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CPP Contributions Going Up in 2024: A Shift of Wealth from Boomers to Millennials

Published 2023-11-09, 07:31 a/m

In this episode we'll look at the upcoming CPP changes that take effect in 2024 is designed to improve the retirement security of Canadians, especially younger workers. Is it fair to older generations who have paid into the system for decades?

Also on the program, the Canada Revenue Agency is increasing the interest rate it charges for overdue taxes and late installment payments. Statistics Canada has released the new Trade Balance numbers, and Canada has an unexpected surplus in October. Also, the RBC (TSX:RY) takeover of HSBC branches might be in jeopardy, as Pierre Poilievre and the House of Commons Finance Committee want to stop the deal. Also, Unifor and Stellantis have ratified the auto agreement, and we have earnings from IA Financial, Intact Financial (TSX:IFC), Rivian and Uber.

This content was originally posted on the Beavis Wealth's YouTube Channel

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Latest comments

Joseph CsehNov 10, 2023, 05:08
The CPP analysis is misleading and designed to spark controversary (I suppose I’m playing into it by commenting). Your CPP benefit increases the longer you contribute at the enhanced rates. Boomers who don’t contribute the extra amount for an extended period of time won’t get much in regard to the enhanced benefit. Boomers are in no way subsidizing younger generation’s CPP. The younger generation is subsidizing their own retirement by payong more into CPP than boomers did.
Josh PerraultNov 10, 2023, 04:53
might have to vote in favour of Alberta pulling out of the CPP with this happening. I thought the main thing the feds were saying was that changes to pensions now was a bad idea?
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