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Sources: Figure prepared by Nathalie Pothier, Library of Parliament using data obtained from: Statistics Canada, “ Table 10-10-0015-01: Statement of government operations and balance sheet, government finance statistics (x1,000,000) ,” Database, accessed on 16 February 2021 (for CPP and QPP values) and Receiver General for Canada, Public Accounts of Canada 2020, Volume 1, 2020. “Other taxes and revenues” are non-resident income taxes, revenue from federal enterprise Crown corporations and other entities, net foreign exchange revenue and revenue from other programs. “Consumption taxes” are the Goods and Services Tax, the Harmonized Sales Tax, energy taxes, customs import duties, other excise taxes and duties, and fuel charges. For the purposes of this figure, QPP contributions are combined with contributions to the CPP, giving rise to the term “federal.” The QPP operates exclusively in Quebec, with the CPP operating in the rest of Canada. Notes: “Social security contributions” are Canada Pension Plan and Quebec Pension Plan (CPP and QPP) contributions, and Employment Insurance premiums. Figure 1 – Federal Tax Revenue and Social Security Contributions, 2019–2020 ($ billions) Figure 1 shows that, in 2019–2020, these contributions and premiums amounted to $94.1 billion, and represented 23.2% of total federal tax revenue and social security contributions. Revenueįor the purposes of this HillNote, the term “federal social security contributions” includes contributions to the CPP/QPP and EI premiums. Other HillNotes discuss federal personal income taxes, corporate income taxes and consumption taxes. With a specific focus on contributions to the Canada Pension Plan/Quebec Pension Plan (CPP/QPP) and Employment Insurance (EI) premiums, this HillNote provides information about the revenue, rates and rationale relating to such contributions and premiums. In Canada, sources of funds that help to finance federal initiatives include social security contributions, personal income taxes, corporate income taxes and consumption taxes. The first of these activities – taxation – can take several forms. Governments finance the goods and services that they provide in various ways, including through taxing, investing and borrowing activities. Social Security Contributions in Canada: Revenue, Rates and Rationaleīy loprespub on OctoReading Time: 6 minutes Home › Economics and finance › Social Security Contributions in Canada: Revenue, Rates and Rationale