
- Canada Pension Plan – YOU ARE HERE
- Home Office Expenses
- Prescribed Interest Rates
- Tax-Free Savings Account Contribution Limits
- Changes to Ontario Business Registry
- Not-for-Profit and Charitable Organizations
Canada Pension Plan
The basic employer and employee CPP rate on earnings between $3,500 and $68,500 is unchanged at 5.95% per annum.
Effective January 1, 2024, a second additional Canada Pension Plan (CPP) employer and employee contributions of 4% per annum on pensionable earnings between $68,500 and $73,200, came into effect.
The annual maximum employer and employee CPP contributions will be $4,055.50.