I have option to pay CPP and EI
Here is the breakdown;
EI (me): 1.78%
EI (employer): 2.492%
CPP (employer): 4.95%
I make 52K/year. I am on a 3 year contract with very high probability of not continuing after that or leaving for better position before the end of the 3 years. So I am thinking EI is not worth the $890 a year.
As for CPP, $2574/year seems kind of steep. I am not really sure how CPP works. Does the amount I pay in actually get linked to my name or is my retirement just based on the number of years where I paid CPP?