Uh, Mr. Poilievre? Canada Pension Plan premiums are not a tax
Uh, Mr. Poilievre? Canada Pension Plan premiums are not a tax
ROB CARRICK PERSONAL FINANCE COLUMNIST at the Globe & Mail
https://www.theglobeandmail.com/investing/personal-finance/article-pierre-poilievre-cpp-premiums-tax/
"SNIP.....
It’s a little insensitive, but necessary, to raise the issue of retirement saving at a time when many households are struggling to pay for groceries and gas.
New numbers on financial stress shows some households are spending more than they earn and others are either saving nothing or just a little. That’s the inflationary world we live in now. People are under pressure and politicians are paying attention.
In Ottawa, newly installed Conservative Party Leader Pierre Poilievre has called upon the government to ease the burden by not raising Employment Insurance premiums, Canada Pension Plan contributions and the federal carbon price in 2023. “Will the government cancel these tax hikes so that Canadians can afford to eat, heat and house themselves?” he asked in Question Period last week.
Uh, Mr. Poilievre? Canada Pension Plan premiums are not a tax. They’re a payment into a retirement savings plan that is a) guaranteed to pay out for as long as you live; and b) adjusted annually for inflation. With an annual payment that tops out at $15,043 in 2022 if you retired at 65, the CPP is the bedrock of a Canadian retirement plan. It’s not enough by itself, but it’s significant.
......SNIP"
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