At the age of 60, Canadians become eligible to receive benefits from the Canada Pension Plan (CPP). This government-sponsored pension plan is designed to provide financial support to retired individuals and their families. Understanding how the CPP works and what you need to do to access your benefits is crucial to securing your financial future.
The CPP is a contributory plan, meaning that you and your employer make regular contributions throughout your working years. These contributions are deducted from your paycheck and go towards building up your pension fund. When you turn 60, you can start receiving the CPP benefits, although they will be reduced if you decide to access them before the age of 65. Waiting until 65 or even later can result in higher monthly payments.
Canada is known for its strong social welfare system, and the CPP is an important pillar of that system. It provides a stable and predictable source of income during retirement, helping Canadians maintain their standard of living. However, it’s important to note that the CPP is just one piece of the retirement puzzle, and it’s often not enough to cover all your expenses. It’s recommended that individuals also save and invest in other retirement accounts to ensure a comfortable retirement.
The History of the Canada Pension Plan
The Canada Pension Plan (CPP) is a government-sponsored retirement savings plan that was established in 1965. It was introduced as a way to provide financial security to Canadians who are 60 years old and above. The plan aims to provide retirees with a steady income to supplement their retirement savings and ensure they can enjoy a comfortable lifestyle during their golden years.
The idea of a national pension plan was first proposed in the early 1960s, when Canada’s population was aging and concerns about retirement income were growing. The government recognized the need to create a plan that would help Canadians save for retirement and protect them from poverty in old age.
The CPP is funded through contributions from eligible employees and their employers. These contributions are deducted from employees’ earnings and are matched by their employers. The funds are then invested by the CPP Investment Board, which is responsible for managing the assets and ensuring that there are enough funds to meet the future pension obligations.
Over the years, the CPP has undergone several reforms to adapt to changing demographics and economic conditions. In 2012, the federal and provincial governments agreed to make significant changes to the plan to ensure its sustainability and adequacy. These changes included increasing the retirement age from 65 to 67, enhancing benefits for individuals who contribute for a longer period, and increasing the CPP contribution rate for both employees and employers.
The Canada Pension Plan has played a crucial role in providing retirement security to millions of Canadians. It has helped seniors maintain their standard of living and enjoy a worry-free retirement. As Canadians continue to live longer, the CPP will remain an important pillar of the retirement income system, ensuring that Canadians can age with dignity and financial peace of mind.
Eligibility for the Canada Pension Plan
To qualify for the Canada Pension Plan (CPP), you must meet certain eligibility requirements. The CPP is a retirement pension plan that provides income support to eligible individuals.
First and foremost, you must be at least 60 years old to be eligible for CPP benefits. However, you can choose to start receiving benefits as early as age 60 or as late as age 70.
In addition to the age requirement, you must have made enough contributions to the CPP during your working years. The CPP is funded through contributions from both employees and employers, with self-employed individuals paying both portions.
- If you have made sufficient contributions, you will be eligible to receive the full CPP retirement pension.
- If you have made contributions, but not enough to qualify for the full pension, you may still be able to receive a partial pension.
- If you have not made any contributions to the CPP, you will not be eligible for CPP benefits.
It’s important to note that the amount of CPP benefits you receive will depend on various factors, including how much and for how long you have contributed to the CPP.
Overall, the Canada Pension Plan is designed to provide income support to individuals who have contributed to the plan and reached the eligible age. By understanding the eligibility requirements, you can better plan for your retirement and ensure you receive the benefits you are entitled to.
How to Apply for the Canada Pension Plan
If you are turning 60 or have reached the age of 60, you may be eligible to apply for the Canada Pension Plan (CPP).
To apply for CPP, you can choose between two options: applying online or completing and submitting a paper application.
Applying online is a convenient and quick way to submit your CPP application. To apply online, you need to have a My Service Canada Account. If you don’t have an account, you can create one on the Service Canada website.
Once you have your account, you can log in and navigate to the CPP section. Follow the instructions provided to fill out the application form. Make sure you have all the necessary information and documents, such as your Social Insurance Number (SIN) and supporting documents for any periods of time when you were not residing in Canada.
After submitting your online application, you will receive a confirmation number. Keep this number for your records as it can be used to track the status of your application.
Completing a Paper Application
If you prefer to submit a paper application, you can download the CPP application form from the Service Canada website. Fill out the form carefully, providing accurate and complete information.
