Understanding the CPP Enhancements

In 2016, the Canadian federal and provincial governments (with the exception of Quebec which has its own provincial pension plan (“QPP”)) agreed to enhance the Canada Pension Plan (“CPP”) in an effort to make the CPP a bigger factor for the growing proportion of the population that does not have a company sponsored retirement plan and for those who could use a top-up to their own savings to maintain their standard of living in retirement. It is the first major reform to the benefit levels since the inception of the CPP in 1966. To read more about what this means for Canadians in the workforce and how employers can prepare for these changes, click here for our latest newsletter on this topic: https://bit.ly/2RtH2od.

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