My CPP and EI “Bonus”

I got super excited last Friday when I got my paycheck.

My usual Canadian Pension Plan (CPP) Contribution per paycheck is $101.54 and my Employment Insurance (IE) is $37.74.  Last week CPP was $39.20 and EI was $0.  I did a little happy dance when I got home because that’s $100.08  more cash in my pocket!

I was speaking to one of co-workers about this, and she said this usually happens at the end of the year when we’ve “maxed out” our CCP and EI contributions for the year.  That’s awesome.  Here’s to hoping that my remaining paychecks don’t get anymore deductions.  I’ve got 3 more paychecks left this year, which brings my total “bonus” to $517.92.

I know it’s not really a bonus, that’s why I call it a “bonus”.  Basically, it’s extra money in my pocket that I wasn’t expecting.

Note: I didn’t notice this last year.  I went back to check my last year’s pay stub, and I didn’t get my “bonus” until my last two paychecks.

How are your year end bonuses and “bonuses” shaping up?  And more importantly, how are you going to use it?

Cheers,


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