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TSX Hits Record 36,957 as Bank Earnings Roll In, Markets Await Nvidia and Inflation Data

  The TSX closed at a fresh all-time high on Tuesday as a wave of strong bank earnings and a rally in financials and gold miners pushed the index higher, even as Canada confirmed retaliatory tariffs on roughly $20 billion of U.S. goods. On Wall Street, chip stocks rebounded ahead of Nvidia's earnings report, due after today's closing bell — the single biggest event on the market calendar this week. What It Means for You: Bank stocks jumping on strong Q3 earnings is a good sign for anyone holding a Canadian bank-heavy portfolio in a TFSA or RRSP. But today's two headline events — Nvidia's earnings and the U.S. PCE inflation report — could easily reverse the week's calm mood by tomorrow morning, so it's not a day to make big moves based on today's numbers alone. Canadian Markets Index Close Change S&P/TSX Composite 36,957.63 +243.51 (+0.66%) Canadian Dollar (USD/CAD) 1.3861 ~72.15 US cents The TSX gained 0.66% to a new record close, with financials, mater...
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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.


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