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Comparing the Quebec Pension Plan to CPP – Which Offers Better Retirement Benefits?

The pension plans in Quebec and Canada are designed to provide financial security to individuals during their retirement years. Both the Quebec Pension Plan (QPP) and the Canada Pension Plan (CPP) offer similar benefits and eligibility requirements, but there are some key differences between the two.

One of the main differences between the QPP and CPP is the jurisdiction in which they operate. The QPP is specific to the province of Quebec, while the CPP is available to residents in all other provinces and territories in Canada. This means that individuals who reside in Quebec are required to contribute to the QPP, while those in other provinces contribute to the CPP.

Another difference is the contribution rates and maximum contribution amounts. In Quebec, the QPP contribution rate is generally higher than the CPP contribution rate. Similarly, the maximum annual contribution amount for the QPP is typically higher than that of the CPP. These differences reflect the varying benefit structures and funding requirements of the two plans.

Despite these differences, both the QPP and CPP provide retirement benefits to eligible individuals. The amount of the pension benefit is determined by factors such as the individual’s earnings history, years of contributions, and age at the time of retirement. Individuals may be eligible to receive benefits from both the QPP and CPP if they have contributed to both plans throughout their working years.

Overall, while the QPP and CPP have some variations in terms of jurisdiction, contribution rates, and maximum contribution amounts, they both serve the common goal of providing retirement income to Canadians. Understanding the similarities and differences between the two plans is important for individuals planning for their future financial security.

Overview of Quebec Pension Plan and Canada Pension Plan

The Quebec Pension Plan (QPP) and the Canada Pension Plan (CPP) are two government-administered pension plans designed to provide retirement income to eligible individuals in Quebec and Canada, respectively. Both plans are mandatory for most residents, with contributions based on a percentage of earnings.

The QPP covers residents of Quebec, while the CPP covers residents of the rest of Canada, including the territories. However, residents who work in Quebec but live in another province can choose to contribute to either plan.

The QPP and CPP both operate on a pay-as-you-go basis, meaning that current contributions from working individuals fund the benefits paid out to current retirees. The amount of the pension benefit received is based on individual earnings history and the number of years of contributions to the plan. Generally, the more years of contributions and higher earnings, the higher the pension benefit will be.

Both the QPP and CPP offer retirement pension, disability benefits, survivor benefits, and death benefits. However, there are some differences in the eligibility criteria, benefit calculations, and coverage. The QPP has a different maximum pensionable earnings limit and contribution rate compared to the CPP. Additionally, the QPP has specific rules for individuals who have contributed to both plans.

It’s important for individuals to understand the rules and requirements of the QPP and CPP to ensure they are contributing and receiving the maximum benefits available to them. The government provides resources and information to help individuals navigate these pension plans and make informed decisions about their retirement income.

Eligibility requirements for Quebec Pension Plan

The Quebec Pension Plan (QPP) is a provincial pension plan that provides income replacement for eligible individuals in Quebec. While similar to the Canada Pension Plan (CPP), there are some differences in the eligibility requirements for the QPP.

In order to be eligible for QPP benefits, individuals must meet the following requirements:

1. Residency: Applicants must have been a resident of Quebec for at least one year before becoming eligible for QPP benefits. This means individuals must have lived in Quebec for at least 12 consecutive months.

2. Contributions: Individuals must have made contributions to the QPP for a certain period of time. The minimum qualifying period is based on the age of the applicant and the number of contributory years. Generally, individuals must have contributed to the QPP for at least 3 years within a period of 10 years.

3. Age: The QPP provides benefits starting at age 60, but individuals can choose to take a reduced pension as early as age 60 or delay it until age 70. The amount of the pension will vary based on the age at which individuals choose to start receiving benefits.

4. Work history: In addition to meeting the age and contribution requirements, individuals must also have a sufficient work history. This means they must have worked and earned a certain amount of income that is subject to QPP contributions in order to be eligible for benefits.

It is important for individuals to understand the eligibility requirements for the Quebec Pension Plan in order to determine if they are eligible to receive benefits. By meeting the residency, contribution, age, and work history requirements, individuals can ensure they are on track to receive income replacement through the QPP.

