FELDSTED -- If this government can’t design a simplified system that we can live with, we need to find a government that can do the job
- Canada Pension Plan (CPP) premiums of 5.1% kick in on all earnings from $3,000 to $60,000.
- Employment Insurance (EI) premiums of 1.62% apply to all earnings $55,000 and under.A person earning $37,000 annual sees about $5,600 or 15% of his or her gross pay eaten up by federal taxes, CPP premiums and EI premiums.
- A person earning $140,000 annual sees about $28,250 or 20% of his or her gross pay eaten up by federal tax, CPP and EI.
- Add in provincial income tax and the situation for those earning $120K or less is even more dire.
The first ... is to overhaul the entire Employment Insurance program, which has become a welfare system.
Political Commentator, Consultant & Strategist