Get ready to pay a little bit more on your CPP contributions.
Provincial finance ministers and their federal counterpart Bill Morneau have reached a deal on reforms to the Canada Pension Plan that will see payments for those earning more than $55,000 climb between 2019 and 2023.
Under the new plan, monthly payments will increase by $7 each year, for five years, beginning in 2019. Those increased contributions would be matched by employers.
The move would also see a person’s maximum annual payout under the CPP climb by about a third, to about $17,500, up from the current benefits of about $13,000.
The changes come after a day of negotiations by the ministers at a summit in Vancouver.