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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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Lynx Air Ceases Operations and Seeks Creditor Protection

Calgary-based Lynx Air, a low-cost airline that took flight less than two years ago, is facing turbulent skies. The company recently announced its decision to cease operations on Monday. This move comes as Lynx Air grapples with a series of challenges, including rising operating costs, high fuel prices, exchange rate fluctuations, and mounting airport charges. Despite substantial growth in the business and ongoing efforts to improve operations, the company’s financial headwinds have become insurmountable.

In a bid to weather the storm, Lynx Air has sought and obtained an initial order for creditor protection from the Court of King’s Bench of Alberta. This legal maneuver aims to shield the airline from further financial strain and provide a breathing space for restructuring.

The airline’s final flights are scheduled for Sunday, with operations set to cease at 12:01 a.m. MT on Monday. Passengers currently in transit are urged to explore alternative arrangements to reach their destinations. Lynx Air advises passengers with existing bookings to contact their credit card companies for refunds related to pre-booked travel.

As the sun sets on Lynx Air’s brief journey, travelers find themselves scrambling for alternatives. One passenger expressed her frustration after receiving an email notifying her that her Saturday flight had been canceled. She and her group of friends, originally slated to fly home to Winnipeg, now face uncertainty. The airline’s sudden closure has left them “frantic.”

Legal advisors from Osler, Hoskin & Harcourt LLP are assisting Lynx Air during this challenging time, while FTI Consulting Canada Inc. serves as the monitor under the Companies’ Creditors Arrangement Act.



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