If you’ve made more than $3,500 per year (except if you live in Quebec, which has its own Quebec Pension Plan, the QPP), you’ve already paid into the CPP, and so has your employer, at the government-mandated 50% share. The good news is that once you turn 60, you can start ...
Then in 2019, the government phased in an increase in the employer-employee CPP contributions. From 2019 to 2023, the shared CPP contribution rate went from 9.9% to 11.9% (up to that year’s YMPE). Starting in 2024, the government has raised the amount of income considered for a “full...