Big Tax Changes for CPP, EI, Carbon, and Alcohol in 2024: Know All Updates In Detail

CPP (Canada Pension Plan) Changes

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Increased Maximum Pensionable Earnings

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EI (Employment Insurance) Adjustments

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Total Payroll Taxes

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Carbon Tax Increases

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Impact on Fuel Costs

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Alcohol Tax Hike

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Public Health Considerations

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Also See

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Big Tax Changes for CPP, EI, Carbon, and Alcohol in 2024: Know All Updates In Detail

CPP (Canada Pension Plan) Changes

There will be big changes to the CPP in 2024, mostly to the largest amount of money that can be saved for retirement and contributions:

Increased Maximum Pensionable Earnings

The pensionable earnings ceiling will rise, affecting employer and employee contributions. CPP maximum contributions will rise by $113 to $3,867 in 2024 for individuals earning $68,500 or more.

EI (Employment Insurance) Adjustments

The Employment Insurance (EI) program will adjust contribution rates and maximum insurable wages in 2024:

Total Payroll Taxes

When you add up all the federal payroll taxes for workers making $73,200 or more, you'll pay $5,104. This includes CPP and EI contributions. Employers will pay $5,524.

Carbon Tax Increases

To achieve net-zero emissions by 2050, the Canadian carbon price will rise from $65 to $80 per tonne in 2024. The tax increase will hike fuel prices, hurting consumers and businesses:

Impact on Fuel Costs

The federal carbon tax will exceed 17 cents per liter of gasoline and 15 cents per cubic meter of natural gas by April 1, 2024. After rebates, the Parliamentary Budget Officer forecasts the average household to spend $377–$911 on the carbon tax in 2024–25.

Alcohol Tax Hike

Wine, spirits, and beer excise duties will rise 4.7% on April 1, 2024. Tax increases are part of public health and revenue measures.

Public Health Considerations

The tax hike addresses public health concerns because excessive alcohol consumption is connected to long-term health hazards and increased healthcare expenses.

Also See

Revealed! US Pension Schemes List 2024: Know Eligibility Criteria & Pension Amount