The CRA has announced increased Canada Pension Plan (CPP) contribution limits for the upcoming year. The maximum pensionable earnings under the CPP for 2023 will rise to $66,600 (from $64,900). In addition, the employee and employer contribution rates for 2023 are set to rise to 5.95% (up from 5.7%) and the self-employed contribution rate will increase to 11.9% (from 11.4%).

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