Canadian Pension Plan

Canadian Pension Plan
February 4, 2023 admin 0 Comments

The Canadian Pension Plan (CPP) retirement is a monthly benefit that is a part of the income after your retirement. For this, you have to qualify for the CPP retirement pension. To qualify you must:

  1. Be at least 60 years old
  2. Have made at least one valid contribution to the CPP

These valid contributions can be work u did in Canada or the result of receiving credits from a former spouse or former common-law partner at the end of the relationship.

Amount of the Pension

The amount of the pension you receive each month depends upon your average earnings throughout your working life, your contribution to the Canadian pension plan, and the age you decide to start your CPP retirement pension.

Application Processing

Once sending your application the time that it will take your application to be processed are:

  1. 7-14 days for online application
  2. 120 days for applications delivered at a Service Canada Centre
  3. 120 days for application sent by mail

Other CPP Benefits

In addition to the CPP retirement pension, you may also qualify for other CPP benefits listed below. Like the CPP retirement pension, you will need to apply for these benefits (except for the post-retirement benefit if you already receive the CPP retirement pension).

  1. Post-retirement benefit
  2. Disability pension
  3. Post-retirement disability benefit
  4. Survivor’s pension
  5. Children’s benefit
  6. Death benefit

CPP enhancement

Starting in 2019, the Canada Pension Plan (CPP) contribution has gradually increased. Moreover, the enhancement works as a top-up to the base, or original CPP, and will mean higher benefits in retirement in exchange for making higher CPP contributions. The CPP enhancement will only affect you if you work and make contributions to the CPP as of January 1, 2019. The CPP enhancement will increase the:

  1. CPP retirement pension
  2. Post-retirement benefit
  3. Disability pension
  4. Survivor’s pension

There’s no change to qualifying for CPP benefits. Lastly, The enhancement will only affect you if you work and make contributions to the CPP as of January 1, 2019.

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