Umanand Rajindernath

Learn what is CPP and what you are entitled to in this blog.

So, what is CPP?

The CPP is one of three parts of the Canadian government’s retirement income system. Established in 1965, this taxable, government benefit provides a basic benefits package to Canadian retirees and disabled contributors. This robust system is responsible for paying both retirement and disability benefits to its Canadians across the country. It is a key part of running payroll as an employer.

Similarly to employment insurance, almost every Canadian citizen makes required CPP contributions once they turn 18 and can legally start working in Canada. The amount of contribution is dependent on a person’s salary.

The CPP is a retirement benefit that you receive upon retiring that provides a lifetime income after the age of 65. The CPP makes up for part of your employment income, and once approved, the government dispenses your pension to you for the rest of your life.

To receive this benefit, a person must meet specific thresholds to qualify, including:

Learn more about your eligibility for the Canada Pension Plan here.

Valid contributions constitute work executed in Canada, or a result of receiving benefits or “credits” from a former common-law partner, or spouse following the end of a relationship. The CPP requires mandatory pay-as-you-go contributions by all workers, including self-employed individuals.

To access CPP benefits, you must be eligible under the qualifications mentioned above, actively apply for the benefits, and be approved by the Canadian government.

Most Canadians are eligible to contribute to and receive benefits from the Canada Pension Plan. The CPP is a deferred income retirement vehicle that works alongside Canada’s Old Age Security Plan, a primary pension plan for seniors.

The CPP reserves standard benefits for those who reach 65 years of age. If you are between 60-65, you can access specific provisions, including chronic disability and survivor benefits. Survivor benefits pertain to compensation after the loss of a spouse or partner before they have reached retirement age.

Each province works alongside the CPP for taxation, except for Quebec, which has the Quebec Pension Plan (QPP). In other provinces, CPP taxes are based on wages. The benefit is shared between the employer and the employee with the goal of reducing the total combined taxable amount of employee wages. While wages are taxed starting at the age of 18 and end when you turn 65, this age rule doesn’t apply if the individual has already begun receiving CPP benefits or has died.

The CPP takes the money from the taxed wages and places them into a “trust fund” that is managed by the CPP Investment Board. The board then invests those wages in many different avenues, such as bonds, stocks and other assets, helping to maximize the size of the CPP pool.

Individual CPP amounts are calculated based on the number of years they contributed the required amounts. To receive the maximum allowance from the government, individuals must have contributed to the CPP for the required minimum of 40 years and have also contributed the necessary amount for each of those years.

Depending on the amount the individual has contributed each year, The CPP dispenses a monthly amount that replaces around 25% of the contributor’s earnings. On top of it, it is all tied back to the Consumer Price Index. This is a complex system that considers several factors when calculating the amount of CPP that an individual will receive.

Since it is a taxable benefit, many choose to share the income from the CPP between themselves and their spouses or common-law partners. When shared, this helps alleviate a fraction of the tax burden.

If you are self-employed, you have different things to consider, including whether or not you pay yourself a salary or take dividends. Depending on your choice, your CPP will be calculated differently.

Applying to the CPP is easy. First, you must complete an online application. In some cases, you may have to fill out a paper application and either mail it in or bring it, along with the necessary supporting documents, to your nearest Service Canada Centre.

The online application process has two steps:

If you want to receive the CPP, you must apply. Canada Pension Plan payments are not automatic. The Government of Canada suggests that you apply well in advance of when you want your pension to begin - meaning if you have plans to retire, you should consider applying sooner than later to avoid any income disruption.

As mentioned above, one must qualify for the CPP based on several factors. Not all who apply will receive it, even if you meet the eligibility requirements until you formally apply for the benefits. If an application for the CPP is denied, you can appeal to the Canada Pension Appeals Board for a review of the application.

Individuals applying must have a Social Insurance Number (SIN) and relevant banking information. For those looking to share their pension (and ultimately relieve themselves of a more substantial tax burden), you and your spouse or common-law partner must both have your SIN on hand.

To date, ES has published nine versions, and the latest one (9th version) was published in the year 2018.

