BREAKING: CRA Announces Big CPP Changes For 2024

In this video we'll go through some of the big changes that will take place for the Canada Pension Plan (CPP) in 2024.


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[bayboybob]

Employers and Employees pay for C.P.P. but sometimes Politicians try to say it is a Benifit, it is not financed by the government.

[vm]

Great video as always. I never thought (growing up poor) I'd be in the position of having to pay that second tier level of CPP - so the extra $188 a yr certainly tells me I am doing ok in life.

[kanadaka]

How out of touch is a government when 68 K in Canada is considered wealthy. Vehicle luxury tax on 100k when a mid range model pick up costs 85 thousand.

[bRIZZAd]

I'd like to see a line graph comparing CPP as it exists today vs. CPP 2.0 in a projection for a couple different age categories to illustrate the impact of these changes.

1.) Maybe for someone just starting out in their early/mid-twenties vs.
2.) Someone middle-aged (~43) with 20+ years paid into CPP today (me!)

Assume taking CPP at ~65, and that maximum contributions were attained from ~30-60.

While some are opposed to the 'government taking more money'... I'm not at all opposed to securing more guaranteed lifetime income as I am without a defined benefit pension plan.

[DarkHorse-bpxf]

It's fine for those who can afford to pay more now but for those who are on the cusp or struggling, not so much. I'm sure this model was run through Actuaries to determine how much money this brings in compared to how many will make it to retirement.

[unacceptablesisterpeter]

I would like to opt out of CPP. All I ask is to be returned what I personally paid in.
The MPs (and MP pensioners) can take a 10% cut in pay to assist in finding since they mismanaged the money.
I will cover my own finances.

[debbiemartell]

You explain things so well, especially to those of us (me) who are not very financially literate. So grateful that I have a very good DP benefit plan (hubby as well) when we retire in about 5 years. Your videos are still very helpful and appreciated to us 😊

[danehathaway]

You provide easy to understand information. Thank you for that.

[gadasavideos]

I wasn't aware that CRA had anything to do with decisions on CPP. Only that it collects it through the tax system for the government body responsible for CPP. So I was puzzled that CRA would make the announcement

[kv]

I was self employed for 20 years and each year I paid DOUBLE CPP…..once for me and once for the “employer”, which was me. Done by a registered accountant

[MNuge]

I agree with CPP 1.0 and 2.0 for precisely the reasons you outline at 9m10sec of your presentation. Thanks for explaining the CPP changes so clearly.

[BusterDarcy]

As a high income earner I doubt I’ll notice $188 over the course of a year, but as someone who was chronically unemployed for the fist decade plus of my working life, I’ll appreciate the enhancement this brings to my benefit payment in retirement.

[jayswayworks]

05:40 “Increasing the max CPP by up to 50%” is not “doubling” as you said… it means if it was $100, it will now be up to $150 (not 200$).
Great video though!

[jeffreyturcotte]

When did people start believing the government could run anything successfully?

[johnnyv]

I'm OK with paying more into it until I retire in 4-6 years, but will I see an increase in benefits once I start collecting? Otherwise this is just another money grab.

[joannapatterson]

I’m not happy about paying additional CPP premiums. Nothing we can do about it. I’m very close to early retirement so it doesn’t really affect me.

[iany]

It is never a good idea for government taking more money out of each paycheck. I would rather manage these myself through maximizing my RRSP and TFSA contributions throughout my working life.

[fantasyguru]

I haven't paid into CPP since 2016 when I converted from salary to dividend income from my personal corp. I trust my decision making for my retirement over the government's. I also think that this enhanced CPP is being done because the fund needs considerably more assets to match the huge pool of people who will be turning 65 in the next decade.

[gordthompson]

Hi Adam, not fully on topic but how was CPP calculated for people who were working prior to 1966 ( commencement of plan )
For example if some worked 27 years after the inception date and retired and took CPP at sixty and paid the max. What would CPP max out at . Thanks great channel

[sanshin]

Thanks for the info. It's potentially investing more money for when you retire... If you live that long that is.