A CPP Case Study: Will You Get Your Money Back?

Wealth Without Bay Street 159. ​​A CPP Case Study: Will You Get Your Money Back? with Henry Wong. Henry Wong joins Richard Canfield to discuss the Canadian Pension Plan (CPP) and its impact on Canadians. They analyze data showing a declining trend in Canada's portion of the CPP investments, and explain how CPP contributions work for employees and self-employed individuals. They also estimate future contributions and potential benefits at different ages, emphasizing the importance of perspective and opportunity cost. Henry and Richard suggest taking control of the process to maximize benefits and highlight the benefits of creating something that you own and control.

FREE report 7 Simple Steps to Becoming Your Own Banker - http://7steps.ca/

Get our Bestselling Books:
1. Canadians Guide To Wealth Building Without Risk: https://wealthwithoutbaystreet.com/wwbs-book-1/
2. Cash Follow The Leader: https://cashfollows.com/

IN THIS EPISODE, YOU WILL LEARN:
0:00 Intro
0:30 What is the Canada Pension Plan?
1:44 The rising interest rates and CPP contributions
3:44 Where the pension fund is putting its money to work
12:27 Is CPP considered a tax?
13:09 The amount that people are contributing to CPP in a life span
21:24 One of the 5 Ds of keeping taxes away from your wealth: Design
25:08 Why you should keep a good relationship with a tax professional
30:21 Computing for your anticipated income and benefits
36:19 How to take advantage of CPP

QUOTES
- The CPP contribution/confiscation isn't really a tax, but yet it is a tax because it's collected by the tax authority.
- Whatever your taxable income is for the year, you have to pay the employee side and the business side combined.
- Income planning is essential in optimizing how much of a portion you want to take from a corporate and personal standpoint.
- As you reach your peak earning years, your contributions to CPP will increase.
- To outlive the CPP and make a real return on your contributions, you would have to live well beyond the average life expectancy.

🎙️ WEALTH WITHOUT BAY STREET LINKS:

Learn how Canadian are Implementing Infinite Banking for Free Here: https://wealthwithoutbaystreet.com/masterclass
Podcast Website: https://wealthwithoutbaystreet.com/
Follow us on Facebook: https://wealthwithoutbaystreet.com/fb
Subscribe to our Youtube Channel: https://wealthwithoutbaystreet.com/yt
Book a 15-minute call: https://wealthwithoutbaystreet.com/15mincall

Connect with Henry Wong
Ascendant Financial: https://www.ascendantfinancial.ca/

Watch our Tribute To The Man Who Created Infinite Banking R. Nelson Nash here:
https://wealthwithoutbaystreet.com/dayofnelson

🤝 Join Our Community! https://wealthwithoutbaystreet.com/community

📚 IBC RECOMMENDED BOOKS
https://wealthwithoutbaystreet.com/books

📽️ WATCH THE DOCUMENTARY
Documentary Film This is Nelson Nash: https://www.ascendantfinancial.ca/nelson-nash-film/
💸 Financial Advisor? Learn about the Infinite Banking Concept here: Nelson Nash Institute Practitioner Program: https://infinitebanking.org/practitioners-program/ref/6/
EVA - Economic Value Add The Real Key To Creating Wealth Article: https://infinitebanking.org/the-real-key-to-creating-wealth/ref/6/

5 Myths of the Canada Pension Plan: https://www.fraserinstitute.org/5-myths-of-the-canada-pension-plan
See your own CPP contributions via your Service Canada Account: https://www.canada.ca/en/employment-social-development/services/my-account.html
CPP Contribution rates, maximums and exemptions: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-contributions/canada-pension-plan-cpp/cpp-contribution-rates-maximums-exemptions.html
F2022 Annual Report on CPP Investments: https://www.cppinvestments.com/the-fund/our-performance/financial-results/f2022-annual-results/

#WWBS #RichardCanfield #theinfinitebankingconcept #wealthwithoutbaystreet