Canada Pension Plan (CPP) - The 2024 update to your pay check you NEED to know!

What are the major CPP (Canada Pension Plan) changes for 2024? How does the Canadian Pension Plan Work? What are CPP Enhancements? How will the CPP change impact your pay check?

In this video, I cover the important CPP Changes in Canada for 2024.

⌚️Timestamps:
00:00 - Intro
00:41 - C1: What is the CPP change and how will this impact you?
01:30 - C2: What Is the CPP?
02:50 - C3: Why is the CPP increasing?
03:09 - C4: How much CPP do I pay?
07:12 - C5: Example 1: Income of $65,000
08:13 - C6: Example 2: Income of $100,000
10:16 - C7: Maximum CPP Payment 2024
10:30 - C8: Summary Key Concepts

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DISCLAIMER
The information provided in this video is for general informational purposes only and should not be considered as professional tax advice. The content presented here is not a substitute for seeking advice from a certified tax advisor or professional accountant.

Tax laws and regulations can vary by jurisdiction, change over time, and are complex. The information shared in this video is based on the understanding and interpretation at the time of recording and may not be applicable to your specific situation.

Before making any decisions related to taxes, it is crucial to consult with a qualified tax professional who can assess your individual circumstances and provide personalized guidance. Your specific financial and tax situation may require unique considerations and strategies.

This video shall not be deemed to constitute investment, legal, tax, financial, accounting or other advice. The viewer is responsible for carrying out their own due diligence prior to taking any action and I will not be liable for any errors, omissions, or any losses, injuries, or damages arising from such actions.

I make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, or suitability of the information provided in this video. I will not be liable for any errors, omissions, or any losses, injuries, or damages arising from the use of this information.

The views and opinions expressed in this video are my own and do not represent the views of any organization, institution, or government agency.

By watching this video, you acknowledge and agree to the above disclaimer, and you are responsible for any actions you take based on the information presented in this video.

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#cpp #canadianpensionplan #retirementplanning #retirement

[patrickchubey]

You forgot something. How will this increase affect seniors based on their current retirement income. Let's say you're a senior earning $1300 a month. How much more can this senior expect per month. That information would be most useful to those on a pension.

[madscientistslab]

With Alberta threatening to leave the pension plan, the feds now realize they do not have the funds to pay any province out. Freeland admitted money wasn't there. Weather the money was invested in high risk or misallocated is the question.

[GerryBerndt-gnzi]

If I was self employed I would not invest in the CPP it would go into my TSFA so money would always stay with me and my estate and not be rolled into the Governments CPP program. The CPP needs to be overhauled so the owner of the funds keeps the portion they earned over the years which could be in the hundreds of thousands of dollars but is taken away by Government controlled CPP.

[RaySarasin]

Qustion how can someone who never paid cpp or tax (self employed) now they get more on old age that someone who worked there whole life, and gets way less a month now. How is this fair I mean around 4 hundred a month ????

[davidronson]

My Dear Amina, you forgot to mention that if your pension income if above $66, 000, you get zero pension even if you paid to the system your entire life, I call that a thievery, but the government wants you to apply for the CPP, get the monthly payment, then you have to send it all back with interests, which mean that even if you are fifty and you know you would not collect a cent of cpp, but you still have to pay for all the levels that the government decides, while the provincial government does not have this thievery, you get every penny you paid during your working life plus interests, this awful news should be preached to people not few dollars extra per year.The more successful, the more trudeau government hit you on the head with a baseball bat, then ask you if you are injured.

[EdPassmore]

So lower income people don’t have any advantage to this change only mid and higher income benefit

[SuperTrudelle]

Good video. Also can you please explain How they calculate the Post retirement Benefit. Thanks.

[jimmy_angel]

well i think your wrong because cpp disability male 62 yrs old married only gets in ontario 950 month hydro proper tax food heat i am in the hole every month 250 sold car no money for gas insurance i call CRA they said there id no such moneys your talking about

[sniperrules]

So what if your income in between $66, 600 and $73, 200 say $68, 000, would their be any change?

[asmadoditv]

Really helpful to understand the changes for 2024! Thank you

[Brian-klzu]

A computer generated face? Am I listening to a real person; or virtual reality? Why not show your face; like most YouTube bloggers.