Eligibility requirements for Canada Pension Plan

The Canada Pension Plan (CPP) is a government-administered retirement plan that provides income support to individuals who have made contributions during their working years. To be eligible for CPP benefits, individuals must meet specific criteria:

Age Requirement

Individuals must be at least 60 years old to be eligible for CPP benefits. However, it is also possible to start receiving benefits as early as age 60, but with a reduction in the monthly amount. Alternatively, individuals can choose to defer CPP benefits until as late as age 70 and receive an increased monthly amount.

Contribution Requirement

To qualify for CPP benefits, individuals must have made enough contributions to the CPP during their working years. The amount of contributions required is based on the individual’s earnings and the number of years they have contributed to CPP. The CPP uses a formula to calculate the amount of contributions needed for eligibility.

Individuals can check their contribution history and eligibility for CPP benefits through the Service Canada website.

Residency Requirement

Individuals must have made contributions to CPP while residing or working in Canada for at least four of the last six years to be eligible for benefits. Exceptions may apply to individuals who have lived or worked outside of Canada, such as those who worked for a Canadian employer abroad or who contributed to a foreign social security system that Canada has an agreement with.

It is important to note that eligibility requirements for the Quebec Pension Plan (QPP) may differ from the CPP. Individuals living and working in Quebec may be subject to different criteria to qualify for QPP benefits.

Overall, the CPP provides income support to eligible individuals in retirement, and understanding the eligibility requirements is important for planning for retirement and ensuring financial security in later years.

Benefits provided by Quebec Pension Plan

When comparing the Quebec Pension Plan (QPP) with the Canada Pension Plan (CPP), it is important to understand the benefits that the QPP specifically provides. The QPP is a retirement pension plan that is designed to provide financial security to eligible individuals in Quebec.

Retirement Pension

One of the main benefits that the QPP offers is a retirement pension. This pension is based on the individual’s contributions to the plan throughout their working years. The amount of the pension is calculated using a formula that takes into account the individual’s eligible earnings and the number of contribution years.

Survivor’s Pension

In addition to the retirement pension, the QPP also provides a survivor’s pension. This pension is designed to provide financial support to the surviving spouse or common-law partner of a deceased plan member. The amount of the survivor’s pension is based on the deceased member’s contributions to the plan.

Disability Benefits

The QPP also offers disability benefits to individuals who become disabled and are unable to work. These benefits provide financial assistance to individuals during their period of disability. The amount of the disability benefits is based on the individual’s contributions to the plan.

Child-rearing Provision

The QPP also recognizes the important role of individuals who take time out of the workforce to care for children. The plan offers a child-rearing provision, which allows individuals to receive credits for the time that they took out of the workforce to raise children. These credits can help individuals increase their retirement pension amount.

In conclusion, the Quebec Pension Plan provides various benefits to eligible individuals. These include retirement pension, survivor’s pension, disability benefits, and a child-rearing provision. Understanding these benefits can help individuals make informed decisions about their retirement planning and financial security.

Benefits provided by Canada Pension Plan

The Canada Pension Plan (CPP) is a contributory pension plan that provides financial benefits to eligible individuals. The CPP is designed to provide retirement income as well as disability and survivor benefits.

Retirement Benefits

One of the main benefits provided by the CPP is retirement pension. The amount of pension you receive depends on your contributions to the plan during your working years. The CPP retirement pension is not based on your income, but rather on your contributions and the number of years you have made contributions.

When you become eligible for retirement benefits at age 65, you can choose to start receiving your CPP pension. However, you can also opt to receive it as early as age 60, although the monthly amount will be reduced. On the other hand, if you delay receiving your pension until after age 65, you may receive an increased amount.

Disability Benefits

CPP also provides disability benefits for individuals who are unable to work due to a severe and prolonged disability. To be eligible for disability benefits, you must have contributed to the CPP for a certain number of years and have a disability that is considered severe and prolonged, which prevents you from working at any job on a regular basis.

If you are eligible for disability benefits, you can receive a monthly payment from the CPP to help support you financially. The amount of the benefit depends on your contributions and other factors such as your age and the number of years you have contributed to the plan.

Survivor Benefits

In the event of your death, the CPP provides survivor benefits to eligible spouses or common-law partners, as well as dependent children. The survivor benefit is a monthly payment that helps support the surviving family members financially.

The amount of the survivor benefit depends on various factors such as the deceased’s contributions to the CPP, the survivor’s age, and the number of dependent children. The survivor benefit can be a crucial source of income for surviving spouses or partners who may have relied on the deceased’s CPP pension during their retirement years.

