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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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Canada’s Home Prices Expected to Rise in 2024

 

According to a recent survey by Royal LePage, the national aggregate home prices in Canada increased by 4.3% in the fourth quarter of 2023, with prices expected to continue to rise in 2024. The aggregative price of a home in Canada increased 4.3% year over year to $789,500.

This is good news for homeowners, but it also means that prospective homebuyers will have to pay more for their dream homes. The Canadian real estate market has been on an upward trend for several years, and this trend is expected to continue in 2024.

The Royal LePage House Price survey released on Monday projects that the aggregate price of a home in Canada will increase by 5.5% in the fourth quarter of 2024, compared to the same quarter in 2023.

The Canadian real estate market is expected to remain strong in 2024, with higher prices and increased demand for homes. This is great news for homeowners who are looking to sell their homes, but it also means that prospective homebuyers will have to be prepared to pay more for their dream homes.


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