The federal government has announced the amounts which may be paid as benefits under the Canada Pension Plan (CPP) during 2023. The amount of retirement benefit receivable by an individual is based on contributions made, but such benefits are also indexed to inflation. The indexing rate as of January 2023 is 6.5%.
For 2023, the maximum monthly retirement benefit which may be received for new benefits (those starting in January 2023) is increased to $1,306.57, and changes have also been made to other types of benefits payable under the CPP.
Details of the maximum amounts payable under the Canada Pension Plan as of January 2023 can be found in the federal government release, which is available at isp-card-jan-march-2023-en.pdf (canada.ca).
If you would like help with dealing with the CRA or would like to know more about taxable benefits, please feel free to call us at (905) 305-9722 or email us at info@eigenmachtcrackower.com and we will help you out!
