CPP premiums are getting a bigger bump than planned

[MikePal]

The payback begins. With a $Trillon+ debt, more of your paycheck will be disappearing into the Government coffers.

Say goodbye to another $333 a year off the top

A KPMG note in November said the maximum employer and employee contributions will hit $3,499 each in 2022, an increase from the $3,166 this year. For self-employed contributions, the maximum amount will be $6,999, up from $6,332.

https://ca.news.yahoo.com/cpp-premiu...183618893.html

[mosquito]

That's only part of the story.... the same amount comes from the business and looking at self employed... another proof of the hypocrisy of they year end speech about safer communities and helping the middle class blah blah blah....

https://www.canada.ca/en/revenue-age...ings-2022.html
The employee and employer contribution rates for 2022 will be 5.70%—up from 5.45% in 2021, and the self-employed contribution rate will be 11.40%—up from 10.90% in 2021.

The maximum employer and employee contribution to the plan for 2022 will be $3,499.80 each and the maximum self-employed contribution will be $6,999.60. The maximums in 2021 were $3,166.45 and $6,332.90 respectively.


EI
Year Maximum annual
insurable earnings Rate (%) Maximum annual Maximum annual
employee premium employer premium
2022 $60,300 1.58 $952.74 $1,333.84
2021 $56,300 1.58 $889.54 $1,245.36

[Gilroy]

The payback begins. With a $Trillon+ debt, more of your paycheck will be disappearing into the Government coffers.

Say goodbye to another $333 a year off the top



https://ca.news.yahoo.com/cpp-premiu...183618893.html

Somebody has to pay to keep you in the lifestyle you are accustomed to.

[canadaman30]

Somebody has to pay to keep you in the lifestyle you are accustomed to.

Something like this

FB_IMG_1639774603283.jpg

[Sharon]

Well I get $490.00 a month. It will be great to get a little more. I'm sorry it has to come out of your taxes.

[greatwhite]

well that won't be my CPP, you do know that your actual return is approx 2%, my investments average 15%.

Somebody has to pay to keep you in the lifestyle you are accustomed to.

[MikePal]

Well I get $490.00 a month. It will be great to get a little more. I'm sorry it has to come out of your taxes.

It sounds like the 25% CPP increase is only for Widows and Widowers...I'd have to bump off the wife to get an increase

[Badenoch]

Well I get $490.00 a month. It will be great to get a little more. I'm sorry it has to come out of your taxes.

You and your employers paid into CPP. It's not coming out of anyone's taxes. No apologies required.

[longpointer]

I feel no shame in cashing my CPP cheque every month. I paid into the system and now I get the benefit of it... as piddly as it is.