Canada Revenue Agency announces maximum pensionable earnings for 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.

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.