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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Information is current to November 7, 2022. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500