what is year s maximum pensionable earnings ympe 
the canadian government sets the year s maximum pensionable earnings ympe figure the ympe determines the maximum amount on which to base contributions to the canada or quebec pension plan c qpp the ympe specifies the earnings amount that can be used in calculating pension contributions for each year 12understanding year s maximum pensionable earnings ympe the canada pension plan cpp determines the maximum earnings amount for which contributions to the canada pension plan can be made according to the government of canada the maximum pensionable earnings under the canada pension plan cpp for 2022 is 64 900 up from 61 600 in 2021 contributors who earn more than 64 900 in 2022 cannot make additional contributions to the cpp 3beginning in 2024 a separate contribution rate will be implemented for earnings above the ympe expected to be 4 each for employers and employees 5year s maximum pensionable earnings and cpp contributionsthe canada pension plan is similar to the social security program in the united states it provides workers with a series of monthly payments in retirement 6 the size of those payments depends on an individual s earnings during their working years 4on june 20 2016 canada s ministers of finance agreed to augment the cpp the deal increased how much working canadians would receive from the cpp from one quarter of the employees eligible earnings to one third with a boost to the earnings limit changes will be phased in gradually over seven years from 2019 to 2025 so that the impact is measured and piecemeal 5the enhancement has the following features the maximum pensionable earnings under the canada pension plan cpp for 2022 3the higher contribution rate on earnings below the ympe 64 900 in 2022 will be phased in over the first five years in 2023 the cpp contribution rate as estimated by the department of finance canada will be one percentage point higher for both employers and employees on earnings up to the ympe 35in 2024 a separate contribution rate expected to be 4 each for employers and employees will be implemented for earnings above the ympe at that time 5