The Canada Pension Plan (CPP), like its Quebec counterpart, the Quebec Pension Plan (QPP), helps provide a safety net for those who pay into it. It can help cover lost income when a contributor stops earning income due to retirement, disability or death. Read on to learn more about the...
Eric Nuttall: Now is the time to unleash Canada's enormous resource potentialArticle content Here’s how the Canadian pension promise works: Every month, a small part of your pay goes into the CPP, matched by your employer. The amount not needed to pay current retirees is entrusted to the...
With a defined-benefit pension plan, the employer guarantees that the employee will receive a specific monthly payment after retiring and for life, regardless of the performance of the underlying investment pool. The employer is thus liable for pension payments to the retiree for a dollar amount t...
This will allow a bigger RRSP tax refund, and when those investments are withdrawn in retirement, the pension income splitting rules above can be used. Spousal RRSP Contributions: Contribute to a spouse’s RRSP to balance retirement income levels and minimize combined tax. Age Amount Tax Credit ...
If you are a member of a Registered Pension Plan (RPP) or a Deferred Profit Sharing Plan (DPSP) your PA amount will appear in Box 52 of your T-4 slip. The PA is the value assigned by Canada Revenue Agency (CRA) to your accrued pension in a year. It is an estimation of the val...
Understand the IRS 1099 Form: Discover its purpose, who receives it, how to fix mistakes, the different types of 1099 forms, and why e-filing makes managing them easier.
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annual limits. Bryan Bibbo, lead advisor at The JL Smith Group in Avon, Ohio, says you should request a pension plan annual report to check on the financial health of the pension. If the plan is underfunded, check to see if the PBGC covers the amount you expect to receive in r...
Canada's guaranteed investment certificates are among the safest and most reliable investment choices. Their investors can be very confident that their money will be returned and the promised interest will be paid. That said, nobody is going to double their money investing in GICs. You're choosi...
If the joint (second annuitant) is the first person to die then there is no reduction in income paid to the primary annuitant. Type 2. Joint & Survivor Reducing to 50% on Either Death Here again the initial income amount is paid for as long as both of you are living. However, upon ...