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moneysense.ca, 12/09/06
CPP Statement of Contributions
Every year we request a copy of our Statement of Contributions to the Canada Pension Plan. The document tells us how much we have contributed to the CPP in past years and how much retirement pension we could receive at 65 years of age. Since we are young, we request the statement just to check that the information on file is correct and complete. You can request a copy of your statement from Human Resources Canada on this website.
moneysense.ca, 12/09/06
It’s actually one of the advice that I’ve got from book “Why Swim with the Sharks?: An unconventional guide to early retirement” by Diana Salomaa – excellent book about retirement system in Canada. She explains why you don’t need 70% of current income when you on pension (mainly, mortgages are paid off, you don’t need to commute to job each day, kids are grown – no day care payments and so on). She shows what sources of money you can rely on when you getting pension.
Good advice for those of us who want to retire earlier rather than later!
Alex: I’ll check out that book, though for us retirement is so far off that I am not counting on CPP, OAS etc. being there for us (though I read somewhere that the CPP should be good for another 75 years).
The CPP is actuarially sound for the next 75 years – it should be around when anyone living now or born within the next 10 years retires…
Whereas the US never took steps to actually address its social security issues, Canada did. In 1997, CPP contibution rates were increased from 6% (employer/employee contributions) of pensionable earnings to 9.9% by 2003.
However, given the massive surplus in the EI fund, I’d be happy to see *those* premiums scaled back…
CC: Check this book and you may see that retirement closer to you than you thought before. In any case – “Knowledge is Power”.
Isn’t checking this yearly a bit extreme?
I would like to know where I would go to get a cpp statement?