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