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Reaching Your CPP Contribution Maximum: What Workers Need to Know

  Understanding when you’ve hit the Canada Pension Plan (CPP) maximum contribution for the year can save you confusion—and help you make sense of your paycheques as the year goes on. The CPP is designed with an annual limit, meaning once you’ve contributed the maximum required amount, no further CPP deductions should come off your income for the rest of that calendar year. How CPP Contributions Work CPP contributions are based on: Your employment income The year’s maximum pensionable earnings (YMPE) The CPP contribution rate Each year, the federal government sets: A maximum amount of income on which CPP contributions apply (the YMPE) The maximum total contribution you and your employer must make Once your income reaches that threshold, your contributions stop automatically. How to Know You’ve Reached the Maximum Here are the simplest ways to tell: Check your pay stub Your pay stub shows year‑to‑date CPP contributions. Compare this number to the annual maximum ...
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Toronto housing market cools down as prices fall for fourth month in a row

 


The Toronto housing market showed signs of slowing down in November, as home sales rose slightly but prices continued to decline for the fourth consecutive month. 

According to the Toronto Regional Real Estate Board, the average selling price for all home types in the Greater Toronto Area was $1,051,000 in November, down 0.6 per cent from October and 5.3 per cent from July, when it reached a record high of $1,108,000. 

The number of home sales increased by 2.1 per cent month-over-month and 13.5 per cent year-over-year, reaching 8,766 transactions in November. However, the sales growth was mainly driven by low-rise segments such as detached and semi-detached houses, while condo sales declined by 8.8 per cent from October and 2.4 per cent from November 2020. 

The board attributed the cooling of the market to a combination of factors, including the end of the pandemic-induced surge in demand, the increase in new listings, the tightening of mortgage rules, and the anticipation of higher interest rates. “The GTA housing market has moved to a more balanced position compared to earlier this year and last year,” said TRREB president Kevin Crigger in a statement. “This could mark the start of a period of more moderate price growth, which would be healthy and sustainable over the long term.”

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