Daily Archives: November 23, 2011

An Additional $300 a Month

300 and Gerard Butler.  Get it? 😉

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?



Filed under Finance, Personal