Canada: Pension plan contribution limits for 2022

Increase in pension plan contribution limits for 2022

Increase in pension plan contribution limits for 2022

The Canada Revenue Agency announced the following pension plan contribution limits for 2022.

Pension contribution limits

  • The new maximum registered pension plan (RPP) contribution limit will increase to $30,780.*
  • The new maximum registered retirement savings plan (RRSP) contribution limit will increase to $29,210.
  • The new deferred profit sharing plan (DPSP) contribution limit will increase to $15,390.

Read a November 2021 report [PDF 220 KB] prepared by the KPMG member firm in Canada


Canada Pension Plan (CPP) contribution limits

  • The maximum pensionable earnings under the CPP for 2022 will increase to $64,900 (from $61,600).
  • The employee and employer contribution rates for 2022 are set to increase to 5.7% (up from 5.45%) and the self-employed contribution rate will increase to 11.4% (from 10.9%).

Read a November 2021 report [PDF 208 KB] prepared by the KPMG member firm in Canada

*$ = Canadian dollar

 

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