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A Quick Look At The Details Of The Proposed Changes To The Canada Pension Plan

Darpan News Desk, 09 Sep, 2016 11:27 AM
    OTTAWA — The federal and provincial governments have a tentative agreement to expand the Canada Pension Plan, which would increase payments to retirees and raise premiums. Here are some details of the plan:
     
    -— Changes would be phased in starting in 2019 and the full enhancement of benefits would be available after about 40 years of contributions.
     
    — The income replacement rate will be increased to one-third, from one-quarter of eligible insured earnings, meaning the maximum CPP benefit will be about $17,478 instead of about $13,000.
     
    -— The upper limit on insured earnings will be raised to $82,700.
     
    -— The contribution rates for employees and employers would go up by one per cent each.
     
    -— An average worker earning about $55,000 will pay an additional $7 a month in 2019, increasing to $34 a month by 2023.
     
    -— The working income tax benefit will be increased to offset the cost of higher contributions to help low-income workers.
     
    — Employees would get a tax deduction for contributions to the enhanced portion of CPP.

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