Include any supporting documents required, such as your SIN and proof of residency. Double-check that you have included all the necessary documents before mailing your application to the designated address.
It’s important to note that processing times for paper applications may be longer compared to online applications. Make sure to allow enough time for your application to be processed.
After submitting your application, the CPP program will review your eligibility and calculate your pension amount. If additional information is required, you may be contacted for further documentation or clarification.
Once your application is approved, you will start receiving your CPP retirement pension. This pension provides you with a regular income to support you in your retirement years.
|Convenient and quick
|Requires downloading and mailing
|Need a My Service Canada Account
|No account needed
|Confirmation number provided
|No confirmation number
|Processing times may be faster
|Processing times may be longer
Applying for the Canada Pension Plan is an important part of securing your financial well-being in retirement. Take the time to gather all necessary information and choose the application method that works best for you.
Canada Pension Plan Benefits
The Canada Pension Plan (CPP) is a government-run pension program that provides income support to Canadians who are retired, disabled, or deceased. It is designed to help individuals maintain a certain standard of living in their retirement years.
The CPP is available to eligible individuals who have made contributions to the plan throughout their working years. It is a contributory program, meaning that individuals pay into the plan while they are working and receive benefits based on their contributions when they retire.
Individuals can begin receiving CPP retirement benefits as early as age 60. However, the amount of benefits received will depend on factors such as the individual’s earnings history and the number of years contributions were made. Waiting until the age of 65 or later to begin receiving benefits can result in higher payments.
Benefits can be claimed at any time after the age of 60, but there are financial incentives for delaying the start of CPP benefits until the age of 65 or later. Each month that benefits are delayed beyond the age of 65 results in an increase in the monthly payment amount.
It is important for individuals to carefully consider their financial situation and retirement goals when deciding when to begin receiving CPP benefits. It may be beneficial to consult with a financial advisor to determine the best course of action based on individual circumstances.
Contributions to the Canada Pension Plan
The Canada Pension Plan is a social insurance program designed to provide financial support to individuals aged 60 and above in Canada. It is a contributory plan, meaning that individuals must contribute a portion of their earnings to the plan throughout their working years in order to receive pension benefits later in life.
Contributions to the Canada Pension Plan are based on an individual’s employment income. The plan sets a maximum pensionable earnings threshold each year, and contributions are only required on income up to this threshold. For 2021, the maximum pensionable earnings threshold is set at $61,600.
The contribution rate for employees and employers is currently 5.45% each, while self-employed individuals are required to contribute both the employee and employer portions, resulting in a total contribution rate of 10.9%. These contribution rates are subject to adjustment each year.
Contributions are deducted automatically from an individual’s earnings through the payroll system. The employer is responsible for deducting and remitting the contributions on behalf of their employees, while self-employed individuals must remit their own contributions directly to the Canada Revenue Agency (CRA).
It is important to note that individuals who have reached the age of 60 but are still working are still required to contribute to the Canada Pension Plan. However, pension benefits are not received immediately upon reaching the age of 60. Instead, individuals can choose to start receiving their pension as early as age 60, but with a reduction in the monthly amount, or they can delay their pension until a later age, up to 70, in order to receive a higher monthly amount.
Overall, contributions to the Canada Pension Plan ensure that individuals have a steady income stream during their retirement years. By contributing throughout their working years, individuals can secure a reliable source of income to supplement their savings and other retirement income.
|Maximum Pensionable Earnings Threshold
Canada Pension Plan Disability Benefits
Canada Pension Plan (CPP) Disability Benefits are available to Canadian residents who have made contributions to the CPP and are unable to work due to a severe and prolonged disability. These benefits aim to provide financial assistance to individuals who are no longer able to support themselves due to their disability.
To qualify for CPP Disability Benefits, you must meet certain eligibility requirements. You must have made sufficient contributions to the CPP during your working years, which is typically defined as contributing to the plan for at least four out of the last six years or for a total of 25 years. You must also have a severe and prolonged disability that prevents you from working in any capacity.
The CPP Disability Benefits offer a monthly payment to eligible individuals. The amount of the payment is determined by the contributions you have made to the CPP and the average earnings over your working years. If you have a dependent child, an additional amount may be provided for their care.
