Get ready for CPP2

[Retired_Can_Soldier]

If you make over 72,000 a year, you are in for a surprise.
You will be paying a second CPP contribution in the 2024 tax year called CPP2.

You know, 72 Gs isn't that much money anymore. Especially when you have a federal government siphoning off your income at the gas station, at the grocery store, at the hardware store, etc... One of my son's pays 36000 dollars a year for rent. Now they've introduced a two tier system which punishes people for trying to get ahead. I am all for paying my share, but as I approach retirement I am going to have to live on a fixed income which would have been "getting by" ten years ago, and is now looking almost unsustainable with the amount of money the government is taking in deductions.

Our homeless rate has ballooned and there are people living in camper trailers and cars and minivans because they can't afford housing and have been priced out of the market. Those people living in their vehicles aren't lazy bums, they're still working. The working class have become the whipping post of the Federal Liberal/NDP government. Bled by layer upon layer of taxation pushed through secretly by pork barrelling. A good friend of mine whose worked his whole life has opted to buy a bus/RV because he simply can't afford to buy a house and retire. He's 70 years old and will be working until he's 75 if he isn't struck down by an illness. He does not have a choice. He was priced out of the real estate market and can't afford to pay the rent.

I have never seen it this bad in my lifetime, and I grew up poor.

Also check out Bare Trusts, also pushed through quietly by the Trudeau government for 2024. It will make you think twice about co-signing on a house loan to help your kids.

The asylum is being run by the elitist lunatics.

 

[pgs]

If you make over 72,000 a year, you are in for a surprise.
You will be paying a second CPP contribution in the 2024 tax year called CPP2.

You know, 72 Gs isn't that much money anymore. Especially when you have a federal government siphoning off your income at the gas station, at the grocery store, at the hardware store, etc... One of my son's pays 36000 dollars a year for rent. Now they've introduced a two tier system which punishes people for trying to get ahead. I am all for paying my share, but as I approach retirement I am going to have to live on a fixed income which would have been "getting by" ten years ago, and is now looking almost unsustainable with the amount of money the government is taking in deductions.

Our homeless rate has ballooned and there are people living in camper trailers and cars and minivans because they can't afford housing and have been priced out of the market. Those people living in their vehicles aren't lazy bums, they're still working. The working class have become the whipping post of the Federal Liberal/NDP government. Bled by layer upon layer of taxation pushed through secretly by pork barrelling. A good friend of mine whose worked his whole life has opted to buy a bus/RV because he simply can't afford to buy a house and retire. He's 70 years old and will be working until he's 75 if he isn't struck down by an illness. He does not have a choice. He was priced out of the real estate market and can't afford to pay the rent.

I have never seen it this bad in my lifetime, and I grew up poor.

Also check out Bare Trusts, also pushed through quietly by the Trudeau government for 2024. It will make you think twice about co-signing on a house loan to help your kids.

The asylum is being run by the elitist lunatics.

They are following the playbook and know exactly what they are doing .we had the richest most highly educated country in the world just be glad you lived through the good time , because those days are behind us now .

 

[IdRatherBeSkiing]

Of course this means we get more money at retirement correct?

 

[bob the dog]

Ideally all government employees would revert to the CPP at age 71. To implement a system and then say the system is not good enough for me is a bit hypocritical imo. Of course our decision makers are already in the top 1% of earners. It always makes me smile when I am told it is an equivalent to what they would be earning in private industry.

Point is those people usually don't need the money to pay bills and buy food. The money basically is stashed away waiting for the next generation while factored banking allows the use of 88% of the funds by the institution. That is why banks want everyone who has money to have lots of it and those that have no money to have none of it.

Meanwhile our politicians vacation abroad.

 

[petros]

Gen X has always been chasing after the scraps.

 

[Retired_Can_Soldier]

Of course this means we get more money at retirement correct?

Yeah, and you can get your teeth fixed when your 86. I was only planning on living to 80. Fack!

 

[petros]

Yeah, and you can get your teeth fixed when your 86. I was only planning on living to 80. Fack!

