Author Topic: Entitlement culture  (Read 402 times)

0 Members and 0 Guests are viewing this topic.

Offline Goddess

  • Sr. Member
  • ****
  • Posts: 817
Re: Entitlement culture
« Reply #15 on: September 14, 2017, 02:08:35 pm »

As Cybercoma said, CPP and EI and are not taxes.  The former is for your retirement and the latter is insurance should you need. 

Also to add to that, they are only deducted on the first ~$50K, so it's not a straight deduction throughout the year for high-earners, and if you're making $50K/yr you're only paying about 16% total tax, so it brings your overall total deduction to ~22%.

Basically, unless you're in the 1% making 300K/yr, you're not paying 40% tax.  If you make less than 300K and you are paying 40% tax, you need to discuss it with your HR department ASAP!

Thanks for that info.  Ya, I don't need the figures for making 300K/yr.  LOL  ;D

I've never used EI and I've been told for the last 10-15 years or so that the CPP coffers will be long gone by the time I'm ready to collect, so I don't rely on that for retirement and view it as an additional "tax" for which I will get nothing in return.  Maybe I will be pleasantly surprised when I retire and receive a CPP cheque.  We'll see.  But I'm sure not counting on it.
"A religion without a Goddess is half-way to atheism."