Canada Pension Plan (CPP) restarts each year in January
|Maximum pensionable earnings||66,600.00||64,900.00||61,600.00||58,700.00||57,400.00||55,900.00|
|Basic exemption amount||3,500.00||3,500.00||3,500.00||3,500.00||3,500.00||3,500.00|
|CPP employee contribution rate||5.95%||5.70%||5.45%||5.25%||5.10%||4.95%|
|CPP maximum employee contribution||3,754.45||3,499.80||3,166.45||2,898.00||2,748.90||2,593.80|
Canada Pension Plan (CPP) Enhancements 2019 to 2023
From 2019 to 2023, the contribution rate for employees will gradually increase by one percentage point (from 4.95% to 5.95%) on earnings between $3,500 and the original earnings limit.
For more information, please refer to the Canada Revenue Agency website.
Employment Insurance (EI) restarts each year in January
|Maximum annual insurable earnings||61,500.00||60,300.00||56,300.00||54,200.00||53,100.00||51,700.00|
|EI employee rate||1.63%||1.58%||1.58%||1.58%||1.62%||1.66%|
|EI maximum employee premium||1,002.45||952.74||889.54||856.36||860.22||858.22|
Personal Tax Credits Return (TD1 Federal)
|Description||2023||2022||2021||Oct to Dec 2020||Jan to Sept 2020||2019||2018|
|TD1 Federal Basic exemption||15000*||14398||13808||13229||12298||12069||11809|
Basic personal amount – Every resident of Canada can enter a basic personal amount of $15,000. However, if your net income from all sources will be greater than $165,430 and you enter $15,000, you may have an amount owing on your income tax and benefit return at the end of the tax year. If your income from all sources will be greater than $165,430, you have the option to calculate a partial claim. To do so, fill in the appropriate section of Form TD1-WS, Worksheet for the 2023 Personal Tax Credits Return.
Personal Tax Credits Return (TD1 Ontario)
|TD1 ON basic exemption||11865||11141||10880||10783||10582||10354|