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The Government of Canada (Government) is making changes to the Canada Pension Plan (CPP) over the next five years. The goal of CPP is to replace about 25% of average pre-retirement employment earnings with the other components being Old Age Security (OAS), employer pension plans and personal savings such as RRSPs and other investments. The changes to CPP reflect the Government’s desire for the plan to remain sustainable and reflects the reality that many Canadians transitioning into retirement are working part-time and working longer.
Below are the changes being made to CPP:
You will not be affected by these changes if you started receiving a CPP retirement pension before December 31, 2010 and you remain out of the work force. Cost of living increases, CPP disability and death benefits, the ability to split your CPP with your spouse and child rearing drop-out provision have not been changed.
For more information concerning these changes, check out Service Canada’s website or call 1-800-277-9914.
*CPP contribution levels in 2012 are 4.95% by employee and 4.95% by employer on income between $3,500 - $50,100
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