Applying for CPP Disability Benefits involves completing an application form and submitting it to Service Canada. You will also need to provide medical documentation to support your disability claim. The application process can take several months, so it is important to apply as soon as you become disabled and unable to work.
Once approved for CPP Disability Benefits, you will continue to receive the monthly payments until you reach the age of 65. At that point, your benefits will automatically convert to CPP retirement benefits. It is important to note that receiving CPP Disability Benefits does not impact your eligibility for other provincial or federal disability programs.
In conclusion, Canada Pension Plan Disability Benefits provide financial support to individuals who are unable to work due to a severe and prolonged disability. If you meet the eligibility requirements, you can apply for these benefits and receive monthly payments to assist in meeting your financial needs.
The Canada Pension Plan and Survivor Benefits
The Canada Pension Plan (CPP) is a retirement pension plan that provides financial support to individuals who have reached the age of 60. However, the CPP also offers survivor benefits to eligible spouses or common-law partners.
Who is eligible for survivor benefits?
To be eligible for survivor benefits under the CPP, you must be the spouse or common-law partner of a deceased CPP contributor. To qualify, the deceased contributor must have made sufficient contributions to the CPP during their working years.
What are survivor benefits?
Survivor benefits are monthly payments that are provided to eligible spouses or common-law partners of deceased CPP contributors. These benefits can help provide financial security and support to those who have lost their partner.
The amount of survivor benefits received is based on several factors, including the deceased contributor’s pension contributions and the age and marital status of the survivor. The calculation is performed by taking into account the contributor’s contributory period and the survivor’s contributory period.
How are survivor benefits calculated?
The CPP calculates survivor benefits by looking at the deceased contributor’s pension contributions and the survivor’s contributory period. The calculation takes into account factors such as the deceased contributor’s average lifetime earnings, the number of years the survivor lived with the contributor, and the age and marital status of the survivor.
- If the survivor is under the age of 65, they may receive a flat-rate benefit, which is a fixed amount set by the government.
- If the survivor is between the ages of 65 and 70, their benefit amount is based on a percentage of the deceased contributor’s retirement pension.
- For survivors over the age of 70, the benefit amount is typically 60% of the deceased contributor’s retirement pension.
It’s important to note that survivor benefits are subject to taxation, and the amount received may be reduced if the survivor is receiving other pensions or benefits.
If you believe you are eligible for survivor benefits under the Canada Pension Plan, it’s important to contact Service Canada to apply and learn more about the specific requirements and documentation needed.
Canada Pension Plan Retirement Pension
The Canada Pension Plan (CPP) is a government-administered plan that provides retirement income to eligible Canadians. At the age of 60, you may be eligible to start receiving the CPP retirement pension.
The amount of your CPP retirement pension will depend on the number of years you have contributed to the CPP and the amount of your earnings during those years. The CPP retirement pension is designed to replace a portion of your pre-retirement income and provide you with a stable source of income during your retirement years.
To be eligible for the CPP retirement pension, you must have made at least one valid contribution to the CPP and have reached the age of 60. However, you can choose to start receiving your CPP retirement pension as early as age 60 or as late as age 70.
How is the CPP retirement pension calculated?
The CPP retirement pension is calculated based on a formula that takes into account the average earnings throughout your career, the number of years you have contributed to the CPP, and the year in which you start receiving the pension.
The CPP retirement pension is designed to replace 25% of your average pre-retirement earnings, up to a maximum limit. The maximum amount of CPP retirement pension you can receive in 2021 is $1,203.75 per month.
When should I start receiving my CPP retirement pension?
Deciding when to start receiving your CPP retirement pension is a personal decision that depends on your individual circumstances. Starting early at age 60 will result in a permanent reduction in your monthly pension amount, while delaying the start of your pension until age 70 will result in an increased monthly pension amount.
It’s important to consider factors such as your overall financial situation, health, and life expectancy when deciding when to start receiving your CPP retirement pension. You may also want to consult with a financial advisor to help you make an informed decision.
By understanding the Canada Pension Plan and the options available to you, you can make informed decisions about your retirement and ensure that you have a stable source of income in your golden years.
Canada Pension Plan Death Benefit
The Canada Pension Plan (CPP) offers various benefits to eligible individuals, including a death benefit. This benefit provides a one-time payment to the estate or the person responsible for funeral expenses upon the death of a CPP contributor.
