Wealth Without Bay Street 159. A CPP Case Study: Will You Get Your Money Back? with Henry Wong. Henry Wong joins Richard and Jayson 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, Richard, and Jayson suggest taking control of the process to maximize benefits and highlight the benefits of creating something that you own and control.
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WHO’S THE GUEST?
Henry Wong is a professional CPA. He trains other CPAs across Canada. With his extensive knowledge and understanding of the IBC and the process of Becoming Your Own Banker, he helps clients in setting up their policies that are tailored fit to any situations and the goals that they want to accomplish.
When not at work, Henry enjoys playing tennis, spending time with family or growing and developing new skills.
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
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Connect with Henry Wong
- Ascendant Financial: https://www.ascendantfinancial.ca/
- 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
- https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/payroll-deductions-contributions/canada-pension-plan-cpp/cpp-contribution-rates-maximums-exemptions.htm
- https://www.cppinvestments.com/the-fund/our-performance/financial-results/f2022-annual-results/
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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/
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Canadians Guide To Wealth Building Without Risk
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Wealth Without Bay Street is a Founding Member of the SMB PODCAST NETWORK visit https://www.smbpodcastnetwork.com/ to learn
