Notwithstanding other considerations you have previously explained between paying yourself Dividend Vs Salary, does this 2024 increase in CPP now tip the scale in favor of paying yourself dividends ?
Hi well Explained. But i have a question? Just got my Jan CCP up 4.4%.Great News. But I'm still working! I have too, way past 65! but is there any way you can show how to work out the % you get for working in 2023? I know it will show up in July! I never max my CCP out, so even makes it hard, how much more will i get each year if i keep work??? find it a had Question must be only be a few dollar's? dave
Hi Joe, excellent and informative...thank you. You mention the CPP and CPP2 can be significantly higher in 2024 when gross earnings are over $73K annually. But, once the CPP max of $3,867.50 and CPP2 max of $188 are achieved, wouldn't that have satisfied the CPP maximum contribution for the year? Therefore, wouldn't an employor/employee just be required to contribute the maximum $3,867.50 each for 2024?
With the addition or a tiered system is there any change to the payout when pulling from CPP? I know its based off yeaea contributed and age when requesting payoutt. I presume the payout calculation also has a portion related to the amount paid into the plan?
My understanding is this is part of the phased plan that increased CPP payouts from 25% of average earnings and 33% of average earnings and the increased maximum earnings limit of $71,200. Here's where I am gathering that and happy to be corrected! www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-enhancement.html
I always thought that employer match was from the RRSP, I did not realize it was also the CPP. This has me considering working for an employer whenever I can. Last employee job I had was 2008 then became unable to work due to disability. Now I'm trying to work for myself whenever possible, but now I think I need to see if I can work for an employer part-time when possible.
Some employers do an RRSP match, but this is not mandatory. Yes, there a many benefits to just being an employee - running your own business is not for the faint of heart - so many things to juggle!
I've been in business longer then an employee, I'm going back to college I will explore my options for the future. Living with a disability derailed a lot in my career path.@@AvalonAccounting
Notwithstanding other considerations you have previously explained between paying yourself Dividend Vs Salary, does this 2024 increase in CPP now tip the scale in favor of paying yourself dividends ?
You forgot to mention why we are paying more! Its sickening
Hair still on point 😊
its a tax
Hi well Explained. But i have a question? Just got my Jan CCP up 4.4%.Great News. But I'm still working! I have too, way past 65! but is there any way you can show how to work out the % you get for working in 2023? I know it will show up in July! I never max my CCP out, so even makes it hard, how much more will i get each year if i keep work??? find it a had Question must be only be a few dollar's? dave
Hi Joe, excellent and informative...thank you.
You mention the CPP and CPP2 can be significantly higher in 2024 when gross earnings are over $73K annually. But, once the CPP max of $3,867.50 and CPP2 max of $188 are achieved, wouldn't that have satisfied the CPP maximum contribution for the year? Therefore, wouldn't an employor/employee just be required to contribute the maximum $3,867.50 each for 2024?
It's the $3,867.50 plus $188, so the total maximum of both is $4,055.50.
With the addition or a tiered system is there any change to the payout when pulling from CPP? I know its based off yeaea contributed and age when requesting payoutt. I presume the payout calculation also has a portion related to the amount paid into the plan?
My understanding is this is part of the phased plan that increased CPP payouts from 25% of average earnings and 33% of average earnings and the increased maximum earnings limit of $71,200. Here's where I am gathering that and happy to be corrected! www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-enhancement.html
Amazing info ,,, thanks ,,,
Well explained
I always thought that employer match was from the RRSP, I did not realize it was also the CPP. This has me considering working for an employer whenever I can.
Last employee job I had was 2008 then became unable to work due to disability. Now I'm trying to work for myself whenever possible, but now I think I need to see if I can work for an employer part-time when possible.
Some employers do an RRSP match, but this is not mandatory. Yes, there a many benefits to just being an employee - running your own business is not for the faint of heart - so many things to juggle!
I've been in business longer then an employee, I'm going back to college I will explore my options for the future.
Living with a disability derailed a lot in my career path.@@AvalonAccounting