Canada Pension Plan (CPP): A Complete Guide
There are a ton of benefits and programs available in Canada. Although, if you don’t know what they are and what’s available to you, it’s hard to take advantage of what they have to offer. Understanding the Canada Pension Plan is crucial for all Canadians in the workforce. This applies to both employers and employees. In this guide, we analyze the CPP and the QPP, how they work, eligibility, and payment calculations. Continue reading to understand all the ins and outs of the Canada Pension Plan! What is the Canada Pension Plan? The Canada Pension Plan (CPP) is one of Canada’s many retirement funds. Like any other pension plan, this is a taxable benefit. It primarily serves as an income replacement upon retirement.Although, there are other benefits available under CPP, such as the death benefit and the disability pension. However, the majority of Canadians use CPP for the retirement benefits. Once a person qualifies for the CPP retirement plan, they
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