Overall, the CPP provides important financial support in the form of retirement, disability, and survivor benefits. Understanding the benefits provided by the CPP can help individuals plan for their future and ensure they have adequate income in retirement or during times of disability or loss.

Contributions to Quebec Pension Plan

The Quebec Pension Plan (QPP) is a social security program in the province of Quebec, Canada. It is designed to provide income security to residents of Quebec during their retirement years. The QPP is similar to the Canada Pension Plan (CPP) in many ways, but there are also some key differences in the contributions made to each plan.

Both the QPP and the CPP require workers and their employers to make contributions towards the plan. The contribution rates for the QPP are determined by the government of Quebec, while the rates for the CPP are set by the federal government. These contribution rates may change from year to year, so it is important to stay informed about any updates or changes.

Employees in Quebec contribute a percentage of their pensionable earnings to the QPP, up to a certain maximum. In 2021, the maximum pensionable earnings for the QPP is $61,600 CAD. Employers also contribute a matching percentage on behalf of their employees. The total contribution rate for the QPP in 2021 is 10.8%, with employees and employers each contributing 5.4% of pensionable earnings.

The contribution rates for the CPP are slightly different. In 2021, the maximum pensionable earnings for the CPP is $61,600 CAD, the same as the QPP. However, the total contribution rate for the CPP is 10.9%, with employees and employers each contributing 5.45% of pensionable earnings. While the contribution rates for the CPP are slightly higher than those for the QPP, the overall difference is minimal.

It is important for individuals in Quebec to understand the contribution requirements for the QPP and be prepared to make their contributions accordingly. By making regular contributions to the QPP, individuals can ensure that they are building a secure source of income for their retirement years.

Year Maximum Pensionable Earnings Employee Contribution Rate Employer Contribution Rate Total Contribution Rate
2021 $61,600 CAD 5.4% 5.4% 10.8%

Contributions to Canada Pension Plan

The Canada Pension Plan (CPP) is a government-run pension plan in Canada that provides a basic income to retired individuals. The CPP is funded through contributions from both employees and employers.

Under the CPP, employees and employers each contribute a certain percentage of the employee’s earnings up to a maximum annual limit. The amount of contributions is calculated based on the employee’s pensionable earnings, which are generally the same as the earnings subject to income tax.

The contribution rates for the CPP are set by the federal government and are reviewed periodically. As of 2021, the contribution rate is 5.45% of pensionable earnings, up to a maximum annual limit of $61,600. This means that the maximum annual contribution for an employee or employer is $3,166.45.

The CPP contributions are deductible for income tax purposes, meaning that individuals can reduce their taxable income by the amount of contributions they make. This can help individuals lower their overall tax liability.

It’s important to note that self-employed individuals are responsible for paying both the employer and employee portions of the CPP contributions, since they are effectively both the employer and employee in their business.

Overall, the CPP provides a valuable retirement income for Canadians, and the contributions made to the plan play a crucial role in funding the benefits provided by the plan.

Comparison of retirement age in Quebec Pension Plan and Canada Pension Plan

Retirement age is an important factor to consider when planning for your pension. In both the Quebec Pension Plan (QPP) and the Canada Pension Plan (CPP), the retirement age is set at 65. However, there are differences in eligibility and benefits between the two plans.

Quebec Pension Plan (QPP)

In the QPP, you can start receiving your pension as early as age 60, but with a reduced benefit. If you choose to start receiving your pension before the age of 65, your monthly payments will be permanently reduced by a certain percentage. On the other hand, if you delay receiving your pension beyond the age of 65, your monthly payments will be increased.

It’s important to note that the QPP also offers a disability benefit for individuals who are unable to work due to a severe and prolonged disability.

Canada Pension Plan (CPP)

In the CPP, you can start receiving your pension as early as age 60, but with a penalty. Similar to the QPP, if you choose to start receiving your pension before the age of 65, your monthly payments will be permanently reduced. Conversely, if you delay receiving your pension beyond the age of 65, your monthly payments will be increased.

Additionally, the CPP offers a post-retirement benefit for individuals who continue to work and contribute to the plan after the age of 65.