Transition to a woman. Youll gain six years.

 

[Tecumsehsbones]

Yeah, and you can get your teeth fixed when your 86. I was only planning on living to 80. Fack!

Gives ya something to live for.

 

[Retired_Can_Soldier]

Well, I got my T4 slip, and the fuckers took an additional 3999.90 off for CPP2.

Both my vehicles are over ten years old, my house is not paid for yet, my wife and I have never taken an out-of-country vacation, and we aren't rolling in dough. My biggest purchase in the last ten years was a hot tub, which I use for my back. And we're not sitting on a pile of money. We're just living, and for that we are charged more for the same pension everyone else below $70,000 enjoys.

I might stop working as much; there's no benefit in trying to get ahead; the government just takes more.

 

[Taxslave2]

If you make over 72,000 a year, you are in for a surprise.
You will be paying a second CPP contribution in the 2024 tax year called CPP2.

You know, 72 Gs isn't that much money anymore. Especially when you have a federal government siphoning off your income at the gas station, at the grocery store, at the hardware store, etc... One of my son's pays 36000 dollars a year for rent. Now they've introduced a two tier system which punishes people for trying to get ahead. I am all for paying my share, but as I approach retirement I am going to have to live on a fixed income which would have been "getting by" ten years ago, and is now looking almost unsustainable with the amount of money the government is taking in deductions.

Our homeless rate has ballooned and there are people living in camper trailers and cars and minivans because they can't afford housing and have been priced out of the market. Those people living in their vehicles aren't lazy bums, they're still working. The working class have become the whipping post of the Federal Liberal/NDP government. Bled by layer upon layer of taxation pushed through secretly by pork barrelling. A good friend of mine whose worked his whole life has opted to buy a bus/RV because he simply can't afford to buy a house and retire. He's 70 years old and will be working until he's 75 if he isn't struck down by an illness. He does not have a choice. He was priced out of the real estate market and can't afford to pay the rent.

I have never seen it this bad in my lifetime, and I grew up poor.

Also check out Bare Trusts, also pushed through quietly by the Trudeau government for 2024. It will make you think twice about co-signing on a house loan to help your kids.

The asylum is being run by the elitist lunatics.

I semi retired 3 years ago. At that time we could have survived on my pensions. Not now. You better have a very good work pension or alternate income stream to do so now. Also have an exit plan.

 

[petros]

I semi retired 3 years ago. At that time we could have survived on my pensions. Not now. You better have a very good work pension or alternate income stream to do so now. Also have an exit plan.

Or in a situation with good tax credits.

 

[bob the dog]

I semi retired 3 years ago. At that time we could have survived on my pensions. Not now. You better have a very good work pension or alternate income stream to do so now. Also have an exit plan.

Not following you on the exit plan. Funerals, care homes, and other last chance cash grabs?

Biggest disappointment for me has been the drop in the value of my RRSP over the last 3 years to the point where I don't want to cash out at such low levels. Dirty, rotten, scoundrel banks at the root of all evil time and again. It'll come to a head at some point with money to spend if it goes my way

Statistics say average is 80% gets left behind.

 

[Tecumsehsbones]

Not following you on the exit plan.

Chemical, ballistic, or gravity?

 

[petros]

Not following you on the exit plan. Funerals, care homes, and other last chance cash grabs?

Biggest disappointment for me has been the drop in the value of my RRSP over the last 3 years to the point where I don't want to cash out at such low levels. Dirty, rotten, scoundrel banks at the root of all evil time and again. It'll come to a head at some point with money to spend if it goes my way

Statistics say average is 80% gets left behind.

If you have worthy offspring and property, set up a living trust.

 

[Taxslave2]

Well, I got my T4 slip, and the fuckers took an additional 3999.90 off for CPP2.

Both my vehicles are over ten years old, my house is not paid for yet, my wife and I have never taken an out-of-country vacation, and we aren't rolling in dough. My biggest purchase in the last ten years was a hot tub, which I use for my back. And we're not sitting on a pile of money. We're just living, and for that we are charged more for the same pension everyone else below $70,000 enjoys.

