Next up in 2023 numbers that matter:
Canada Pension Plan contributions: $3,754.45 for employers & employees/ $7,508.90 for self-employed Canadians. This is a noticeable hike; it's part of a multi-year plan that was approved by the provinces & feds in 2015. Good news- there is also increased benefits that are funded by this increase.
EI premiums: $1,002.45 for employees on max insurable earnings of $61,500
Canada Pension Plan payments: max monthly retirement payment (age 65) $1,306.57. A note that the average Canadian receives 56% of the max amount - $731.68/mnth. CPP pays a number of other benefits, including post-retirement benefits, disability and survivor benefits. For the entire list of CPP & QPP benefits, click here
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