Fee-Only Financial Planning / Advising in Kitchener Waterloo Cambridge - WD Development


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New 2023 numbers, Part 2

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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