Source: Jordan Press The Canadian Press, Global News, December 30, 2021
The pension plan requires contributions to go up alongside the upper limit on earnings that are subject to those premiums.
Jan. 1 is going to feel like Groundhog Day for all those paying into the Canada Pension Plan. Like last year, contributions are going up again by more than originally planned, and the reason again lies with the unique impacts of the pandemic on the labour market.
Here’s a rundown of what’s happening.