Source: Erica Alini, globalnews.ca, November 20, 2021
If the YMPE goes up, then you need to pay more into (CPP), though you’ll get more out on the other end.
The CPP(CPP) earnings ceiling is increasing at the highest rate in 30 years, a change that will provide a boost to benefits for new retirees and a hit for workers and businesses contributing to the plan.
The earnings cap, called yearly maximum pensionable earnings or YMPE, is set to rise to $64,900 for 2022 from $61,600 for 2021, the Canada Revenue Agency (CRA) announced on Nov. 1. That’s a 5.3 per cent increase, the largest percentage change since 1992.
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