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The Canada Pension Plan (CPP) forms the backbone of Canada's national retirement income system. All those employed aged 18 or older (and their employers) must contribute a portion of their income (matched by their employers) into the CPP or, for Quebec residents, the Quebec Pension Plan (QPP). In all provinces and territories except Quebec ...
The Canada Pension Plan ( CPP; French: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada 's public retirement income system, the other component being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either ...
The Canada Revenue Agency ( CRA; French: Agence du revenu du Canada; ARC) is the revenue service of the Canadian federal government, and most provincial and territorial governments. The CRA collects taxes, administers tax law and policy, and delivers benefit programs and tax credits. [ 4] Legislation administered by the CRA includes the Income ...
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Legal foundation. Old Age Security (OAS) is a monthly payment available to qualifying citizens and permanent residents of Canada who are 65 years old and older. Authorized by Section 94A of the Constitution Act of 1867, [ 1] the program is defined by the Old Age Security Act (R.S.C., 1985, c. O-9). [ 2] Implementation is the responsibility of ...
Registered retirement savings plan. A registered retirement savings plan ( RRSP) ( French: régime enregistré d'épargne-retraite, REER ), or retirement savings plan ( RSP ), is a type of financial account in Canada for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts.
An individual pension plan or IPP is a Canadian retirement savings vehicle. An IPP is a one-person maximum defined benefit pension plan which allows the plan member to accrue retirement income on a tax-deferred basis. As such, an IPP must conform to the Canadian Income Tax Act (ITA) and regulations (ITR) as well as the requirements of the ...
The Canada Child Benefit (CCB), previously the Canada Child Tax Benefit (CCTB), is an income-tested income support program for Canadian families. It is delivered as a tax -free monthly payment available to eligible Canadian families to help with the cost of raising children. The CCTB could incorporate the National Child Benefit (NCB), a monthly ...