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Pensions In Canada
Pensions in Canada can be public, private, and collective, or come from individual savings. The Canada Pension Plan (CPP) forms the basic state pension system. All those employed aged 18 or older must contribute a portion of their income to a pension plan. In all provinces and territories except Quebec, these plans are administered by Employment and Social Development Canada, while Quebec administers them separately with the Quebec Pension Plan (QPP). Upon retiring, a contributor receives regular CPP pension payments equal to 25% of the earnings on which CPP contributions were made over the entire working life of a contributor from age 18 in constant dollars. Adjustments are made according to the Consumer Price Index. Although one can claim a CPP pension at age 60 rather than the typical retirement age of 65, as of 2016, those who claim it at 60 have their pension reduced by 36%. Canada also maintains the Registered Retirement Savings Plan, which maintains personal accounts for hol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada Pension Plan
The Canada Pension Plan (CPP; french: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either employer-sponsored or from tax-deferred individual savings (known in Canada as a Registered Retirement Savings Plan). As of Jun 30, 2022, the CPP Investment Board manages over C$523 billion in investment assets for the Canada Pension Plan on behalf of 20 million Canadians. CPPIB is one of the world's biggest pension funds. Description The CPP mandates all employed Canadians who are 18 years of age and over to contribute a prescribed portion of their earnings income to a federally administered pension plan. The plan is administered by Employment and Social Development Canada on behalf of employees in all provinces and territories except Quebec, whi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quebec
Quebec ( ; )According to the Canadian government, ''Québec'' (with the acute accent) is the official name in Canadian French and ''Quebec'' (without the accent) is the province's official name in Canadian English is one of the thirteen provinces and territories of Canada. It is the largest province by area and the second-largest by population. Much of the population lives in urban areas along the St. Lawrence River, between the most populous city, Montreal, and the provincial capital, Quebec City. Quebec is the home of the Québécois nation. Located in Central Canada, the province shares land borders with Ontario to the west, Newfoundland and Labrador to the northeast, New Brunswick to the southeast, and a coastal border with Nunavut; in the south it borders Maine, New Hampshire, Vermont, and New York in the United States. Between 1534 and 1763, Quebec was called ''Canada'' and was the most developed colony in New France. Following the Seven Years' War, Quebec b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employment And Social Development Canada
Employment and Social Development Canada (ESDC; french: Emploi et Développement social Canada; french: EDSC, label=none)''Employment and Social Development Canada'' is the applied title under the Federal Identity Program; the legal title is Department of Employment and Social Development (). is a department of the Government of Canada responsible for social programs and the labour market at the federal level. The department delivers a number of federal government programs and services including Employment Insurance (EI), Service Canada centres, Canada Student Loan Program (CSLP), Canada Pension Plan (CPP), issuing social insurance numbers (SIN) and the federal Labour Program among others things. History Background The Department of Human Resources and Skills Development was created in December 2003, when Human Resources Development Canada (HRDC) was split into two separate departments: Human Resources and Skills Development Canada (HRSDC) and Social Development Canada ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quebec Pension Plan
The Canada Pension Plan (CPP; french: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either employer-sponsored or from tax-deferred individual savings (known in Canada as a Registered Retirement Savings Plan). As of Jun 30, 2022, the CPP Investment Board manages over C$523 billion in investment assets for the Canada Pension Plan on behalf of 20 million Canadians. CPPIB is one of the world's biggest pension funds. Description The CPP mandates all employed Canadians who are 18 years of age and over to contribute a prescribed portion of their earnings income to a federally administered pension plan. The plan is administered by Employment and Social Development Canada on behalf of employees in all provinces and territories except Quebec, whi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Regulation In Canada
Within Canadian law, Pension regulation in Canada falls mostly within provincial jurisdiction by virtue of the property and civil rights power under the ''Constitution Act, 1867''. For workers whose employers are subject to federal jurisdiction, such jurisdiction extends to regulating pension plans available to them. Pension Benefits Act (Ontario) The ''Pension Benefits Act'' is administered by the Superintendent of Financial Services appointed by the Financial Services Commission of Ontario. Ontario regulates approximately 8,350 employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada It was originally enacted as the ''Pension Benefits Act, 1965'' (S.O. 1965, c. 96), and it was the first statute in any Canadian jurisdiction to regulate pension plans. Overview * all pension plans in the province must be registered with the Superintendent * a plan must have an administrator * the administrator has a statutory duty to exercise care, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statistics Canada
