New Canada Pension Plan (CPP) and Québec Pension Plan (QPP) boxes on the T4 slip

Second additional CPP and QPP contributions begin in 2024. After January 1, 2024, any employee who contributes to the CPP or QPP will make CPP2 or QPP2 contributions if and when their annual income surpasses the first earnings ceiling, the Year’s Maximum Pensionable Earnings (YMPE). Employers will make a matching CPP2 or QPP2 contribution.

The YMPE for 2024 will be made available at the beginning of November 2023.