Adult Financial Literacy Guide | Page 14

Federal Programs Canada Pension Plan (CPP) The Canada Pension Plan is a monthly benefit paid to those who have contributed into the pension plan. The CPP provides you and your family with partial replacement of earnings in case of retirement, disability, or death. The amount you pay depends on years worked and wages. The Plan is designed to replace approximately 25 percent of the earnings on which your contributions were based over your working life. You have to apply for CPP benefits. The amount of your CPP benefits will depend on several factors. This includes how long you contributed into the plan, how much you contributed, and the age at which you choose to begin receiving your CPP retirement pension. You can choose to begin collecting your CPP benefits at any time between ages 60 and 70. The age at which you begin receiving your CPP benefits will have a major impact on the payments you will get for the rest of your life. See the table on page 17 for the CPP pension and benefits monthly and maximum payment amounts. There are other types of benefits that are available within the CPP:     CPP Post-Retirement Benefit CPP Disability Pension CPP Survivor’s Pension CPP Death Benefit Photo via VisualHunt.com For more information about, or to apply for the Canada pension plan and/or Old age security benefits contact Service Canada. You can reach them at 1-800-277-9914, or visit their website at: www.servicecanada.gc.ca. 14