How much do pensions pay in Canada?

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How much do pensions pay in Canada?

Rounding it up

  • The Canada Pension Plan (CPP) is a benefit paid to Canadian residents on a monthly basis once they retire. Quebec has its own plan called the Quebec Pension Plan (QPP).

  • Residents receive a pension based on how much they earned and contributed to the CPP while working.

  • The contribution rate is 5.25% of gross employment income between $3,500 and $55,200.

  • There are other pension plan options available, such as Old Age Security, Registered Retirement Savings Plans, and the Supplemental Pension Plan.

6 min read

Ben Bejster
#retirement#pension#CPP

Ben Bejster

Ben is a freelance writer and law student at Indiana University Maurer School of Law. He previously worked in various marketing positions before launching his own content writing agency.

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