2023 Employment Insurance Maximum Insurable Earnings
The Employment Insurance (EI) premiums for 2023 have been increased to $1,002.45 (2022 - $952.74) for employees, and $1,403.43 (2022 - $1,333.84) for employers. Contributors who earn more than $61,500 in 2023 are not required or permitted to make additional contributions to EI. The increase in premium from 2022 will cost an additional amount to a maximum of $49.71 for an employee and $69.59 (per employee) for an employer.
Below is the comparison from 2021 to 2023:
|
2023 |
2022 |
2021 |
|
|
Maximum Pensionable Earnings |
$61,500.00 |
$60,300.00 |
$56,300.00 |
|
Basic Exemption |
- |
- |
- |
|
EMPLOYER CONTRIBUTION |
|||
|
Maximum employer contribution |
$ 1,403.43 |
$ 1,333.84 |
$ 1,245.36 |
|
Contribution rate |
2.282% |
2.212% |
2.212% |
|
EMPLOYEE CONTRIBUTION |
|||
|
Maximum employee contribution |
$ 1,002.45 |
$ 952.74 |
$ 889.54 |
|
Contribution rate |
1.63% |
1.58% |
1.58% |
Please note that this applies to each job. For example, during the year, if you switch employers, each employer will deduct the EI premium without considering the amount of EI premiums paid with the previous employer. The employee will receive a refund of any over-payments when income tax and benefit return is filed with the Canada Revenue Agency.
(This posting is for personal educational purposes only. Please consult your tax advisor for your specific situation).