Manitoba's Strategic Advantages: People and the Workforce
Employment Insurance and Canada Pension Plan
Employment Insurance
All employees are required to pay employment insurance premiums based on earnings to a maximum insurable earnings level, provided they meet minimum earnings levels. Employers are required to make contributions based on the employees’ premiums. Deductions and employer contributions are remitted to the government monthly. For 2024 the rates are:
| Employee Premium Rate: | 1.66% |
| Employer Premium Rate: | 1.4 times employee premium |
| Maximum Annual Insurable earnings: | $63,200 |
| Maximum Annual Employee Premium: | $1,049.12 |
| Maximum Annual Employer Premium: | $1,468.77 |
Source: Canada Revenue Agency
Information last accessed on March 25, 2024
Canada Pension Plan
All employees are required to contribute to the Canada Pension Plan (CPP) to an annual maximum. The employer must match this contribution. For 2024, the basic criteria are:
| Employee and Employer Contribution Rate | 5.95% |
| Maximum Annual Pensionable Earnings | $68,500.00 |
| Basic Exemption Amount | $3,500.00 |
| Maximum Earnings on which Contributions are based | $65,000.00 |
| Maximum Annual Employee and Employer Contribution | $3,867.50 |
| Maximum Annual Self-Employed Contribution | $7,735.00 |
Deductions are made from each pay cheque at the prescribed rate throughout the year or until such time as the maximum has been reached. Normally, tables provided by the government are used to determine the amount to be deducted; deductions can, of course, be calculated. Deductions and employer contributions are remitted to the government monthly.
Source: Canada Revenue Agency
Information last accessed on August 8, 2024
CPP enhancement
Beginning in 2024, an additional maximum pensionable earnings is introduced. Employees and employers are required to make an additional CPP contribution (CPP2) on incremental pensionable earnings, beginning at the first earnings ceiling and going up to the second earnings ceiling, at a rate of 4.0%. For 2024, the criteria are:
| Additional maximum annual pensionable earnings | $73,200.00 |
| Employee and employer contribution rate (%) | 4% |
| Maximum annual employee and employer contribution | $188.00 |
| Maximum annual self-employed contribution | $376.00 |
