The CPP is a mandatory pension plan financed by contributions from employees, employers and self-employed individuals. With very few exceptions, every person over the age of 18 who works in Canada outside of Quebec and earns more than $3,500 per year must contribute to the CPP. As mentioned in part 1 of our blog series, the annual CPP contribution rates will rise starting January 2019. The CPP enhancement will happen in two phases over seven years. Phase 1 takes place from 2019 to 2023 and involves a gradual increase in the contribution rate. Phase 2 will begin in 2024 and will...
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Starting January 2019, annual CPP contribution rates will rise over seven years. This change called the CPP enhancement was designed to help increase retirement income for working Canadians and their families. The CPP is a mandatory pension plan financed by contributions from employees, employers and self-employed individuals. The CPP covers all workers in Canada except Quebec which has its own pension plan called the Quebec Pension Plan. Upon retirement, disability or death, the CPP replaces a basic level of earnings for contributors. Once mature, the CPP enhancement will increase the maximum CPP retirement pension by 50%. Please note that the CPP...
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The Government of Canada recently released the Annual Financial Report of the Government of Canada for 2017-2018. This report presents an overview of the Government’s spending and revenue performance for the previous fiscal year. Here’s a quick list of the highlights:• The Government posted a budgetary deficit of $19B for the fiscal year ended March 31, 2018, down from a projected budgetary deficit of $19.9B in Budget 2018.• Revenues increased by $20.1B or 6.9% from 2016-2017.• Program expenses increased by $19.5B or 6.7%.• Canadians added 427,300 jobs, leading the unemployment rate to fall to 5.8% in December 2017.• Real GDP grew...
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Good record keeping allows for good bookkeeping which in turn brings accuracy and savings! Create a simple filing system that matches your bookkeeping intake checklist (Download KD's Monthly Bookkeeping Checklist HERE!). You have the option to use inboxes, folders or a filing system that works for you and your routine. It should be as simple as putting all the paperwork and receipts in the right inbox or folder daily. Remember, if your paperwork is organized and detailed, you can save money on your bookkeeping costs! Not only will it save you money on your bookkeeping costs, good record keeping will also...
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