Canada Tax Agency Announces Pension Plan Contribution Rates, Maximum Earnings for 2023

The Canadian Revenue Agency Nov. 1 announced pension plan contribution rates and maximum earnings for 2023. The announcement includes increases in: 1) the employee and employer contribution rates to 5.95 percent from 5.70 percent, and to 11.90 percent from 11.40 percent for the self-employed; 2) the maximum annual employee and employer contributions to C$3,754.45 (US$ 2,832.95) from C$3,499.80 (US$2,640.80), and to C$7,508.90 (US$5,665.90) from C$6,999.60 (US$5,281.90) for the self-employed; and 3) the maximum pensionable earnings under the Canada Pension Plan (CPP) to C$66,600 (US$50,169) from C$64,900 (US$48,888). [Canada, Government Portal, 11/01/22]

Reference: View Announcement.