Canada’s maximum pensionable earnings for the Canadian Pension Plan are to increase in 2023, and contribution rates also are to increase, the Canada Revenue Agency said Nov. 1.
The maximum pensionable earnings are to increase to C$66,600 (US$49,603.35), up from C$64,900 in 2022, the agency said in a news release. The amount includes a C$3,500 exemption, which is unchanged from 2022, meaning the actual taxable wages are C$63,100, up from C$61,400.
The contribution rate is to increase to 5.9%, from 5.75%, for both employers and employees in 2023, the agency said.
(Corrects maximum pensionable earnings.)
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.