Skip to main content

Featured

Honoring Sacrifice: Canada Observes Remembrance Day

Gen. Jennie Carignan, Chief of the Defence Staff, places a wreath during the Remembrance Day ceremony at the National War Memorial in Ottawa, on Monday, Nov. 11, 2024.  Across Canada, solemn ceremonies marked Remembrance Day as veterans, dignitaries, and citizens gathered to pay tribute to those who served and sacrificed in times of war and peace. From Ottawa’s National War Memorial to local cenotaphs in towns and cities, the nation paused at the eleventh hour to observe two minutes of silence. Wreaths were laid, prayers offered, and the haunting notes of the “Last Post” echoed across memorial sites. Veterans stood proudly alongside younger generations, symbolizing the enduring legacy of service and remembrance. Political leaders and community representatives emphasized the importance of honoring the fallen while supporting those who continue to serve today. The ceremonies served not only as a reflection on Canada’s military history but also as a reminder of the values of freedo...
Post a Comment
Read more

article

Labels

New CPP rules mean higher deductions and benefits for Canadians



Starting Monday, Canadians will see a change in their paycheques as the Canada Pension Plan (CPP) introduces a new earnings ceiling for higher-income earners.

The new ceiling, which applies to anyone earning more than $68,500 in 2024, is part of a broader pension revamp that began in 2019. The goal is to provide more financial support for Canadians after they retire, by increasing both the contributions and the benefits of the CPP.

Under the new rules, workers and employers will pay an additional four per cent on the amount they earn between $68,500 and $73,200. This means a maximum of $188 more in payroll deductions for 2024. Self-employed people will pay both portions, or eight per cent.

The trade-off is that Canadians will eventually receive higher payouts once they start collecting their pensions. The enhanced CPP is designed to replace one-third of a person’s eligible income, up from one-quarter under the old system.

The full effects of the CPP changes will take decades to materialize, so the youngest workers stand to gain the most. People retiring 40 years from now will see their income go up by more than 50 per cent compared to the current pension beneficiaries.

The CPP changes do not affect the eligibility criteria for retirement pension, post-retirement benefits, disability pension and survivor’s pension.


-

Labels:

Comments

Post a Comment