I might stop working as much; there's no benefit in trying to get ahead; the government just takes more.

Ain't socialism grand?

 

[Taxslave2]

Not following you on the exit plan. Funerals, care homes, and other last chance cash grabs?

Biggest disappointment for me has been the drop in the value of my RRSP over the last 3 years to the point where I don't want to cash out at such low levels. Dirty, rotten, scoundrel banks at the root of all evil time and again. It'll come to a head at some point with money to spend if it goes my way

Statistics say average is 80% gets left behind.

Exit plan- what you are going to do to keep busy after retirement. The majority of us are not rich enough to spend the next 20 years globetrotting. I don't play golf, and you can only eat so much salmon. I work part time for a contractor friend. Every once in a while I go out on a construction job for a few months. Just finished a spell on the Broadway subway line in Vancouver. Now I am putting a new transom in my boatt. Bring Out Another Ten Thousand (inflation). Addictions are expensive. Anyway, if you don't keep yourself occupied, you will either die of boredom, or the wife will kill you.

 

[Dixie Cup]

If you make over 72,000 a year, you are in for a surprise.
You will be paying a second CPP contribution in the 2024 tax year called CPP2.

You know, 72 Gs isn't that much money anymore. Especially when you have a federal government siphoning off your income at the gas station, at the grocery store, at the hardware store, etc... One of my son's pays 36000 dollars a year for rent. Now they've introduced a two tier system which punishes people for trying to get ahead. I am all for paying my share, but as I approach retirement I am going to have to live on a fixed income which would have been "getting by" ten years ago, and is now looking almost unsustainable with the amount of money the government is taking in deductions.

Our homeless rate has ballooned and there are people living in camper trailers and cars and minivans because they can't afford housing and have been priced out of the market. Those people living in their vehicles aren't lazy bums, they're still working. The working class have become the whipping post of the Federal Liberal/NDP government. Bled by layer upon layer of taxation pushed through secretly by pork barrelling. A good friend of mine whose worked his whole life has opted to buy a bus/RV because he simply can't afford to buy a house and retire. He's 70 years old and will be working until he's 75 if he isn't struck down by an illness. He does not have a choice. He was priced out of the real estate market and can't afford to pay the rent.

I have never seen it this bad in my lifetime, and I grew up poor.

Also check out Bare Trusts, also pushed through quietly by the Trudeau government for 2024. It will make you think twice about co-signing on a house loan to help your kids.

The asylum is being run by the elitist lunatics.

I'm a senior & if one of us dies the survivor's income is cut in half. How will they be able to pay their bills? While we own our home the survivor will be forced to sell cuz property taxes keep going up, insurance is up, utilities are up. There's no way they could pay every thing on one pension. Funds from the sale if the house would have to be used to supplement the moving & high rental costs. I don't look forward to that day.

 

[Retired_Can_Soldier]

I'm a senior & if one of us dies the survivor's income is cut in half. How will they be able to pay their bills? While we own our home the survivor will be forced to sell cuz property taxes keep going up, insurance is up, utilities are up. There's no way they could pay every thing on one pension. Funds from the sale if the house would have to be used to supplement the moving & high rental costs. I don't look forward to that day.

It's pretty sad.

 

[pgs]

I'm a senior & if one of us dies the survivor's income is cut in half. How will they be able to pay their bills? While we own our home the survivor will be forced to sell cuz property taxes keep going up, insurance is up, utilities are up. There's no way they could pay every thing on one pension. Funds from the sale if the house would have to be used to supplement the moving & high rental costs. I don't look forward to that day.

At least seniors can opt to postpone property taxes until sale off the property .

 

[petros]

I'm a senior & if one of us dies the survivor's income is cut in half. How will they be able to pay their bills? While we own our home the survivor will be forced to sell cuz property taxes keep going up, insurance is up, utilities are up. There's no way they could pay every thing on one pension. Funds from the sale if the house would have to be used to supplement the moving & high rental costs. I don't look forward to that day.

60%... a little more than half.

Dont look forward to it, sell now and downsize before you have to do it in anguish.