The annual $12,150 the CPP now pays hardly covers rent in Canada most expensive cities. According to a growing group of labour union organizations and financial experts, the CPP and QPP are the best pension plans to guarantee all Canadian workers a secure retirement. The latest statistics say about half of all tax filers have some sort of private retirement savings plan, another 25 per cent or so are on public sector plans, which leaves many without any money put away for retirement.
A case in point was a recent email rant being circulated in response to comments from Jeff Smith, a senator from Qu for calling senior citizens the greediest generation and comparing security to a milk cow with over a million teats. I kind of skimmed through the criticism attributed to Patty Johnstone from Ontario, but it wasn until later in considering column topics that I checked it out more closely.
There is no truth in references in the subject rant that the goalposts for full retirement have been moved from age 65 to 67.
You may cheer the rant because someone is of the same mind as you, however I have to point out I doubt Patty Johnstone is any more real than the target of her attack.
Changes to the CPP require the approval of at least two thirds of Canadian provinces representing at least two thirds of the country population.
Back to this particular email, there is more to not believe than the name of Senator Jeff Smith. It mixed in references to OHIP an acronym for Ontario Health Insurance in a rant based in Nike Shoes High Price
Prince Edward Island Finance Minister Wes Sheridan is trying to rally his provincial colleagues around changes that would see the maximum CPP contribution rise to $4,681.20 a year from $2,356.20 starting in 2016, and the maximum annual benefit would increase to $23,400 from $12,150.
On increasing CPP contributions, the proposal to boost the retirement benefits for the middle class from the Canada Pension Plan through increases in contributions is rekindling momentum for pension reform ahead of a key December meeting with federal Finance Minister Jim Flaherty.
large part on the Canada Pension Plan. In one paragraph, the Canada Pension Plan and Old Age Security seem to become interchangeable as the heat is turned up on politicians for raiding an interest bearing account and bankrupting the system in order to give money to a bunch of losers in return for votes.
No one can really be blamed for not knowing there is no senator from Qu named Jeff Smith. After Pamela Wallin, Mike Duffy and Patrick Brazeau, I think most anyone would be hard pressed to name a senator. If like me, you turned to Wikipedia, you learn there is a Larry Smith from Qu appointed to the Senate in May 2011 on the advice of Prime Minister Stephen Harper but no Jeff.
Seriously, I think maybe someone who started this chain mail wanted to veil their identity instead of standing up for what they believed in. There are lots of forums for that in this day and age. And yes, this includes our very own poll but those of you who know me understand I think unless you have the conviction to stand behind your opinion, there is the possibility you don believe in what you are saying.
cry to increase maximum CPP contributions in order that the maximum annual benefit would increase.
I come back to the later in a Nike Shoes Online Shopping Cash On Delivery
As you might imagine from your own inbox, I receive a lot of email in the course of a business day. The correspondence received at two newspaper addresses and my own work email, plus two personal accounts, sometimes gets little more than a cursory glance.
Note you can apply for and receive a full CPP retirement pension at age 65 or receive it as early as age 60 with a reduction, or as late as age 70 with an increase. The OAS pension is available at age 65. Under the Old Age Security Program, as it is right now, there are two benefits called available to low income seniors aged 60 to 64.
First, Senator Catherine Callbeck raised the issue of the OAS Allowance inequity earlier this year. She pointed out that in order to be eligible, a senior must be aged 60 to 64 and his or her spouse must receive the basic OAS pension and the Guaranteed Income Supplement. Together they are considered Nike Sneakers For Girls Black low income. Similarly, there is an Allowance for the Survivor. It is designed for widows and widowers aged 60 to 64 who have a low income.
In total, almost 88,000 seniors benefit from these allowances right now. But as Callbeck points out there are some low income seniors aged 60 to 64 who cannot even apply for this allowance as they never married or are divorced. It creates a very unfair situation and means we are treating some seniors differently from others.
Anonymous rant on pension issues lacks conviction
You can receive benefits under the CPP/QPP if you contributed to the CPP/QPP and are age 60 or older. The OAS pension is a monthly payment available to most Canadians 65 years of age who meet the Canadian legal status and residence requirements. It is a taxable monthly social security payment. As of July, 2013, the basic amount is $549.89 per month. At tax time, recipients with 2010 incomes over $67,668 must pay back a portion of their Old Age Security at a rate of 15 per cent of net income. The OAS pension is fully clawed back for people with incomes over $110,878.
moment. But first, the Canada Pension Plan (CPP) is a social insurance program based on your pensionable earnings and the amount of your contribution to the plan. It forms one of the two major components of Canada public retirement income system, the other is Old Age Security, which is funded out of the general revenues of the government of Canada. That means you do not pay into it directly.
A couple of political debates now ongoing which are worthy of ranting over focus on inequities of the Old Age Security Allowance for unattached, low income seniors aged 60 64 years and second, a rallying Nike Sneakers For Women 2018
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