Huge CPP CHANGES in Canada // Canada Pension Plan

What are the Biggest CPP Changes for 2024? Will You Pay MORE in CPP? How does the Canada Pension Plan Work? What are CPP Enhancements?

I’ll be breaking down all of the Essential CPP Changes in Canada for 2024. These updates were just announced and it’s important to plan ahead for the financial new year! Not only are CPP contributions going up, we’ve seen that every year since 2019, but the CPP is actually restructuring! As part of the CPP Enhancements, there will now be a SECOND tier of CPP contributions for higher income Canadians. I’ll break this down and walk you through examples at different income levels!

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SKIP AHEAD ⏩
-Intro: 0:00
-CPP Basics: 0:50
-NOT a Tax: 1:10
-Why Increase? 1:40
-CPP - How Much? 2:05
-Enhanced CPP: 3:19
-Example #1 - $60K: 4:37
-Example #2 - $90K: 5:04
-Self-Employed: 6:17

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DISCLAIMER: I am NOT your financial advisor! My videos and the topics discussed are my opinions and are presented for entertainment purposes only. This information should not be construed as legal or financial advice. It is always up to YOU to do your own due diligence. It’s YOUR money so make YOUR own decision!
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#CanadianTaxes #CPP #CRA #CanadianTaxGuide #CanadianFinance #CanadaPensionPlan

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[robsingh]

I like to say that you have a great way to clearly explain Canadian finances. I can’t find anyone explaining Canadian taxes better than you. Keep up the great work.

[alexmdobrin]

Thanks for explaining the new changes to CPP. You mentioned that playing more into CPP means that you get more out of it but if the reason we need to pay more into it is to make up for inflation, then that doesn't actually mean we get more. It just means that the value of our money is decreasing, so more money needs to be put in just to keep the value of CPP the same as before inflation came along.

[dbowden]

Thank you, Adrian, for another textbook explanation of changes coming down the pipe. Really appreciate your guidance, explanations, and incredible ability to get the info across in a clear manner.

[stormtrop]

I always forget about the CPP because I don't really want to rely on it when I retire. I plan on retiring early anyways using all the investments I've done since following you. Thanks for all the videos and your very useful guidance!

[zzh]

I love your videos! No bulshit, straight to the point, yet super clear and comprehensive. Thank you sir!

[evadeanu]

It is very clear now as I was very confused when I herd about the second tier. Many thanks, Adrian.

[mike.]

Don’t normally comment but wanted to let you know your videos are fantastic. You communicate the information in a way that’s very easy to understand. Great stuff👍🏼

[bobbyvh]

I am 65 and receiving CPP but I’m also working and earning over 100, 000 how much extra will I be receiving with this new program maybe you can do a video on that I love your posts. They are very helpful keep them coming.👍👍👍

[texaspotency]

Is the CPP in the bank "yours" once you die? No, you cannot pass it down to your kin or spouse. It's tax.

[mellie]

Thank for breaking this down intelligently and comprehensively

[tacrocha]

I love being subscribed to you. I'm always learning something important about my finances.

[jasonstupak]

Great Scott, thanks Adrian! You could look at it like a tax, especially if you pass away before or in the first few years you start collecting it, as any amounts your spouse or children would receive would be peanuts. If you're single, it would just be gone. That's why I max out my TFSA and RRSP's as those are my own investments and will roll over to my spouse in full.

[Wally-gb]

Sad part is the government holds your investment for 40 years and when you draw on it it is a taxable income, so if you have rrsp or a job pension you will be taxed on ALL incomes

[georgeemil]

Let's not forget that Danielle Smith wants more than half of the CPP for Alberta.

[ronny-drz]

Thank you for the extensive video - You are screwed if you are self-employed and have to pay over $8, 000 a year - robbery - would prefer to invest everything myself and would come out way ahead of this whole scam.

[justinburch]

THIS REALLY SUCKS. I pad all my life into CPP involuntarily. I also paid involuntarily into my work pension. Now that I am retired I get taxed again on that. So you can't tell me I get my money back. All I am doing is paying ever higher taxes.

[claudedesnoyers]

What about the people that are 75yrs. old or more that paid all their life? Is there an adjustement for the cost of living today. We are going down and being forced to sell our house.

[Normster]

Great video thank you,
I live in Quebec and would appreciate (and others too)
a QPP video with some retirement scenarios !
Cheers

[lynngauvreau]

So happy you make these easy-to-understand videos,