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Question for Canadians - 10/28/2011 5:50:16 AM

DomYngBlk

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Is there someone that can explain the Canada Pension to us Americans? I know parts of it but can you tell us how much it is and what it covers? Does it vary from Province to Province? Does say your OHIP change when you go on Canada Pension? Any help would be appreciated.

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RE: Question for Canadians - 10/28/2011 5:58:19 AM

FirstQuaker

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See how much this helps you. The only Province I know of that is different is Quebec.

General Information About The Canada Pension Plan

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RE: Question for Canadians - 10/28/2011 6:06:23 AM

DomYngBlk

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So this works pretty well then? The investmen board? http://www.cppib.ca/

So maybe our Bush wasn't totally crazy after all. Who knew!

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RE: Question for Canadians - 10/28/2011 6:48:16 AM

FirstQuaker

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quote:

ORIGINAL: DomYngBlk

So this works pretty well then? The investmen board? http://www.cppib.ca/

So maybe our Bush wasn't totally crazy after all. Who knew!

Well, there are some criticisms of the thing and with of governmental meddling with it.. The politics as usual are what gives the trouble.

As you may have noted they are changing the rules right now which will filter into effect over the next few years, and will generally effect the new payees and those retiring during the period and after.

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RE: Question for Canadians - 10/28/2011 7:14:42 AM

tj444

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quote:

ORIGINAL: DomYngBlk

So this works pretty well then? The investmen board? http://www.cppib.ca/

So maybe our Bush wasn't totally crazy after all. Who knew!

I have read that the boomer bulge is 10 years later than the US so i guess CPP has that extra time to build. That seems to fit with this-
"The CPP Fund is expected to grow significantly between now and 2021."

Canada also did a revamp in 1998 to ensure its solvency. From wiki-
"A growing challenge for many nations is population ageing. As birth rates drop and life expectancy increases an ever-larger portion of the population is elderly. This leaves fewer workers for each retired person. In almost all developed countries this means that government and public sector pensions could collapse their economies unless pension systems are reformed or taxes are increased. One method of reforming the pension system is to increase the retirement age. Two exceptions are Australia and Canada, where the pension system is forecast to be solvent for the foreseeable future. In Canada, for instance, the annual payments were increased by some 70% in 1998 to achieve this. These two nations also have an advantage from their relative openness to immigration."

"Another growing challenge is the recent trend of states and businesses in the United States purposely under-funding their pension schemes in order to push the costs onto the federal government."
http://en.wikipedia.org/wiki/Pension#United_States

eta- Pension plans only work as well as the politicians allow it to.. imo there is no comparision between Canadian politicians and American politicians. Canadian politicians (while far from perfect) are much more reasonable and sane imo. I'm sorry to say, I look at the US parties and politicians and just shake my head..

< Message edited by tj444 -- 10/28/2011 7:23:18 AM >

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RE: Question for Canadians - 10/28/2011 7:40:05 AM

Arpig

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It is a national pension plan into which everybody pays. It is the same everywhere except in Quebec, which runs its own (essentially identical) scheme. It provides a basic subsistence income for the elderly and is based on the amount and duration of the contributions made while working, much like any other pension plan. Many people also have additional pensions through their employer or union.

One's health coverage (OHIP is the name of the Ontario health plan...Ontario Health Insurance Plan) is in no way affected as they are completely separate entities.

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RE: Question for Canadians - 10/28/2011 1:47:43 PM

DomYngBlk

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So for the normal person what sort of income would that be?

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RE: Question for Canadians - 10/28/2011 2:12:20 PM

FirstQuaker

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quote:

ORIGINAL: DomYngBlk

So for the normal person what sort of income would that be?

That is one of the complaints (Low amounts compared to various other pension plans) and there are calculators online to determine what you get a month but the current averages and maximum amounts is here on their website -
Canada Pension Plan - Payment Rates - January - December 2011

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RE: Question for Canadians - 10/28/2011 5:31:21 PM

tj444

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quote:

ORIGINAL: FirstQuaker

quote:

ORIGINAL: DomYngBlk

So for the normal person what sort of income would that be?

That is one of the complaints (Low amounts compared to various other pension plans) and there are calculators online to determine what you get a month but the current averages and maximum amounts is here on their website -
Canada Pension Plan - Payment Rates - January - December 2011

Yeah,.. no one lives high on the hog on those pensions.

Imo, people shouldnt rely on a pension being enough, I know i dont.

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