8/13/2015

EI & CPP

Today's a great day guys!

We get our paystubs today for tomorrow's payday and I've maxed out my CPP and EI contributions for the year - which means each pay going forward will be an extra $200.

Woohoo!


For any non-Canadians...

CPP is the Canadian Pension Plan .  It's required for employees and employers to contribute a fixed amount about to a maximum each year.  Once you retire, you withdraw from CPP depending on certain income thresholds.

EI is Employment Insurance.  It's another government plan where there are fixed contributions about to a maximum by both the employer and the employee.  You can apply for EI if you are laid off, got on maternity/paternity leave, etc. - basically if you lose your job through no fault of your own.
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3 comments:

  1. Yay for the additional money!!!

    ReplyDelete
  2. That is awesome, perfect timing for you aswell ! My husband hit the same thing last month and it's definitely a nice boost :)

    ReplyDelete

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