The Canada Revenue Agency has announced the Canada Pension Plan (CPP) contribution rates and maximums for 2023, which are as follows:
- The pensionable earnings maximum is increased from CAD 64,900 for 2022 to CAD 66,600 for 2023, while the basic exemption amount remains CAD 3,500, resulting in maximum contributory earnings of CAD 63,100 for 2023;
- The employee and employer contribution rates are increased from 5.70% for 2022 to 5.95% for 2023 (11.90% for self-employed); and
- The maximum annual…