To be eligible for the CPP death benefit, the deceased contributor must have made enough contributions to the plan. The amount of the death benefit is a flat rate and may change annually.
Who Can Apply
The death benefit can be applied for by the estate of the deceased contributor or by the person who paid for the deceased’s funeral expenses. It is important to note that only one death benefit payment is made, regardless of the number of contributors.
In the case of multiple contributors, the person responsible for the funeral expenses may need to share the benefit among the contributors according to their contributions.
To apply for the death benefit, the applicant must complete and submit the CPP Death Benefit Application form. The form must be accompanied by the necessary supporting documents, such as the deceased’s death certificate and proof of the applicant’s relationship to the deceased.
It is important to submit the application as soon as possible after the contributor’s death since the benefit amount is based on the contributors’ average lifetime pensionable earnings.
Note: It is advisable to contact the relevant authorities or a financial advisor to ensure all necessary documentation is provided and the application process is followed correctly.
In conclusion, the CPP death benefit provides financial assistance to the estate or person responsible for funeral expenses upon the death of a CPP contributor. It is important to be aware of the eligibility criteria and application process to ensure a timely and accurate claim.
Canada Pension Plan Investment Board
The Canada Pension Plan Investment Board (CPPIB) is an organization responsible for investing funds on behalf of the Canada Pension Plan. It was established in 1999 to ensure the long-term sustainability of the pension plan and improve its financial performance.
The CPPIB manages a diversified investment portfolio, which includes equities, fixed income, real estate, infrastructure, and private equity. These investments are made both domestically and internationally, with the aim of maximizing the returns and minimizing the risks.
As of the age of 60, individuals become eligible to receive their pension from the Canada Pension Plan. The CPPIB plays a crucial role in ensuring that there are sufficient funds available to support these pension payments. It carefully manages and invests the contributions made by Canadian workers and employers to ensure that the funds grow over time and can meet the future needs of retirees.
The CPPIB follows a rigorous investment process, which includes conducting extensive research and analysis, making prudent investment decisions, and continuously monitoring the performance of the portfolio. It aims to earn a rate of return that exceeds the rate of inflation, thus preserving the purchasing power of the pension fund.
Overall, the Canada Pension Plan Investment Board plays a vital role in safeguarding the financial security of Canadians in their retirement years. Its prudent investment strategies and commitment to long-term sustainability ensure that the pension fund remains strong and can fulfill its obligations to pensioners.
Canada Pension Plan Investment Returns
The Canada Pension Plan (CPP) is a government-sponsored retirement plan that provides a source of income for individuals at the age of 60. It is designed to ensure that Canadians have a stable and secure income in their retirement years.
One of the key factors that contribute to the success of the CPP is its investment returns. The CPP Investment Board, which manages the funds, works diligently to maximize returns while managing the risks associated with investing.
Over the years, the CPP has consistently delivered strong investment returns, which have contributed to the growth of the plan’s assets. These returns are crucial in ensuring that the CPP can meet its obligations to current and future retirees.
The investment returns of the CPP are achieved through a diversified portfolio that includes investments in public and private markets, both in Canada and abroad. This diversification helps to spread risk and capture growth opportunities in different sectors and regions.
The CPP Investment Board follows a disciplined and long-term investment approach, which helps to mitigate short-term market volatility and ensure consistent returns over time. This approach has proven to be successful, as evidenced by the plan’s strong performance.
The CPP Investment Board is committed to transparency and accountability. It regularly reports on its investment activities and performance, providing Canadians with insights into how the plan’s assets are being managed and the results that are being achieved.
Overall, the Canada Pension Plan’s investment returns play a critical role in the success of the plan. By generating strong and consistent returns, the CPP can support the retirement needs of Canadians and ensure the long-term sustainability of the plan.
Canada Pension Plan Updates
The Canada Pension Plan (CPP) is a government-sponsored retirement savings and pension plan that provides income to retired and disabled individuals in Canada. It is a valuable program that helps Canadians secure their financial future.
Over the years, the CPP has undergone updates and changes to ensure its relevance and sustainability. Here are some important updates to the Canada Pension Plan:
1. Contribution Rates: The contribution rates for the CPP are periodically adjusted to keep up with the changing economic environment. It is important to stay updated on these rates to ensure that you are making the correct contributions towards your retirement savings.
