Canada Pension Plan (CPP) Rates:

	2020	2021	2022	2023	2024
Yearly maximum pensionable earnings	$58,700	$61,600	$64,900	$66,600	$68,500
Basic yearly exemption	$ 3,500	$ 3,500	$ 3,500	$ 3,500	$ 3,500
Net contributory earnings	$55,200	$58,100	$61,400	$63,100	$65,000
Contribution rate	5.25%	5.45%	5.70%	5.95%	5.95%
Employee's/employer's maximum yearly contribution	$2,898.00	$3,166.45	$3,499.80	$3,754.45	$3,867.50
Self-employed yearly maximum	$5,796.00	$6,332.90	$6,999.60	$7,508.90	$7,735.00

Employment Insurance (EI) Rates:

	2020	2021	2022	2023	2024
Yearly maximum insurable earnings	$54,200	$56,300	$60,300	$61,500	$63,200
Premium rate - employee's	1.58%	1.58%	1.58%	1.63%	1.66%
Maximum employee premium	856..36	889.54	952.74	$1,002.45	$1,049.12
Premium rate - employer's (1.4 times employee's premium)	2.268%	2.212%	2.212%	2.282%	2.33%
Maximum employer premium	$1,198.90	$1,245.36	$1,333.84	$1,403.43	$1,468.77

Ontario Workplace Safety Insurance Board (WSIB):

2020

2021

2022

2023

2024

Yearly maximum insurable earnings ceiling - Ontario

$95,400

$97,308

$100,422

$110,000

$112,500

Automobile deduction limits:

	2020	2021	2022	2023	2024
Capital cost ceiling (plus taxes)	$30,000	$30,000	$34,000	$36,000	$37,000
Deductible lease amount (plus applicable taxes)	$800	$800	$900	$950	$1,050
Maximum allowable interest per month	$300	$300	$300	$300	$350
Tax-exempt allowances - 1^st 5000 km - Balance of kms (Add: .04/km for YK/NWT/NU)	.59 .53	.59 .53	.61 .55	.68 .62	.70 .64
General prescribed rate - other - car dealers	.28 .25	.28 .25	.29 .26	.33 .30	.33 .30

Prescribed interest rates/average exchange rates

2020

2021

2022

2023

2024

Prescribed rates - loans - note 2

- 1^st quarter

- 2^nd quarter

- 3^rd quarter

- 4^th quarter

2.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

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Average annual exchange rate

- US dollar

- UK pound

- Euro

1.3415

1.7199

1.5298

1.2535

1.7246

1.4828

1.3013

1.6076

1.3696

1.3497

1.6784

1.4597

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Other items:

2020

2021

2022

2023

2024

Basic personal amount

- Federal

- Ontario

$13,229

$10,783

$13,808

$10,880

$14,398

$11,141

$15,000

$11,865

$15,705

$12,399

Spousal amount

Federal

- Base amount

Ontario

- Base amount

$13,229

$ 9,156

$13,808

$ 9,238

$14,398

$ 9,460

$15,000

$10,075

$15,705

$10,528

Disability amount

- Federal

- Ontario

$8,576

$8,712

$8,662

$8,970

$8,870

$9,001

$9,428

$9,586

$ 9,872

$10,017

Pension amount

- Federal

- Ontario

$2,000

$1,491

$2,000

$1,504

$2,000

$1,541

$2,000

$1,641

$2,000

$1,714

Age Amount - see note 1

Federal

- Amount

- Threshold income

Ontario

- Amount

- Threshold income

$ 7,637

$38,508

$ 5,265

$39,193

$ 7,713

$38,893

$ 5,312

$39,546

$ 7,898

$39,826

$ 5,440

$40,495

$ 8,396

$42,335

$ 5,793

$43,127

$ 8,790

$44,325

$ 6,054

$45,068

Old Age Security / Canada Pension Plan Benefits

2020

2021

2022

2023

2024

Old Age Security Benefits

- monthly - 1^st quarter

- monthly - 2^nd quarter

- monthly - 3^rd quarter

- monthly - 4^th quarter

- Annual Maximum

- Clawback Threshold

613.53

614.14

7,364.19

79,054.00

615.37

618.45

626.49

635.26

7,486.71

79,845.00

642.25

648.67

666.83

685.50

7,929.75

81,761.00

687.56

691.00

698.60

707.68

8,354.52

86,912.00

713.34

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90,997.00

CPP Maximum Monthly

Retirement Benefit

1,175.83

1,203.75

1,253.59

1,306.57

1,364.60

NOTES:

1. Age amount (age 65 or older during the year) is reduced by 15% of each dollar of net income above the threshold amount.

2. The interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans. Currently, to determine the interest rate for all refunds and overpayments, CCRA adds two percentage points to that figure. It adds four percentage points to determine the rate for all overdue taxes, penalties, interests, insufficient instalment payments, and unpaid employee tax deductions. This rate also applies to unpaid Canada Pension Plan contributions and Employment Insurance premiums.

3. The information is current as of February 2, 2024.