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ARTICLE · 04 JULY 2016

An Expanded CPP Protects The Adequacy And Security Of Retirement Savings For Canadians

Osler, Hoskin & Harcourt LLP
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On June 20, 2016, Canada's finance minister and several provincial finance ministers announced their agreement in principle to enhance the Canada Pension Plan (CPP) starting January 1, 2019.

CanadaEmployment and HR
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
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On June 20, 2016, Canada's finance minister and several provincial finance ministers announced their agreement in principle to enhance the Canada Pension Plan (CPP) starting January 1, 2019. All Canadian provinces, except for Manitoba and Quebec, executed this historic agreement in support of an expanded CPP. The two non-signatory provinces agreed to remain part of the ongoing discussions to enhance the CPP.

What's new?

Currently, the CPP covers earnings up to the Yearly Maximum Pensionable Earnings (YMPE) threshold, which is set at $54,900 for 2016. For earnings up to the YMPE, the pension provided under the CPP is designed to replace 25% of pre-retirement income, which means that the maximum CPP pension is $13,100 per year. CPP contributions are currently 4.95% of earnings up to the YMPE for both the employer and the employee.

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