Canada is a country known for its stunning natural beauty, diverse culture, and high standard of living. It is also home to one of the most highly regarded pension plans in the world – the Canada Pension Plan (CPP). This government-run program provides retirement, disability, and survivor benefits to eligible individuals. But what exactly is CPP and why is it beneficial for those living in Canada? Let’s take a deeper look into CPP and its advantages.
CPP is a compulsory pension plan that virtually every Canadian over the age of 18 contributes to through their employment income. The contributions made during an individual’s working years are used to fund their future retirement and other benefits. The best part about CPP is that it is a jointly funded program, with both employees and employers making contributions. This means that as a CPP member, you are guaranteed a stable and reliable source of income during your retirement years. In addition to retirement benefits, CPP also offers disability benefits for those who are unable to work due to a disability, as well as survivor benefits for the families of deceased CPP members. With its comprehensive coverage and security, CPP is a highly beneficial program for all those living in Canada.