From minimum wage increases in some provinces, to Canada’s ban on foreign property buyers, the new year will usher in a number of new regulations and laws.
Changes coming into effect in 2023 also include higher payroll deductions for Canadian workers, the introduction of federal carbon pricing in three Atlantic provinces, and new medication-prescribing powers for Ontario pharmacists.
Here are some of the new laws and rules you need to know about:
NATIONWIDE
Higher payroll deductions
Canada Pension Plan (CPP) contributions and employment insurance (EI) premiums are increasing in 2023, meaning less take-home pay for Canadian workers.
The employee and employer CPP contribution rates will increase to 5.95 per cent from 5.70 per cent in 2022, the Canada Revenue Agency announced in November.
That means the maximum employee contribution to the CPP plan for 2023 will be $3,754.45, up from $3,499.80 in 2022.
In a separate notice, the federal government said that changes to employment insurance rates will result in workers paying a maximum annual EI premium of $1,002.45 in 2023, compared to $952.74 in 2022.
The Canadian Federation of Independent Businesses says the CPP and EI contribution increases mean that every Canadian worker will see up to $305 less in annual take-home income next year.
Two-year ban on foreign homebuyers
As of Jan. 1, 2023, foreign commercial enterprises and people will be prohibited from buying residential properties in Canada for two...
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