The following is an excerpt from an e-mail from the payroll people here reminding us about the deductions that start up again in January. The numbers are of course nothing unique to my company.
The Canada Pension Plan numbers are always painful to look at given that those of us under 40 will likely never see it.
“Canada Pension Plan: Maximum employee deduction: $1,989.90 (annual salary of 43,700.00)
Employment Insurance: Maximum employee deduction: $ 720.00 (annual salary of 40,000.00) for all provinces except Quebec”
It occurred to me that the CPP deductions are, to many of us, a tax on those who were too young to vote against Pierre Trudeau…
And the EI plan is another complete cock-up. If the contributions didn't outstrip the payouts so drastically, I wouldn't have a problem. But the Liberals while they were in office coolly shifted excess contibutions in the order of $40B to general coffers. As a revenue stream going into general coffers I can't imagine what else you can all it but a tax on the employed.
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