Canada Pension Plan retirement and pension benefits are provided to retired, disabled and deceased contributors, according to the Government of Canada. As of 2015, almost everyone who is employed in Canada is required to pay into the CPP. There is also a Quebec Pension Plan.Continue Reading
As long as a Canadian citizen qualifies, he receives benefits every month from his retirement pension, notes the Government of Canada. With a single contribution, a resident can apply for retirement pension at 65. Alternatively, he can receive his pension as late as the age of 70 with an increase in benefits, or as early as 60 with a decrease in benefits.
CPP also provides monthly disability benefits to residents who are unable to work regularly due to a severe disability, states the Government of Canada. Before receiving benefits, the person has to successfully meet the CPP's definition of disability. The pension plan also offers survivor benefits to a deceased individual's estate, children, common-law partner or surviving spouse. Retirees have the option of returning to work once they start receiving a retirement pension. Those who do re-enter the work field have their pension benefits transferred to their post-retirement benefits. This is a good idea for those looking to increase their retirement pension.Learn more about Financial Planning