Hilarious stuff here.
CPP Investments, which handles the immense investment portfolio (no they don't own Bitcoin) of the Canada Pension plan that Canadians pay an absolute fortune into, is moving to a new office and it will cost Canadians between 300M-430M over the next decade. CPP is not optional in Canada. If you make 100k a year in Canada as an employee you will be forced to pay over $5000/yr into the CPP. You used to be able to get around this by being self employed but they ended that a few years ago and self employed individuals now pay as well. It is even worse for employers who pay 6% into the CPP. So that 100k a year employee will cost a business $6000/yr. At the peak of my business we paid over $35,000 per year just to CPP. It's a massive grift.
The best part of this hilarious joke is they claim the move to the new office will allow them to attract the best talent to work at CPP Investments by having a modern facility close to transit. Their new office is 1km away from their old office and wait for it is a whopping 3 minutes walk closer to Union station train and transit hub than the hold office. 3 minute walk. They are suggesting they can't attract the best talent due to an extra 3 minute walk? Or maybe it has something to do with the fact the new office will have a concierge, private bistro, fitness centre and a nicer view.
Great quote here from the article:
“I’d love for them to explain to the seniors who are barely getting by, or the small business owners who are paying higher payroll taxes, or the workers who see their paycheques shrinking, why their pension fund needs an expensive, shiny office building,” said Franco Terrazzano, federal director of the Canadian Taxpayers Federation.
Good friggin question.
Sats for all,
GR