Comments on: Fall Financial Check-up

By: Heather

Heather — Tue, 09 Sep 2008 13:28:44 +0000

Now I feel even dumber…I don’t make nearly that much!

By: Betty

Betty — Mon, 08 Sep 2008 15:49:07 +0000

Heather, your employer will stop deducting premiums once you reach the maximum earnings for deductions.
The maximum amount for 2008 for CPP is $44900.00 in pensionable earnings for a total of $2049.30 in deductions and EI is $41100.00 in earnings for a total of $711.03 in deductions.
If you have more than 1 job you have to pay the deductions through each employer separately but you can claim back any excess paid on your tax return.

By: Heather

Heather — Mon, 08 Sep 2008 15:09:52 +0000

How do you stop contributing to CPP and EI?? And how do you know when you’re paid up? I’ve never heard of this?

By: Frugal Trenches

Frugal Trenches — Sat, 06 Sep 2008 17:31:00 +0000

Great tips Gail! I try to do a monthly checkup and a seasonal check up helps me know where I’m going wrong before it gets too bad! :0)

By: Brenda

Brenda — Fri, 05 Sep 2008 23:54:29 +0000

Marie – you gave me some insight. My husband’s CPP is paid up now, and soon EI too – so I am going to use that “extra” money for some debts! Thanks for the idea!

By: Marie

Marie — Fri, 05 Sep 2008 22:24:50 +0000

Fall is a great time for a check up.
1- Year is not over yet, so there is time to fix things to meet goals.
2- Some people might stop contributing to CPP and EI, so one can decide what do to with the money (RRSP, emergency fund, …).
3- Study the ‘emergencies’ of the year to decide what was overlooked and what was a true surprise before the 2009 budget is sorted.

Financial happiness? Better than last year (net worth looking better each year).
Biggest financial concern? Collective agreement negotiations.
Accomplish? Be ok with the fact that I won’t be done with my student loans by the end of 2008 and that 2009 is good enough. The end is near!

By: Melaniesd

Melaniesd — Fri, 05 Sep 2008 21:54:59 +0000

Wow. You’ve given me many good things to think about this weekend.
I know there are a few things we still need to get in order.

I’m trying to keep the debt load down. I’d love to pay if off, but it’s going to take time. Once my son is on daycare full time, then I can work more hours to help decrease the debt and increase savings.

I really feel that an emergency fund is priority, but it feels so unattainable sometimes. It could take us years to save 6-8 months worth of living expenses. I’m working on it slowly but surely.