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  • Aunt Lizzie
    February 24, 2013 - 00:44

    Personally, I think the CPP should be scrapped altogether- or at least made optional. I don't need the government to take a chunk of every paycheque I earn and invest it so they can refund a part of it to me when I retire. Let me be responsible for managing my own money and retirement. If some people don't have the discipline or common sense to save their own money, and would rather give it to the government to save for them, then so be it. But it should be a choice.

    • a business man
      February 26, 2013 - 22:48

      Great Post! I absolutely agree. CPP only gives you part of your own money back because they take some of your money and redistribute it to other citizens who have put less into the system. For that reason alone, I too beleive that the CPP should be abolished. I would end up with more money if I were allowed to invest my money for the sole benefit of my own pension. But as per the laws of Canada, there are many completely legal ways to avoid CPP and redirect those monies to a pension fund that only benefits yourself. I recommend every one talk to an accountant or tax lawyer to find your own way out of the CPP and thus keep more of your money for yourself.

  • Barry Sadowick
    February 23, 2013 - 19:59

    RRSP's only work in a growing market with high inflation. If you where working these times in your life your pension would be great. A lot of self employed people invest in their adventures and if they don't turn out or have the time to succeed they are without a proper pension. The laws can be changed leaving savings at risk. RRSP and management fees eat up the savings in the beginning of a plan by a great amount.