There are some new laws taking effect in 2024 that could impact your day-to-day life. Middle-income earners will start seeing a larger portion of their paycheques going toward Canada Pension Plan contributions. Employees and employers will see an increase in CPP contribution rates. Employment Insurance premiums will also go up. The Canadian Federation of Independent Business estimates the changes will mean $305 dollars less in take home pay per worker.

The trade-off is that Canadians will eventually receive higher payouts once they start collecting their pensions.