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Max Pensionable Earnings for 2022 Announced

Max Pensionable Earnings for 2022 Announced

CPP Maximum pensionable earnings for 2022 announced

Date: November 1, 2021
Source: Advisor’s Edge

The Canada Revenue Agency has announced that the maximum pensionable earnings under the Canada Pension Plan for 2022 will be $64,900, up from $61,600 in 2021.

Contributors who earn more than $64,900 in 2022 are not permitted to make additional contributions to the CPP. The basic exemption amount for 2022 remains at $3,500, according to a release from the CRA.

The RRSP dollar limit, which is indexed, will be $30,780 for 2023 and $29,210 for 2022, up from $27,830 in 2021.

The TFSA limit for 2022 will be announced later this year.

Click here to read the full article: https://www.advisor.ca/tax/tax-news/cpp-maximum-pensionable-earnings-for-2022-announced/