Get ready to start paying more into the Canada Pension Plan.

An agreement-in-principle has been reached to increase contributions starting in 2019 and phased in over seven years. Starting in 2019, CPP contributions for a typical worker earning $55,000 will see an initial increase of $7 per month.

"This is a reasonable and appropriate change that balances improving the retirement income security of Canadian workers in the future with the need to recognize the additional cost to workers and employers," B.C. Finance Minister Michael de Jong said in a news release.

Employers would match these contributions. This individual's maximum annual benefits under the CPP would increase by about one-third, to $17,478 from $13,110