Statistics Canada (StatCan; french: Statistique Canada), formed in 1971, is the agency of the Government of Canada commissioned with producing statistics to help better understand Canada, its population, resources, economy, society, and culture. It is headquartered in Ottawa.Statistics Canada, 150 Tunney's Pasture Driveway Ottawa, Ontario K1A 0T6; Statistique Canada 150, promenade du pré Tunney Ottawa, Ontario K1A 0T6 The agency is led by the chief statistician of Canada, currently Anil Arora, who assumed the role on September 19, 2016. StatCan is responsible to Parliament through the Minister of Innovation, Science and Industry, currently François-Philippe Champagne. Statistics Canada acts as the national statistical agency for Canada, and Statistics Canada produces statistics for all the provinces as well as the federal government. In addition to conducting about 350 active surveys on virtually all aspects of Canadian life, the '' Statistics Act'' mandates that Statistic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Swensen
David Frederick Swensen (January 26, 1954 – May 5, 2021) was an American investor, endowment fund manager, and philanthropist. He was the chief investment officer at Yale University from 1985 until his death in May 2021. Swensen was responsible for managing and investing Yale's endowment assets and investment funds, which totaled $25.4 billion as of September 2016. As of September 2019 the total amount is $30.3 billion. He was considered to be the highest-paid employee in Yale, leading a team of about 30 employees. He invented ''The Yale Model'' with Dean Takahashi, an application of the modern portfolio theory commonly known in the investing world as the "Endowment Model." His investing philosophy has been dubbed the "Swensen Approach" and is unique in that it stresses allocation of capital in Treasury inflation protection securities, government bonds, real estate funds, emerging market stocks, domestic stocks, and developing world international equities. His investment ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Recession
The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations. The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the subprime mortgage crisis. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Canada
The Bank of Canada (BoC; french: Banque du Canada) is a Crown corporation and Canada's central bank. Chartered in 1934 under the ''Bank of Canada Act'', it is responsible for formulating Canada's monetary policy,OECD. OECD Economic Surveys: Canada 2000'. OECD Publishing; 30 August 2000. . p. 45–. and for the promotion of a safe and sound financial system within Canada.Financial Stability and Central Banks: A Global Perspective'. Routledge; November 2002. . p. 41–. The Bank of Canada is the sole issuing authority of Canadian banknotes,Gene Swimmer. How Ottawa Spends, 1996-97: Life Under the Knife'. MQUP; 15 May 1996. . p. 379–. provides banking services and money management for the government, and loans money to Canadian financial institutions. The contract to produce the banknotes has been held by the Canadian Bank Note Company since 1935. The Bank of Canada headquarters are located at the Bank of Canada Building, 234 Wellington Street in Ottawa, Ontario. The building als ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Old Age Security
The Old Age Security (OAS) (SV; french: Sécurité de la vieillesse) program is a universal retirement pension available to most residents and citizens of Canada who have reached 65 years old. This pension is supplemented by the Guaranteed Income Supplement (GIS) for seniors with lower incomes, which is added to their monthly OAS payment. Some low-income spouses and survivors of OAS recipients are eligible to receive an income-tested allowance while they are aged 60 to 64. Legal foundation Old Age Security (OAS) is a monthly payment available to qualifying citizens and permanent residents of Canada who are 65 years old and older. Authorized by Section 94A of the Constitution Act of 1867, the program is defined by the Old Age Security Act (R.S.C., 1985, c. O-9). Implementation is the responsibility of the Minister of Employment and Social Development (ESDC). Administration is performed by Service Canada through offices across Canada. Payments The pension is paid monthly, on the thi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Saskatchewan Pension Plan
The Saskatchewan Pension Plan (SPP) is a voluntary defined contribution pension plan created by the Government of Saskatchewan. The SPP was created through The Saskatchewan Pension Plan Act . Oversight of the plan rests with the Saskatchewan Pension Plan Board of Trustees. The plan is also open to both residents (over the age of 18) of Saskatchewan and other provinces. Saskatchewan is the only province in Canada that operates a voluntary pension plan of this nature. The plan has assets of $700 million and over 32,000 members. The maximum annual individual contribution is $7,000, indexed annually according to the change in the Year's Maximum Pensionable Earnings. History Over the last several years, the amount of money that a person can contribute annually to the Saskatchewan Pension Plan has grown from $600, to $2,500, and now to $7,000. This means participants have the ability to save a substantial amount of money in a retirement plan which delivers a real pension is now possible ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
