136. Canada Pension Plan Loses $22 Billion, Will It Affect Me? | Henry Wong

Wealth Without Bay Street EPISODE 136: Today’s episode features Henry Wong again. Henry is a professional CPA who also trains other CPA’s across Canada specializing in taxation and passing through the nationals exams. Today he uses the opportunity to help explain Canadian life insurance landmines that U.S. citizens can avoid. Join us today as Henry present’s data about the Canada Pension Plan and analyzes what this could mean for the future.

IN THIS EPISODE, YOU WILL LEARN:

0:00 Introduction

1:51 How Does The Canada Pension Plan Work

4:02 Aspects Of CPP To Be Aware Of

8:38 How Losing $22 Billion Affects Everyone

19:06 Contributions In 2020

23:04 CPP And Its History

26:22 Contributions And Withdrawals

31:46 Putting Yourself In An Advantageous Position

36:11 Employer Contribution Is An Expense

40:47 Canada Revenue Agency – Boiling Frog Syndrome

49:44 How Much are You Really Contributing

53:46 Looking Towards 2023

59:02 Limitations Of The CPP