Someone once told me, “There are two things certain in life, taxes and death.”
Pretty grim, huh?
I remember one of the big wake-up calls when I first started working full-time was seeing that deduction line in every pay cheque. Right now I pay just over 17% in federal taxes alone. With the Canadian Pension Plan (CPP) and Employment Insurance (EI), right of the bat almost 24% of my precious pay cheque is gone.
My Additional $300 a month
It was last year that I started noticing around December, my pay cheques would get a bit bigger. Then, I realized because I’ve maxed out my CPP and EI contributions for the year. They are capped at $2,217.60 and $786.76, respectively.
Since I am making a bit more money than last year (I got a 6% raise), I maxed out contributions much earlier – around mid October. So, my last pay cheque, I got an extra $150 to boot
I know that the money was mine to begin with, but making the money and having the actual cash in my grubby hands are two entirely different things!
What am I going to do with the extra $$$
No specific plans, but I will put it towards some purchases I had in mind, anyway.
- Spend some of it for my “Phase II” apartment renovations. A post about that coming up ;).
- On a tailored wardrobe on my trip to Asia
- A nice dinner for BF and I
Canadian readers, have you noticed this in your pay cheques near the end of the year? All readers, what would you do with an extra $300 a month?