Up to that maximum, you pay 5.95% of your income into CPP. For those at or above the maximum pensionable earnings, the 2023 contribution would top out at $3,754.45. Not too bad of a security net for the golden years. There are several mental and physical conditions that qualify someone...
The Canada Pension Plan (CPP) is one of three levels of the retirement income system which is responsible for paying retirement ordisability benefitsin Canada. Established in 1965, it provides a basic benefits package for retirees and disabled people. If the recipient dies, survivors receive the ...
Basically this will force “upper middle income earners” to save more money via the CPP – but also receive a larger CPP payment upon retirement. This new amount that will apply over and above the old YMPE will be called the Yearly Additional Maximum Pensionable Earnings (YAMPE). It will...