In 2024, a second earnings ceiling was introduced, the Year’s Additional Maximum Pensionable Earnings (YAMPE). The YAMPE is used to determine second additional Canada Pension Plan contributions (CPP2). In 2024, the YAMPE is approximately 7% above the Year’s Maximum Pensionable Earnings (YMPE). In 2025 and every year after, the YAMPE will be approximately 14% above the YMPE.

The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2022 will be $64,900—up from $61,600 in 2021. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada.

Contributors who earn more than $64,900 in 2022 are not required or permitted to make additional contributions to the CPP.

The basic exemption amount for 2022 remains at $3,500.