canada pension plan

Englisch - Englisch

Definition von canada pension plan im Englisch Englisch wörterbuch: A plan that primarily provides retirement income and long-term disability income benefits to residents of Canadian provinces other than Quebec; A Canadian federally operated (except in Quebec) Social Security plan Provides a monthly pension, usually from age 65, for contributors to the plan With few exceptions, all persons between ages 18 and 70 are covered Employees and employers each pay a percentage of earnings into the plan Contributions are deductible and benefits reportable for income tax purposes; A national, mandatory, earnings-related pension plan introduced on January 1, 1966 for working Canadians (except in Quebec) between the ages of 18 and 70; The Canada Pension Plan is Canada's government and user-financed pension plan Every working Canadian contributes to the plan - whether by payroll deductions at work or, for those who are self-employed, directly via the Canada Customs and Revenue Agency The goal of the CPP - along with Old Age Security and the Guaranteed Income Supplement - is to provide retired Canadians with a minimum level of retirement income; The Canada Pension Plan is a government program providing retirement, death and disability benefits for Canadians Along with OAS, it makes up one leg of the retirement planning stool Working individuals make contributions (2 7% of pay between $3,400 and $34,900 in 1995) which are matched by employers In turn at retirement recipients receive a benefit of 25% of average monthly pensionable earnings adjusted for increases in the YMPE CPP contribution rates are scheduled to double over the next 20 years There is uncertainty as to whether those employed will be willing to pay these high contribution rates The future of CPP benefits may be in jeopardy; The federal pension plan administered by Human Resources Development Canada It applies in all provinces and territories of Canada except Quebec; – The Canada Pension Plan is Canada's joint government and user-financed pension plan Each working Canadian will contribute to the plan in the form of either payroll deductions or for the self-employed, directly via CCRA The goal of the CPP – along with Old Age Security and the Guaranteed Income Supplement – is to provide retired Canadians with a minimum level of retirement income; cpp