No one likes paying taxes, but for taxpayers who live on a fixed income having to pay a a large tax bill can mean real financial hardship – and the majority of Canadians who live on fixed incomes are, of course, those who are over 65 and retired.
canada pension plan Archives - Akler Browning LLP
Changes made to the Canada Pension Plan (CPP) beginning in the 2024 calendar year will create a two-tier contribution structure.
Everyone in Canada who earns a salary or wages is familiar with the deduction taken from each paycheque for contributions to the Canada Pension Plan (CPP). The CPP is one of the two major government-sponsored retirement income programs in Canada – the other being the Old Age Security program.
The Canada Pension Plan contribution rate for 2023 is set at 5.95% of pensionable earnings for the year.
The Canada Pension Plan contribution rate for 2022 is set at 5.7% of pensionable earnings for the year.