Posted in Finance, Accounting and Economics Terms, Total Reads: 308
Definition: Canada Pension Plan – CPP
If you are working Canada and above 18 years in age you have to invest, some portion of your salary In a CPP. Canada Pension Plan is basically a pension plan made compulsory. In CPP there is a prescribed minimum contribution which is decided on steady rate basis, hence, you can expect them you remain constant for a long period of time.
The maximum age to invest is 65 years, as after 65 you start receiving the pensions. Making the total eligibility period of 47 years. As he age bracket is not strict you can start receiving the pension at 60 or 70 if you want to.
There are many benefits of CPP including Disability benefit, Pension sharing and Survivor benefit etc.