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Gas Prices Are Finally Falling in Canada — Here's How Much You're Saving and What Comes Next

After weeks of painful price spikes driven by the U.S.-Iran conflict, Canadians are finally catching a break at the pump. The national average gas price dropped to 169.1 cents per litre on Monday, April 20 — down from a peak near 198 cents — as two things happened at once: Iran reopened the Strait of Hormuz to commercial traffic, and Prime Minister Mark Carney's federal fuel excise tax suspension came into effect. National Average 169.1¢/L ▼ Down from ~198¢/L peak Gas savings (excise tax) 10¢/L off gasoline until Sept. 7 Diesel savings 4¢/L off diesel until Sept. 7 WTI Crude (current) ~$87 ▼ Down from $120 peak What just happened — and why Since the U.S.-Iran conflict began in late February, Brent crude surged more than 55%, briefly topping $120 a barrel — the largest oil supply shock in the history of global markets, according to the Interna...
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New CPP rules mean higher deductions and benefits for Canadians



Starting Monday, Canadians will see a change in their paycheques as the Canada Pension Plan (CPP) introduces a new earnings ceiling for higher-income earners.

The new ceiling, which applies to anyone earning more than $68,500 in 2024, is part of a broader pension revamp that began in 2019. The goal is to provide more financial support for Canadians after they retire, by increasing both the contributions and the benefits of the CPP.

Under the new rules, workers and employers will pay an additional four per cent on the amount they earn between $68,500 and $73,200. This means a maximum of $188 more in payroll deductions for 2024. Self-employed people will pay both portions, or eight per cent.

The trade-off is that Canadians will eventually receive higher payouts once they start collecting their pensions. The enhanced CPP is designed to replace one-third of a person’s eligible income, up from one-quarter under the old system.

The full effects of the CPP changes will take decades to materialize, so the youngest workers stand to gain the most. People retiring 40 years from now will see their income go up by more than 50 per cent compared to the current pension beneficiaries.

The CPP changes do not affect the eligibility criteria for retirement pension, post-retirement benefits, disability pension and survivor’s pension.


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