Canada Revenue Agency announces CPP contribution amounts for 2023

The Canada Revenue Agency (CRA) has announced that the maximum pensionable earnings under the Canada Pension Plan (CPP) for 2023 will be $66,600. The basic exemption amount for 2023 remains $3,500.

The employee and employer contribution rates for 2023 will be 5.95% (as compared to 5.70% in 2022).

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

The CRA announcement of the CPP contribution amounts for 2023 can be found on the Agency’s website at

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