News & Updates
Canada Revenue Agency Announces Updates to Maximum Pensionable Earnings Under the CPP for 2023
November 16, 2022
Earlier this month, the Canada Revenue Agency announced that the maximum pensionable earnings under the Canada Pension Plan for 2023 will be $66,600, up from $64,900 in 2022.
Additional changes include the following:
- 2023 money purchase (MP) limit will be $31,560 — up from $30,780 in 2022
- 2023 defined benefit (DB) limit will be $3,506.67 — up from $3,420 in 2022
- 2024 registered retirement savings plan (RRSP) limit will be $31,560 — up from $30,780 in 2023
- 2023 deferred profit-sharing plan (DPSP) limit will be $15,780 — up from $15,390 in 2022.
To learn more about these tax updates, click on more information.
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