2007-05-18 06:36:38 · 4 answers · asked by Fushia Hill 2 in Travel ➔ Canada ➔ Other - Canada
Canadian pension Plan (CPP) is an alloted sum of money given to canadian citizens when the reach the age of 65. It will depend on how much the person has contributed over their working years. It is taken off your pay cheque until you reach 65.
2007-05-18 06:48:57 · answer #1 · answered by Christine K 2 · 0⤊ 0⤋
The Canadian Pension Plan (CPP) is one of the many pension plans, the major one anyways, throughout Canada. this is a plan that is contributed to while a person is working and is available to people over the age of 65. The monetary value depends on how much you contributed once you reach 65. If you contributed a small amount there is a base that the CPP gives you.
2007-05-18 14:28:08 · answer #2 · answered by a1a5g6 4 · 0⤊ 0⤋
It is money that is taken off of your pay cheques throughout your career, that is then invested by the government. When you turn 65 you are then eligible to collect CPP so that you are guaranteed at least a certain amount of income at retirement. If you want more information visit http://www.hrsdc.gc.ca/en/isp/cpp/cpptoc.shtml
2007-05-18 14:30:24 · answer #3 · answered by exj132 3 · 0⤊ 0⤋
It really is more of a fancy way of saying TAX and transfer payments. Employees and employers are taxed CPP as a part of their income tax. (The money goes into federal government general revenues.) Then when you retire, you collect you pension. (The money comes out of federal government general revenues.)
2007-05-18 16:18:40 · answer #4 · answered by JuanB 7 · 0⤊ 0⤋