2. Retirement Age: The age at which you can start receiving CPP benefits has changed over the years. Currently, the standard age to start receiving the CPP retirement pension is 65. However, you have the option to start receiving reduced benefits as early as age 60 or delayed benefits as late as age 70.
3. Enhancements: The CPP has been enhanced to provide higher benefits for future recipients. These enhancements aim to increase the retirement income for Canadians and ensure a more secure financial future.
4. Disability Benefits: The CPP also offers disability benefits to individuals who are unable to work due to a severe and prolonged disability. These benefits help replace lost income and provide financial support during difficult times.
5. Survivor Benefits: In the event of your passing, the CPP provides survivor benefits to your spouse or common-law partner and eligible children. These benefits help ensure financial stability for your loved ones during a challenging time.
Stay informed about these updates to make the most out of the Canada Pension Plan. It is important to plan for your retirement and understand the benefits that the CPP offers. Consider consulting with a financial advisor for personalized guidance on maximizing your CPP benefits.
Canada Pension Plan Investment Strategy
The Canada Pension Plan (CPP) is a government-sponsored pension plan that provides retirement income to eligible Canadians starting at the age of 60. It is designed to ensure a secure retirement for Canadians and is funded through contributions from working individuals and their employers.
The CPP Investment Board (CPPIB) is responsible for managing the investment activities of the CPP. With over $400 billion in assets, the CPPIB is one of the largest pension fund managers in the world. Its investment strategy is designed to generate long-term returns that will support the CPP’s objective of providing retirement benefits to Canadians.
The CPPIB follows a diversified investment approach, allocating its assets across different asset classes, regions, and sectors to minimize risk and maximize returns. The portfolio is made up of public and private equities, fixed income investments, real estate holdings, infrastructure assets, and other alternative investments.
The CPPIB takes a long-term perspective when making investment decisions, focusing on generating sustainable returns over the 60-year horizon of the CPP. It aims to achieve a balanced portfolio that can withstand market fluctuations and economic cycles, while maintaining a strong focus on risk management.
The CPPIB follows several core investment principles, which guide its decision-making process:
- Prudent Risk-taking: The CPPIB seeks to take calculated risks to generate attractive returns, while ensuring the overall risk profile remains within acceptable limits.
- Global Diversification: The CPPIB diversifies its investments across different regions and sectors to reduce concentration risk and capture opportunities in various markets.
- Active Management: The CPPIB actively manages its investments, making strategic decisions and continuously monitoring the portfolio to optimize returns.
- Long-Term Focus: The CPPIB’s investment decisions are driven by a long-term perspective, aligning with the multi-decade investment horizon of the CPP.
By following these principles and maintaining a disciplined investment approach, the CPPIB aims to generate sustainable and robust returns that will support the CPP in providing retirement income to Canadians.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Consult a professional advisor before making investment decisions.
Canada Pension Plan Contributions Calculator
If you are living in Canada and are at least 60 years old, it is important to understand how the Canada Pension Plan (CPP) contributions work. The CPP is a government program that provides retirement, disability, and survivor benefits to eligible Canadians.
Calculating your CPP contributions can seem complex, but there are online tools available to make it easier for you. The Canada Pension Plan Contributions Calculator can help you estimate how much you can expect to contribute to the CPP based on your earnings.
This calculator takes into account various factors such as your employment income, your contributions in previous years, and the yearly maximum pensionable earnings (YMPE) set by the Canada Revenue Agency. By inputting this information into the calculator, you can get an estimate of your CPP contributions for the current year.
Keep in mind that the CPP contributions are based on your income, with a certain percentage deducted up to the YMPE. Any income above the YMPE is not subject to CPP contributions. The contribution rates are updated annually, so it is essential to use the most recent rates when using the calculator.
Using the Canada Pension Plan Contributions Calculator can help you plan for your retirement and understand how much you will need to contribute to the CPP. It is a valuable tool that can give you a better idea of your future retirement income and help you make informed financial decisions.
Remember, it’s never too early to start thinking about your retirement savings. By understanding the CPP contributions and using tools like the Canada Pension Plan Contributions Calculator, you can take control of your financial future and ensure a comfortable retirement.
Canada Pension Plan Enhancement
One of the key developments in the Canada Pension Plan (CPP) is the enhancement that was implemented in 2019. The enhancement was introduced as a result of the agreement reached by the federal, provincial, and territorial governments.
