CPP And EI max 2023 – All You Need To About The New Increase Payments

CPP and EI max 2023

CPP and EI max 2023: The maximum pensionable earnings under the Canada Pension Plan (CPP) for 2023 will be $66,600—up from $64,900 in 2022. The new ceiling was calculated according to a CPP legislated formula that takes into account the growth in average weekly wages and salaries in Canada.

20222023
Employer/Employee contribution rates5.95%
Self-employed11.90%
Employer/employee$3,754.45
Cpp and EI max 2023

Contributors who earn more than $66,600 in 2023 are not required or permitted to make additional contributions to the CPP.

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The basic exemption amount for 2023 remains at $3,500.

The employee and employer contribution rates for 2023 will be 5.95%—up from 5.70% in 2022, and the self-employed contribution rate will be 11.90%—up from 11.40% in 2022. The increase in contribution rate is due to the continued implementation of the CPP enhancement.

The maximum employer and employee contribution to the plan for 2023 will be $3,754.45 each and the maximum self-employed contribution will be $7,508.90. The maximums in 2022 were $3,499.80 and $6,999.60 respectively.

CPP and EI max 2023