Canada Pension Plan contribution changes
Changes are coming in 2019 and in subsequent years to the contributions Canadians make to the Canada Pension Plan (CPP). Increased contribution rates will improve retirement incomes for the next generation of seniors and help families plan toward saving sufficiently for retirement.
How will the CPP enhancement affect me?
To fund the , all Canadian employees and employers will contribute more to the CPP. Increased contribution rates will be phased in over seven years. Your CPP retirement benefits will gradually increase as you contribute more to the CPP.
What do I need to do?
You don’t need to do anything until you submit your 2019 income tax return in early 2020. Learn about all .
Questions?
If you have any questions about your CPP deductions through payroll, please contact the at uoitpayroll@uoit.ca.
For questions relating to CPP retirement benefits, please contact the Canada Pension Plan office at 1.800.277.9914, or visit the .
For more information, contact uoitpayroll@uoit.ca.
