How Much Will Expanded CPP/QPP Cost Me?
The provinces and the federal government have reached a deal to increase your Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) premiums. Provinces have until July 15th get it approved.
How much do you really know about it? How much will come off your paycheque? What does it mean for your retirement?
The current contribution rate is close to 5% (more in Quebec), and some want to increase it to around 7%.
This calculator shows how a pension expansion could affect your CPP/QPP contributions.Enter your annual salary and see exactly how much more expanded CPP/QPP could potentially cost you.
CPP and QPP are government-run plans that require all working Canadians, and their employers, to set aside a portion of their income for retirement.