On January 1, 2023, contribution limits, contribution rates and benefit maximums changed for certain Canadian benefit programs. Following is a summary of the new figures for 2023:

Employment Insurance (Federal)

Jan 1, 2022 Jan 1, 2023
Maximum Annual Insurable Earnings $60,300 $61,500
Premium Rate (Employee) 1.58% 1.63%
Premium Rate (Employer) 2.212% 2.282%
Maximum Annual Premium (Employee) $952.74 $1,002.45
Maximum Annual Premium (Employer) $1,333.84 $1,403.43
Maximum Weekly Benefit $638 $650

Employment Insurance (Quebec)

Jan 1, 2022 Jan 1, 2023
Maximum Annual Insurable Earnings $60,300 $61,500
Premium Rate (Employee)  1.20% 1.27%
Premium Rate (Employer) 1.680% 1.778%
Maximum Annual Premium (Employee) $723.60 $781.05
Maximum Annual Premium (Employer) $1,013.04 $1,093.47
Maximum Weekly Benefit $638 $650

Quebec Parental Insurance Plan

Jan 1, 2022 Jan 1, 2023
Maximum Annual Insurable Earnings $88,000 $91,000
Premium Rate (Employee)  0.494%  0.494%
Premium Rate (Employer) 0.692% 0.692%
Maximum Annual Premium (Employee) $434.72 $449.54
Maximum Annual Premium (Employer) $608.96 $629.72
Maximum Weekly Benefit Depending on plan chosen
and type of benefit
$930.76/
$1,184.60/
$1,269.22
Depending on plan chosen
and type of benefit
$962.50 /
$1,225.00 /
$1,312.50

Canada Pension Plan

Jan 1, 2022 Jan 1, 2023
Maximum Annual Pensionable Earnings $64,900 $66,600
Basic Exemption Amount $3,500 $3,500
Contribution Rate (Employee/Employer) 5.70% 5.95%
Maximum Annual Contribution (Employee/Employer) $3,499.80 $3,754.45
Maximum Monthly Retirement Pension (at age 65) $1,253.59 $1,306.57
Maximum Monthly Post-Retirement Benefit (at age 65) $36.26 $40.25
Maximum Monthly Disability Benefit $1,464.83 $1,538.67
Maximum Monthly Survivor’s Pension (younger than 65) $674.79 $707.95
Maximum Monthly Survivor’s Pension (65 and older) $752.15 $783.94
Maximum Monthly Benefit for Children of Disabled Contributor $264.53 $281.72
Maximum Monthly Benefit for Children of Deceased Contributor $264.53 $281.72
Lump Sum Death Benefit $2,500 $2,500.00
Maximum Monthly Combined Benefits:
         Combined Survivor’s and Retirement Pension (at age 65): $1,257.13 $1,313.13
         Combined Survivor’s Pension and Disability Benefit $1,467.04 $1,542.77

Quebec Pension Plan

Jan 1, 2022 Jan 1, 2023
Maximum Annual Pensionable Earnings $64,900 $66,600
Basic Exemption Amount $3,500 $3,500
Contribution Rate (Employee/Employer) 6.15% 6.40%
Maximum Annual Contribution (Employee/Employer) $3,776.10 $4,038.40
Maximum Monthly Retirement Pension (at age 65) $1,253.59 $1,306.57
Maximum Monthly Retirement Pension Supplement $28.08 $31.72
Maximum Monthly Disability Benefit $1,463.83 $1,537.13
Additional Maximum Monthly Disability Benefit for
Retirement Pension Beneficiaries
$524.61 $558.71
Maximum Monthly Survivor’s Pension:
         Under age 45, not disabled, without dependent children $602.86 $649.20
         Under age 45, not disabled, with dependent children $955.61 $1,024.88
         Under age 45, disabled, with or without dependent children $993.10 $1,064.81
         Between ages 45 and 64 $993.10 $1,064.81
         Age 65 or over $746.65 $804.13
Maximum Monthly Benefit for Children of Disabled Contributor $83.99 $89.45
Maximum Monthly Benefit for Children of Deceased Contributor $264.53 $281.72
Lump Sum Death Benefit $2,500 $2,500

Registered Pension & Savings Plans

Jan 1, 2022 Jan 1, 2023
Money Purchase – Maximum Annual Contribution Limit $30,780 $31,560
Defined Benefit – Maximum Annual Pension Limit $3,420.00 $3,506.67
Deferred Profit Sharing Plan – Maximum Annual Contribution
Limit
$15,390 $15,780
Registered Retirement Savings Plan – Maximum Annual
Contribution Limit
$29,210 $30,780
Tax-Free Savings Account – Maximum Annual Contribution
Limit
$6,000 $6,500

Old Age Security

Jan-Mar 2023
Maximum Monthly Pension (at age 65) $687.56
Maximum Monthly Guaranteed Income Supplement Benefits:
        Single, widowed or divorced pensioner $1,026.96
        Spouse/common-law partner receives OAS pension $618.15
        Spouse/common-law partner does not receive OAS pension $1,026.96
        Spouse/common-law partner receives the Allowance $618.15
Maximum Monthly Allowance Benefits:
        Spouse/common-law partner receives GIS and OAS pension $1,305.71
        Surviving spouse or common-law partner $1,556.51

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With rising costs and changing demographics, employers need to pay close attention to group insurance, retirement benefits and total rewards provided to employees. WCBC offers consulting solutions and a variety of published surveys that can help.

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