Last year I wrote about maxing out my
CPP and EI contributions and I was pleasantly surprised when I realized that my Christmas budget was going to get a significant boost at the end of the year.
A lot of people in my office start talking about their deductions tapering off around June/July - to which i think those people must make about double what I do! I thought I'd do the math for this again to see when the CPP and EI contributions will stop this year. I got a really great raise back in April so I'm hopeful that it will make a big difference (can you tell i'm writing this before doing the math).
on to the math...
So...this is awesome!
In the last pay in September i'll see a $40.39 increase on my pay and then On my October 28th pay I'll see a net increase of $146.45 - hizzah!!!
You know what I'm going to go do now? I'm going to go update my monthly budgets!
I envy you that lovely sweet spot of being done those contributions. I am not quite there yet :-)
ReplyDelete@ Jolie - It was so exciting when it happened the first time, the very last pay in December..and now every year it's a pay period or two sooner...hizzah! How long until you get there?
ReplyDeleteOh thank you for posting about this, I'm going to print out my last pay stub and figure out when I'm going to max out too! It's going to be my first time since 2005 that I max out (I used to get a bunch of different paychecks from different places since then, never maxed out anywhere!)
ReplyDeleteThat's exciting! Good for you :) What a great position to be in.
ReplyDeleteYou are addicted to spreadsheets and budgets lol :)
ReplyDeleteStill awesome news for you as the boost will be great help.
I think your net increase will be less since income tax deducted will increase slightly so you could try plugging the numbers into the cra tax calculator for payroll deductions.
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