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Heemskerk Accounting is now a Sage One Certified Advisor as well! CPP enhancements: 2024 to 2025 As of January 1, 2024, a second, higher limit will be introduced, allowing an additional portion of earnings to be invested in the CPP. This new limit is known as the Year’s Additional Maximum Pensionable Earnings, or second earnings ceiling. It will not replace the first earnings ceiling. Instead, it will subject worker’s earnings to two earnings limits. Starting in 2024, employees and employers will each contribute an additional 4% on earnings above the first earnings ceiling (the YMPE), up to the amount of the second earnings ceiling (the YAMPE). These are their CPP2 contributions. The rate of CPP2 contributions for self-employed individuals will be 8% of income earned between the first and second earnings ceiling. The value of the second earnings ceiling is based on the value of the first earnings ceiling. In 2024, the second earnings ceiling will be set at an amount that is approximately 7% higher than the first earnings ceiling. In 2025, the second earnings ceiling will be set at an amount that is approximately 14% higher than the first earnings ceiling. From 2026 on, the first and second earnings ceiling will increase incrementally each year, but the contribution rates will remain the same indefinitely. For example, let’s assume that the estimated first earnings ceiling in 2025 is $69,700 and the second earnings ceiling is $79,400 (approximately 14% higher than the first earnings ceiling). If you earn between $69,700 and $79,400, you will make CPP2 contributions on $9,700, the difference between the first and second limits. CRA requires to report the sale of a principal residence on or after January 1, 2016 on your personal income tax return. If this applies to your situation we can discuss more into details what this means for you. If you fail to comply it will result in a penalty. Do you experience (substantial) medical expenses? Through a PHSP you can claim medical receipts as a business expenses. Please call or email to set up an appointment to discuss your possibilities. |
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