It’s important to carefully consider your retirement age when planning for your pension. Deciding when to start receiving your benefits can have a significant impact on the amount of income you receive throughout your retirement. Consulting with a financial advisor or using online calculators can help you determine the best retirement strategy for your individual circumstances.

Comparison of disability benefits in Quebec Pension Plan and Canada Pension Plan

When it comes to disability benefits, both the Quebec Pension Plan (QPP) and the Canada Pension Plan (CPP) offer support to individuals with disabilities. However, there are some notable differences between the two plans.

Eligibility

  • The QPP requires individuals to have made sufficient contributions to the plan and have a severe and prolonged disability that prevents them from working in any occupation.
  • The CPP, on the other hand, has similar eligibility criteria but also provides benefits for those with a severe disability that prevents them from regularly pursuing any employment.

Benefit Amounts

  • The QPP disability benefit is calculated based on an individual’s earnings and contributions to the plan. The maximum monthly benefit amount is set by the QPP.
  • The CPP disability benefit is also calculated based on an individual’s prior earnings and contributions. However, the benefit amount is determined by a formula that takes into account a person’s average lifetime earnings and the year they became disabled.

Supplementary Benefits

In addition to the basic disability benefits, both plans may offer supplementary benefits to individuals with disabilities or their dependents. These supplementary benefits may include allowances for children, assistance with medical expenses, and vocational rehabilitation services.

Administration

  • The QPP is administered by the Régie des rentes du Québec, which is responsible for the collection of contributions and the payment of benefits.
  • The CPP is administered by the federal government agency known as Service Canada, which oversees the collection of contributions and the administration of benefits on a national scale.

In conclusion, while both the QPP and CPP provide disability benefits, there are differences in eligibility criteria, benefit amounts, and administration. It is important for individuals to understand these differences and evaluate which plan may best meet their needs in the event of a disability.

Comparison of survivor benefits in Quebec Pension Plan and Canada Pension Plan

The Quebec Pension Plan (QPP) and the Canada Pension Plan (CPP) both provide survivor benefits to individuals who have lost a spouse or common-law partner. However, there are some differences in how these benefits are calculated and distributed.

Eligibility Requirements

Under the QPP, the surviving spouse or common-law partner may be eligible for a survivor’s pension if the deceased contributed to the pension plan for at least one year. Additionally, the surviving spouse or partner must have been married to or lived with the deceased for at least one year prior to their death.

Similarly, under the CPP, the surviving spouse or common-law partner may be eligible for a survivor’s pension if the deceased contributed to the pension plan. The length of the required contribution period may vary based on the age of the deceased at the time of their death.

Pension Amount

The survivor’s pension amount under the QPP is calculated based on the deceased’s pension entitlement at the time of their death. The amount may be reduced if the surviving spouse or partner is receiving other benefits, such as a disability pension. The maximum monthly survivor’s pension amount is adjusted annually.

The survivor’s pension amount under the CPP is also calculated based on the deceased’s pension entitlement, but it may be higher or lower than the QPP survivor’s pension amount. The amount is determined by various factors, including the deceased’s contributions, age at the time of death, and the survivor’s age and earnings.

Quebec Pension Plan Canada Pension Plan
Eligibility Requirements Contribution for at least one year.
Marriage or cohabitation for at least one year.
Contribution to the pension plan.
Pension Amount Calculated based on deceased’s pension entitlement.
Maximum monthly amount adjusted annually.
Calculated based on various factors.
May be higher or lower than QPP survivor’s pension.

In conclusion, both the QPP and CPP offer survivor benefits to individuals who have lost a spouse or common-law partner. However, the eligibility requirements and calculation methods for these benefits may differ. It is important for individuals to understand the specific rules and provisions of each plan to ensure they receive the appropriate survivor’s pension.

Comparison of contribution rates in Quebec Pension Plan and Canada Pension Plan

In Canada, both the Quebec Pension Plan (QPP) and the Canada Pension Plan (CPP) are government-sponsored retirement plans that provide financial support to eligible individuals upon retirement. However, there are some key differences in their contribution rates.

Quebec Pension Plan (QPP)

The QPP is specific to Quebec residents and operates independently from the CPP. The contribution rates for the QPP are determined by the Quebec government and are subject to change. Currently, the QPP contribution rate is set at XX% of annual earnings, up to a maximum annual income threshold of $XXX,XXX.

