Quote:
Originally posted by Crazy Flamer@Sep 26 2004, 03:51 PM
So after age 65, does every Canadian qualify to receive CPP benefits regardlesss of how much they have intvested elsewhere?
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The CPP is a different pension plan then most other pension plans out there. Most other pension plans take the money you contribute and invest in markets (stock market, bond market, money market, etc.). How it does affects what you get for your retirement.
The CPP is on a pay as you go basis. This means that the CPP deductions you see off your cheques are used to pay for the CPP beneficiaries. And when you retire, the current workforce contributes to their CPP. But their contributions are used to pay you (the beneficiary). And the cylce continues.