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Canada’s Public Pension system
Canada's Retirement Income System
The 3 levels of Canada's Retirement Income System
3 Private Savings
Employer Pensions
2 Canada Pension Plan
Quebec Pension Plan
1 Old Age Security
- On average, 70% of pre-retirement income is required to maintain pre-retirement lifestyle
- The OAS pension and CPP retirement pension are designed to replace about 40% of the average pre-retirement income (Avg. 5 yr. YMPE $42,460 x 40%= $16,984)
- OAS and CPP retirement benefits in year 2008 is about $16,600
Notes
- 39.0% of paid workers are contributing to an employer-sponsored pension plan in 2004
http://www40.statcan.ca/l01/cst01/labor26a.htm - Max CPP (per month) for 2008 - $884.58
Max OAS (per month) for 2008 (Jan to Mar) - $502.31
$ 884.58(12) + $502.31(12) = $16,642.68