Canada Pension Plan (CPP)

The CPP is applicable to residents of all provinces and territories in Canada, except for Quebec. The contribution rates for the CPP are set by the federal government and are also subject to change. Currently, the CPP contribution rate is set at XX% of annual earnings, up to a maximum annual income threshold of $XXX,XXX.

It’s important to note that the contribution rates for both the QPP and the CPP are based on a percentage of the individual’s annual earnings. This means that individuals with higher incomes will contribute a higher amount to these pension plans compared to those with lower incomes.

Pension Plan Contribution Rate Maximum Annual Income Threshold
Quebec Pension Plan (QPP) XX% $XXX,XXX
Canada Pension Plan (CPP) XX% $XXX,XXX

Overall, while the contribution rates for the QPP and CPP are similar, the key difference lies in the fact that the QPP is specific to Quebec residents, while the CPP is applicable to residents across the rest of Canada. Individuals from Quebec must contribute to the QPP, while individuals from other provinces contribute to the CPP.

It’s essential for individuals to be aware of the contribution rates and income thresholds for both pension plans to adequately plan for their retirement and understand the financial implications of their contributions.

Comparison of payout options in Quebec Pension Plan and Canada Pension Plan

When it comes to retirement planning, understanding the payout options of your pension plan is crucial. Both the Quebec Pension Plan (QPP) and the Canada Pension Plan (CPP) offer different choices for receiving your benefits.

The QPP provides two main payout options: a retirement pension and a disability pension. The retirement pension is available to individuals who have contributed to the plan for a certain number of years and have reached the age of eligibility. This pension provides a monthly income to retirees, which is calculated based on their contribution history and average lifetime earnings.

The disability pension, on the other hand, is designed for individuals who are unable to work due to a severe and prolonged disability. It provides a monthly income to support disabled individuals financially.

The CPP also offers two main payout options: a retirement pension and a survivor’s pension. The retirement pension is available to individuals who have contributed to the plan and have reached the age of eligibility. Similar to the QPP, this pension provides a monthly income based on contribution history and average lifetime earnings.

The survivor’s pension, however, is unique to the CPP. It provides a monthly income to the surviving spouse or common-law partner of a CPP contributor who has passed away. This pension helps to ensure financial security for the surviving spouse or partner after the loss of a loved one.

It’s important to note that both the QPP and CPP offer flexibility in terms of when you can start receiving your pension benefits. You can choose to start receiving benefits as early as age 60, or you can delay your benefits until age 70. The timing of when you choose to start receiving benefits can affect the amount of your monthly pension.

In conclusion, while the QPP and CPP have some similarities in terms of payout options, there are also unique features to each plan. It’s important to carefully consider your personal circumstances and financial goals when deciding which payout option is best for you.

Pros and cons of Quebec Pension Plan

The Quebec Pension Plan (QPP) is a government-sponsored retirement plan that provides income to retired individuals in the province of Quebec. Like the Canada Pension Plan (CPP), it is funded through contributions from workers and employers. However, there are some key differences between the two plans that can affect retirees in Quebec.

Pros of Quebec Pension Plan:

  • Higher benefits: The QPP generally provides higher payout amounts compared to the CPP. This can be beneficial for retirees who rely heavily on their pension income.
  • Additional plan features: The QPP offers additional benefits such as a survivor’s pension and disability benefits, which can provide additional financial support for individuals and their families.
  • Financial stability: The QPP is a well-managed pension plan with a strong track record of financial stability. This can provide retirees with peace of mind knowing that their pension income is secure.
  • Quebec-specific management: As the QPP is managed within the province of Quebec, it allows for greater control over the plan’s administration and the ability to tailor its features to meet the specific needs of Quebec residents.

Cons of Quebec Pension Plan:

  • Higher contribution rates: The QPP generally requires higher contribution rates from workers and employers compared to the CPP. This can result in a larger deduction from individuals’ paychecks and increased costs for businesses.
  • Limited transferability: The QPP is specific to Quebec residents and does not have full portability across other provinces in Canada. This can limit the flexibility for individuals who may move or work outside of Quebec.
  • Different eligibility criteria: The QPP has different eligibility criteria compared to the CPP. This can result in variations in the age at which individuals can start receiving benefits and the number of contribution years required to be eligible for a full pension.
  • Complexity: The QPP, like any pension plan, can be complex to understand and navigate. Individuals may need to seek professional advice to optimize their benefits and make informed decisions about their retirement planning.

