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Canada pension plan. most working people pay into it right off their paycheck

It is a mandatory plan for workers. . CPP Investments operates at arm's length from provincial and federal governments with the oversight of an independent professional Board of Directors, which are highly qualified. CPP Investments' management reports not to governments, but to the CPP Investments' Board of Directors.The money you pay into CPP can only be used to fund the CPP and pay CPP benefits. It cannot be used for any other purpose.

CPP was never meant to cover more than a 1/4 of your working income; not it is suppose to cover a third. Thank the stars for those that qualify for the GIS and OAS.

@@rps1689 Im not sure how much you put into it. Fact today is that you can be 7000 per year lighter due to cpp contributions

@@highvolume803 Since 1979 my total contributions is 46,614. I have already collected more than that on my 4th year on CPP. Of course when considering the value of the money in the 80s in 90s compared to today, I haven't really got that 46, 614 back yet.

Well that’s not entirely true unless you are already at maximum. Then you get only the $2500 death benefit. 🤷🏼‍♀️. I guess you have to thankful your earnings were high enough to allow you to collect maximum benefits already. As to OAS, when your income drops upon the death of your spouse, you may be entitled to the supplement. Basically everyone should get a livable pension to a maximum. Those living better must have other resources 🤷🏼‍♀️. And.. another thought…. We all end up with the same eventually. Nothing. You can’t take it with you

CPP Investments operates at arm's length from provincial and federal governments with the oversight of an independent professional Board of Directors, which are highly qualified. CPP Investments' management reports not to governments, but to the CPP Investments' Board of Directors.The money you pay into CPP can only be used to fund the CPP and pay CPP benefits. It cannot be used for any other purpose. Anyone can access holdings and the profits of the CPP fund to see how the portfolio holdings are performing using various private outfits that give reports on active traders and investors. CPP disability is determined by the amount you have contributed, which is usually peanuts if you started as a young or middle aged adult.

In Canada, CPP funds do not fund OAS. CPP disability is like taking CPP too early and you've had to be a contributor to the plan.

So get what you can when you can. With CPP and OAP I clear $1200 approx after taxes. Not even enough to pay my rent then food clothing fuel or taxi to do the grocery store run wate there is no money for that. I say get what you can when you can. What a kick in the teeth to all those that made it to 65. I know that the servivers should be getting $6000+ and med, dental, glasses, as well as the best pharmaceutical coverage known. Where is all that money. At the lowest interest returns the elderly should be very well taken care of. This is only a cash grab by the government. And a kick back to the Monarchy. 😡🤬

Are you saying that 85% of Canadians die before the age of 65?

No shit Kevin, i didn't know that. Here's a stat. for you, you reach parity with the guy who postponed his CPP at around age 72. I started mine at sixty and soon will be in the 15% club, good luck to us all.

@@neanderthalman01 ..how stupid do you have to be to believe that 85% of Canadians die before the age of 65?….🤣🤣🤣🤣

the Provincial Public Trustee would be the place to ask that: they'd have the legal authority.

I took it at age 60. What they don't factor in is you could invest/save that five years of cash and make it work for you, even if you don't need it for daily needs.

Breakeven point is 84 yrs old.

He did say if you’re still working….that is important and the answer would be, it depends. On what the person is earning. If they are beyond $70k or so, the tax bracket would basically defeat the purpose of taking it early. If you’re retired, take it early.

I agree I put every cent into a TFSA and accumulated 34,000 bucks by the time I retired, plus interest

He should have explained that position better. First of all...IF you are still working...by adding CPP to your income from work, you probably place yourself in a higher tax bracket and the benefits of claiming early CPP are negated. Second, if you retire early and apply for CPP at 60 years of age, chances are your yearly income has decreased and the added income of the CPP will not greatly effect your tax bracket. And finally, in most cases of early CPP withdrawal, the benefits from the added income will outweigh the loss of income from the total reduced payout IF you live past 85 years. It is only after the age of 85 that the benefits of early CPP withdrawal become a negative. But if the early CPP payments were used to good personal advantage (through investments or lifestyle choices or sadly early death before age 85) then taking CPP at 60 years of age becomes a good strategy for retirement. For most male CPP recipients, taking early CPP is in their favour. For female CPP recipients, who tend to live longer than their male counterparts, taking early CPP might not be as beneficial. It depends on investment strategies and lifestyle priorities.

Many of these qualified funds didn't get any oversight even on the provincial level until last year. Covid and inflation has pretty much forced govts. on all levels to take a look.

Both the USA and Canada use this fund for intentions it was never designed for: disability. And retirement fund DOESN@t include making an application based on other issues. Other funds or general funds should respond to that.

Yup

because this fund is used by both the UsA and Canada as a "draw down" for entitlements they keep adding on, like disability. This fund should never have been touched by people that never put anything into it.

@@user-zp7jp1vk2i CPP disability in Canada is not an add on. It is basically taking CPP early and is determined by your contributions to it.