The employer's social security contributions as a percentage of GDP in Canada are forecasted to decrease slightly from 0.5% in 2024 to 0.47% by 2028. Since the series does not present any values for 2023, the starting point for our analysis is based on the 2024 projections. Year-on-year, the tax revenue is forecasted to decline marginally around 2% annually. This continuous decrease suggests a negative trend over the five-year period, resulting in an overall compound annual growth rate (CAGR) of approximately -1.5%.
Future trends to watch for include the potential impact of economic growth, employment rates, and changes in social security policies, as these could significantly influence employer contributions and alter the forecasted trajectory.