Overall, the Quebec Pension Plan has its own set of strengths and weaknesses compared to the Canada Pension Plan. It is important for individuals to carefully consider their personal financial situation and retirement goals when evaluating the QPP as a retirement income option.

Pros and cons of Canada Pension Plan

The Canada Pension Plan (CPP) is a government-sponsored pension plan that provides income security to Canadians in their retirement years. It is administered by the federal government and is available to all Canadian residents. Like the Quebec Pension Plan (QPP), the CPP has its own set of advantages and disadvantages.

Pros:

1. Universal Coverage: The CPP covers all Canadians who have made contributions to the plan throughout their working years. This means that regardless of employment status, everyone has the opportunity to receive CPP benefits in their retirement.

2. Guaranteed Income: The CPP provides a guaranteed income to retirees, helping to ensure financial security in old age. The amount of the pension is determined by the individual’s earnings history and the number of contributions made throughout their working years.

3. Indexation: CPP benefits are indexed to inflation, helping to protect against the eroding effects of rising prices over time. This means that pension payments increase annually to keep up with the cost of living.

Cons:

1. Potential Insufficiency: While the CPP provides a base level of income, it may not be sufficient to fully replace the individual’s pre-retirement earnings. This means that individuals may need to supplement their CPP benefits with additional savings or investments to maintain their desired standard of living in retirement.

2. Limited Control: The CPP is a government-administered program, which means that individuals have limited control over their contributions and how the funds are invested. This lack of control may not appeal to those who prefer to have more autonomy in managing their retirement savings.

3. Uncertainty: The future sustainability of the CPP is a topic of debate, as the program relies on the contributions of current workers to fund the pensions of retirees. Changes to the program, such as increases in the retirement age or changes to benefit calculations, may be necessary in the future to ensure the plan remains sustainable.

Overall, the CPP provides a valuable source of income security for Canadians in retirement. However, individuals should also consider their own financial goals and circumstances, as well as other retirement savings options, when planning for a secure retirement.

Q&A:

What is the difference between Quebec Pension Plan and Canada Pension Plan?

The Quebec Pension Plan (QPP) and the Canada Pension Plan (CPP) are two separate pension plans in Canada. The main difference between the two plans is that the QPP is administered by the province of Quebec, while the CPP is managed by the federal government. They have similar benefits and eligibility requirements, but the contribution rates and maximum benefits differ.

How is the Quebec Pension Plan funded?

The Quebec Pension Plan is funded through mandatory contributions from employees, employers, and self-employed individuals. The contribution rates are set by the province and are based on a percentage of the employee’s earnings, up to a maximum limit. These contributions are then invested by the Quebec Pension Plan’s management board to generate income for future pension payments.

What are the eligibility requirements for the Canada Pension Plan?

To be eligible for the Canada Pension Plan (CPP), you must have made at least one valid contribution to the plan and be at least 60 years old. However, you can choose to start receiving CPP benefits as early as age 60 with a reduction in the monthly amount, or you can choose to delay receiving benefits up to age 70 and receive an increased amount. You must also have stopped working or have significantly reduced your earnings.

Are there any differences in the maximum benefits between the Quebec Pension Plan and the Canada Pension Plan?

Yes, there are differences in the maximum benefits between the Quebec Pension Plan (QPP) and the Canada Pension Plan (CPP). As of 2021, the maximum monthly retirement benefit for the QPP is $1,203.55, while the maximum monthly retirement benefit for the CPP is $1,203.75. Additionally, the maximum benefits for disability and survivor pensions may also differ between the two plans.

Can I contribute to both the Quebec Pension Plan and the Canada Pension Plan?

Yes, if you are a resident of Quebec, you are required to contribute to the Quebec Pension Plan (QPP). However, you may also contribute to the Canada Pension Plan (CPP) if you are eligible, such as if you have worked outside of Quebec and made contributions to the CPP. Your contributions to both plans will be calculated separately and will count towards your individual benefits from each plan.

What is the Quebec Pension Plan (QPP)?

The Quebec Pension Plan (QPP) is a government-run pension plan that provides retirement income to residents of Quebec.

What is the Canada Pension Plan (CPP)?

The Canada Pension Plan (CPP) is a government-run pension plan that provides retirement income to residents of Canada outside of Quebec.