based on December 9, 2019, the Government announcement, that proposes to amend the Income Tax Act to increase the basic personal amount to $15,000 by 2023. The increase would be phased in starting in 2020.
New exemption tax amount for individuals in 2023 Read More »
The maximum insurable earnings (MIE) is the income level up to which Employment Insurance (EI) premiums are paid. It determines the maximum rate of weekly benefits paid for all types of benefits under the EI program. Effective January 1, 2023, the MIE will increase from $60,300 to $61,500. This means that an insured worker will
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