Box 16A is the new box on T4 begin in 2024
This is to report the new employee’s Second Additional CPP contribution
Beginning January 1, 2024, any employee who contributes to the CPP will make CPP2 contributions if and when their annual income surpasses the first earnings celling.
The maximum pensionable earnings in 2024 is $68,500. That means you will have to contribute the CPP2 when your annual income excess $68,500. Employers will make a matching CPP2 contribution as well.
The additional maximum annual pensionable earnings in 2024 is $73,200. That means no more contribution has to make when your annual income excess $73,200 in 2024