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 |