ECMA Script's first three versions- ES1, ES2, and ES3 were yearly updates, whereas ES4 was never released due to political disagreements. After a decade, ES5 was eventually released with several additions

ES5 was released in 2009, ten years after the release of its previous version. Here is a list of features that have come with the es5 version.

The earlier versions of JS allow the usage of undeclared variables. But when the es5 ‘use strict’ feature is used, an error is reported.

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NOTE: This example is the same as iterating over every element to calculate the sum.

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The get method returns the value of a variable, and the set method sets the value of the variable.

JS has shown great progress in the recent years starting from 2015 by releasing ES6 version. With this release, Javascript has made a big achievement in making a developers life easy and reached the expectations of a modern programming language. Even after 4 years of the release, many newbies to JS are not so familiar with all the versions.

Below is a list of the features that have come with ES6 version:

Till ES5, JS has only function scope and global scope with the introduction of let keyword in ES6, JS can now have block scope.

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for...of is an alternative for both for...in and forEach() and loops iterable data structures like Arrays, Maps, Sets, and strings.

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Provides default values to function parameters if no value or undefined is passed.

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Rest Operator is used to handle function parameters. It uses three dots as its syntax (i.e …).

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Spread Operator is used with arrays and its syntax is exactly the same as that of Rest Operator (ie …). It is used to split the contents of an array.

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Destructuring helps in unpacking values from an array or an object.

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It allows embedded expressions, which makes print statements easy.

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Arrow Functions use => as its token and so are also called as Fat Arrow Functions. They are one line functions and are much like Lambda functions in programming languages like Java 8 and Python. Prior to =>, JS has a function keyword.

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Promises are introduced in ES6 to handle Asynchronous Programming in a more elegant way. Before Promises, async calls were handled by Callbacks. Promises resolved the Call Back Hell.

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The Objects in Javascript are based on Prototypes and follows Prototypal Inheritance. But in ES6 the keyword class is introduced that makes the approach very easy.

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ES7 or ECMAScript 2016 was released in the year 2016. This version gives suitable alternatives to already used functionalities.

ES7 added an exponentiation operator (**) to already JavaScript supported arithmetic operations like +,-,*. This operator raises the first operand to the power second operand.

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Returns true if an array includes a value, if not returns false.

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ES8 or ECMAScript 2017 was released in the year 2017. This version allows new methods of coding with JavaScript.

This method pads a string with another string at the beginning.

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This method pads a string with another string and makes the resulting string reach a given length. It adds spaces at the end of the string.

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Await operator, applied only inside an async function, waits to be rejected or resolved by a promise.

It returns an array that contains the key-value pairs of a given object as an array.    Ex:

A trailing comma is simply a comma that comes at the end of the last item in a list.

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The same data can be read and written on multiple threads using the SharedArrayBuffer constructor.  Interruption during the process of reading or writing can be avoided by using Atomic objects. This allows the previous operation to finish prior to the next one.

An object is returned to the own property descriptors with get, set, writeable, configurable and enumerable attributes.

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It returns an array of a given object’s own enumerable property values.

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ES9 or ECMAScript 2018 is the latest update and was released in the year 2018.

An async iterable object can be used as a loop iteration with the help of for-await-of.

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A matched object can be returned by using regular expressions of JavaScript. A matched object has array-like value with matched strings.       Ex: to parse a date in YYYY-MM-DD format.

The last arguments sent to a function are changed to an array using Rest parameters and the (...) notation can be used only for array operations.

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In an opposite manner, an array is turned into separate arguments using the spread operator. These arguments can be transferred to a function.

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The method then() is called after successfully resolving the promise, and the catch() method is declared if a problem occurs. Eventually, the code can be executed using the finally() method, irrespective of previous occurrences.

A sea salt solution is a natural way to keep the piercing clean, help it heal, and reduce any swelling that may be causing an unsightly bump. A person can dissolve ⅛ to ¼ of a teaspoon of sea salt in 1 cup of warm distilled or bottled water, rinse the piercing with the solution, then gently pat it dry.

A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan The result is a single monthly payment