What is the Canada Pension Plan ?
The Canada Pension Plan (CPP) is a benefit plan for retired workers to protect them and their family against the loss of income due to retirement, disability and death.
How Does the Canada Pension Plan Work ?
When you retire, you can replace a portion of your income with the monthly, taxable retirement pension from the CPP. If recipient dies, survivors receive the plan's benefit.
Who is Eligible for the Canada Pension Plan ?
To qualify for the Canada Pension Plan you must be at least 60 years old and have made at least one valid CPP contribution.
How Much is Canada Pension Plan ?
Your situation will determine how much you'll receive. For 2022, the monthly amount you could receive as a new recipient starting the pension at age 65 is $1,253.59.
Canada Pension Plan Taxes
The CPP taxes wages in a manner that is split between the employer and the employee, although the net effect is to reduce employee wages by the combined taxable amount.
Payments of Canada Pension Plan
Every month, a direct deposit of money will be made into your bank account. A cheque will be mailed within last 3 business days of each month, if you didn't select direct deposit.
How to Apply for Canada Pension Plan ?
You can apply online for CPP if you are eligible. A completed form can also be mailed or drop-off to a Service Canada office.