Under the CPP enhancement, the amount of retirement pension you may be eligible for will increase. This enhancement is aimed at providing Canadians with a more secure and predictable income in retirement.
The CPP enhancement will be phased in gradually over several years, starting in 2019 and ending in 2025. It will result in a higher retirement pension for those who contribute more to the CPP throughout their working years.
For individuals who start collecting their CPP retirement pension at the age of 60, the enhancement will mean a higher monthly benefit. However, it’s important to note that the enhancement will also result in higher CPP contribution rates for both employers and employees.
To be eligible for the CPP enhancement, you need to have contributed to the CPP for a certain number of years. The number of years required will depend on your income and the year in which you turn 60. The CPP enhancement aims to provide a stronger and more sustainable pension system for Canadians in the long term.
In conclusion, the CPP enhancement is a significant development in the Canada Pension Plan that aims to provide Canadians with a more secure and predictable income in retirement. While it will result in higher CPP contribution rates for both employers and employees, it will also mean a higher retirement pension for those who contribute more to the CPP throughout their working years.
Canada Pension Plan Reform
Canada’s pension plan has undergone significant reforms in recent years to ensure that Canadians have a secure and sustainable retirement income. The goal of these reforms is to address the challenges posed by an aging population and changing economic conditions.
Increasing the Retirement Age
One of the key reforms is the gradual increase in the retirement age to 65. Starting in 2023, the eligibility age for the Canada Pension Plan (CPP) will increase by two months each year until it reaches 65 in 2029. This change reflects the fact that Canadians are living longer and healthier lives and can continue working for longer if they choose to do so.
The reform also includes enhancements to CPP benefits, ensuring Canadians receive a higher level of retirement income. The CPP enhancement will be phased in gradually, increasing the replacement rate from one-quarter of lifetime earnings to one-third. This change will provide Canadians with a higher retirement income and help to address the challenges of an aging population and a changing economic landscape.
These reforms to the Canada Pension Plan demonstrate the government’s commitment to ensuring that Canadians have a strong and sustainable retirement income. By increasing the retirement age and enhancing benefits, the CPP is better positioned to support Canadians in their retirement years.
What is the Canada Pension Plan (CPP)?
The Canada Pension Plan (CPP) is a social insurance program in Canada that provides a monthly payment to eligible contributors in retirement or disability.
What are the eligibility requirements for CPP?
To be eligible for CPP, you must have made at least one valid contribution to the plan, and you must be at least 60 years old.
When can I start receiving CPP benefits?
You can start receiving CPP benefits as early as age 60, but your monthly payment will be reduced if you start before the age of 65. If you wait until age 65, you will receive the full amount.
Can I work and collect CPP at the same time?
Yes, you can work and collect CPP at the same time. However, if you are under the age of 65 and still working, your CPP benefits may be subject to a work cessation test.
How much will I receive from CPP?
The amount you will receive from CPP is based on several factors, including how much you have contributed to the plan and the number of years you have made contributions. The maximum monthly payment for 2021 is $1,203.75.
What is the Canada Pension Plan?
The Canada Pension Plan is a social insurance program that provides a monthly income to Canadians in retirement or in case of disability or death.
When can I start receiving benefits from the Canada Pension Plan?
You can start receiving benefits from the Canada Pension Plan as early as age 60, but the amount will be reduced if you start before age 65. If you start receiving benefits after age 65, the amount will be increased.
How much will I receive from the Canada Pension Plan?
The amount you will receive from the Canada Pension Plan depends on several factors, such as your earnings history, the number of years you have contributed to the plan, and the age at which you start receiving benefits. The maximum monthly benefit in 2021 is $1,203.75.
Can I still work and receive benefits from the Canada Pension Plan?
Yes, you can continue working and receive benefits from the Canada Pension Plan. However, if you start receiving benefits before age 65 and continue working, your benefits will be reduced if your earnings exceed a certain limit. Once you reach age 65, there are no earnings limits.
Can I contribute more to the Canada Pension Plan to increase my benefits?
No, you cannot contribute more to the Canada Pension Plan to increase your benefits. The amount you receive from the plan is based on your earnings history and the number of years you have contributed. However, you can contribute to other retirement savings plans, such as a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA), to supplement your CPP benefits.