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Old 02-02-2021, 05:18 PM   #7
Slava
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Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by MoneyGuy View Post
Slava, I didnít want to start a new thread. Are there cuts coming to CPP benefits?
Not that I've seen? If anything the benefits will increase as people are paying more beginning this year. It's to bring the benefit up from roughly 25% income replacement to about 33%, bearing in mind that this isn't of course your actual income, but the YMPE, which will be around $61k/year. (I know that you know that, but just thought I'd note it for anyone who wasn't aware!)

Also, I guess I should note that this 1/3rd replacement would be if you paid enough in through your working career. At present, purely ballparking on my part, I would guess that the average income replacement achieved is about 12.5% of the YMPE...but I haven't done that math and am just thinking off the top of my head.
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