The Canada Revenue Agency has announced the Canada Pension Plan (CPP) contribution rates and maximums for 2022, which are as follows:
- The pensionable earnings maximum is increased from CAD 61,600 for 2021 to CAD 64,900 for 2022, while the basic exemption amount remains CAD 3,500, resulting in maximum contributory earnings of CAD 61,400 for 2022;
- The employee and employer contribution rates are increased from 5.45% for 2021 to 5.70% for 2022 (11.40% for self-employed); and
- The maximum annual…