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The Canadian Pension Plan

By: Hewad Nazar

Administration and payments

Human Resources: $291 million

Canada Revenue Agency: $191 million

Investment board: $54 million

Chief Actuary: $2 million

History of the CPP

The Reform

The Old Age Pensions Act

CPP needed to be alot more financially stable, so the government needed to make a change to sustain it longer. Therefore, the government increased the amount of money that employees and employers had to contribute making the plan a lot more stable. During this time, the government had also added many more benefits such as survivor benefits.

Many relied on personal savings to help themselves post-retirement. However, many assets were given to their own children and in return their children would take care of their retired mother or father. However, this needed change and so the government introduced the Canadian Government Annuities Act in 1908 . This allowed seniors to invest their money and watch it grow much like the RRSP.

The Old age pensions act, financed both by the federal and provincial government tried to address poverty that was going on between seniors. However, it fell short of that as it only gave money to the poorest of citizens. To find out who these were, they conducted means tests which was an extremely flawed test.

James Woodsworth

Introduction to the CPP

History (Continued)

Benefits of the CPP

Many people contribute to the Canadian Pension plan. This plan gives benefits and pensions to those that are retired, disabled or dead. There are many different benefits specific to one's needs.

The CPP provides many benefits. Disability benefits allows those who are disabled and are not able to work to receive money. Allowance for the survivor allows you to start receiving money if you have low income, have been living in Canada for at least 10 years and have a spouse that is dead.

These annuities were overpriced and soon in the 1920's when the demand for young people grew, and the demand for old people declined old people fell into poverty. James Woodsworth as well as Abraham Heaps wanted to make a change and in 1927 the federal government introduced the Old Age Pensions Act.

How much can you receive?

Questions

Under what condition is the allowance for the survivor benefit applicable

a) have been living in Canada for 6 months

b) if you have high income

c) have a spouse that is alive

d) all of the above

e) none of the above

How was the mean's test flawed?

a) it did not address the condition of the economy as well as the cost it took to live with basic necessities

b)It did not give enough money

c) Admission and applicability varied from province to province

d) all of the above

Who introduced the Old Age Pensions act?

a) James Woodsworth

b) Bill Gates

c) Jeniffer Lawatesky

d) none of the above

What types of people receive this money?

a) dead

b) Disabled

c) retired

d) all of the above

What age must you be to start contributing towards the CPP?

a) when you are born

b) whenever you want to

c) at the age of 18

d) at the age of 70

How much does the average person receive?

a) $1 000 000-$1 500 000

b) $500-$1000

c)$40 000-$80 000

d) none of the above

Which administrations run the CPP?

a) Human Resources

b) Canada Revenue Agency

c) Investment Board

d) all of the above

What does the Canadian Pension Plan do?

a) Allows Canadians to invest and in return receive benefits as well as money post-retirement

b) Allows Students to invest money so their parents can get an education

c) Gives money to poor people in Antarctica

d) Stops the extinction of whales in Ontario Lake

When was the Old Age Pension Plan established?

a) 2016

b) 500 B.C.

c) 1647

d) 1927

Conclusion

Conflicts regarding the CPP

Employees and Employers believe the rate at which payments must be made as well as paying all together should be determined by themselves, not the government

People also believe that the post-retirement income inequality is not fair. However, the amount paid to a person is determined by the monthly payments they made towards the CPP before retiring.

From $500-$1000 depending on when you want to start receiving your pension. The later you want to start receiving your pension, the more pension you receive. You can start receiving pensions as early as the age of 60 or as late as the age of 70.

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