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

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