Under the current Canada Pension Plan (CPP) rules, employees and employers are not required to pay CPP contributions for employees who are working while collecting CPP. However, effective Jan. 1, 2012, if an employee is under age 65 and continues to work while receiving CPP, both the employer and employee will be required to make CPP contributions.
Baby boomers who fail to implement a long-term financial plan early in their retirement years are at risk of having their government benefits and credits clawed back, warns the BMO Retirement Institute.
Keep calm and carry on; Canada is okay. That was the overall message given by a panel of chief economists from Canada’s big five banks, who spoke at the Economic Club’s Emergency Economic Outlook today.