DeMotivators

**DocWalt** · 09-12-2012, 08:37 AM

**nodoze** · 09-12-2012, 10:43 AM

Or could live like me , 35% of your check goes to supporting your kids and dwadbeat ex and the rest spent supporting a moderate comfortable life

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**AgentOblivious** · 09-12-2012, 12:18 PM

Originally Posted by J_Parker

I put nearly 1/4 of my yearly income into my CPP, spoil those that are close to me, and spoil my car... For now, when it's done, finances will take a huge U turn towards my future.

How are you paying that much to CPP? Employee contribution rate is less than 5% CPP contribution rates, maximums and exemptions , EI is less than 2% EI premium rates and maximums, so unless your boss is screwing you over, you're not paying 1/4 of your income to CPP, or to anything other than combined CPP+EI+income tax. I'm guessing you mean an RRSP? Depending on your current income bracket vs. future income bracket, you might want to go with a TFSA instead, for now at least.

/thread derail

p.s. for those confused, CPP is the Canada Pension Plan, which is a public defined benefit pension that every worker pays into, and can take a pension from, based on how much they paid in. EI is employment insurance. RRSP is a Registered Retirement Savings Plan, similar to an IRA, and a TFSA is a Tax Free Savings Account, like a Roth IRA but without the age limits on withdrawals and other rules.