Canada: Pension plan contribution limits for 2023
Increase in pension plan contribution limits for 2023
Increase in pension plan contribution limits for 2023
The Canada Revenue Agency (CRA) announced the following pension plan contribution limits for 2023.
Pension contribution limits
- The new maximum registered pension plan (RPP) contribution limit will increase to $31,560.*
- The new maximum registered retirement savings plan (RRSP) contribution limit will increase to $30,780.
- The new deferred profit sharing plan (DPSP) contribution limit will increase to $15,780.
Read a November 2022 report [PDF 208 KB] prepared by the KPMG member firm in Canada
Canada Pension Plan (CPP) contribution limits
- The maximum pensionable earnings under the CPP for 2023 will increase to $66,600 (from $64,900).
- The employee and employer contribution rates for 2023 are set to increase to 5.95% (up from 5.7%) and the self-employed contribution rate will increase to 11.9% (from 11.4%).
Read a November 2022 report [PDF 206 KB] prepared by the KPMG member firm in Canada
*$ = Canadian dollar
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