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What the new enhancements to CPP mean to you

ritten by Brent Soucie, Consultant, CPA, CA
July 22, 2016

Payroll deductions

The Canadian federal, provincial, and territorial finance ministers have recently announced some noteworthy changes to the Canada Pension Plan (CPP). In short, we are all going to have to pay more into the plan; however, we should all get more out of it when we retire.

First and foremost, it’s important to understand that the CPP prescribes a notional, yet specific, level of income on which it bases all of its calculations. This prescribed amount is called the Maximum Annual Pensionable Earnings (MAPE). The MAPE is prescribed on an annual basis, and tends to grow with inflation. In 2016, it is equal $54,900. As I mentioned above, this amount is strictly notional. In other words, the amount of CPP one can collect will never equal the MAPE because the figure is simply used for calculation purposes.

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Resilience. Courage. Inspiration. Margaret Trudeau epitomizes these traits and more. We thank her for sharing her message of hope for those living with mental health issues. And we thank our valued clients and their guests for participating in our May Speaker Series events in Vancouver, Calgary and Toronto. Here’s what some of you had to say:

“Mrs. Trudeau shared personal perspectives that are most times difficult to discuss, privately or publicly. She did so with strong credibility, grace and humour. This was the best TE Wealth speaker event I have attended so far”

“Margaret Trudeau was an excellent speaker and provided valuable insight into mental illness… a subject often misunderstood.”

“This is a topic very close to home for us. It was very enlightening to have someone share their experiences with us without feeling any shame. Ms. Trudeau showed great respect for her audience, she gave of herself without question. Great evening!”

Did you miss this event? Don’t worry – a seat awaits you at our next one in the Spring of 2017! Details to be provided at that time.
Margaret Trudeau and Sam Chinniah

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