There is no minimum number of years a citizen must work to collect benefits under the Canada Pension Plan. To collect a pension, Canadians must have worked at some point during their adult lives and made at least one contribution to the system.Know More
The number of years worked and the amount earned affect how much Canadians receive in retirement. In 2013, the minimum payment for a pensioner at age 65 was $596.66 per month, and the maximum was $1,012.50.
Pension recipients must be at least 60 years old. They may continue to work after pension benefits begin but must continue paying into the system as long as they are working. Pension benefits last for as long as the recipient lives, and the Canadian government makes cost-of-living adjustments to the benefit amounts each year.Learn more about Financial Planning
An individual can receive Social Security benefits based on his spouse's record even if he has never worked under Social Security provided that he is at least 62 years old according to the Social Security Administration. The spouse must be receiving retirement or disability benefits from Social Security.Full Answer >
Defined benefit pension plans are retirement plans that offer specified monthly benefits upon retirement, either fixed dollar amounts or amounts based on a formula with criteria such as salary, age and years worked, reports the U.S. Department of Labor. Employers typically contribute all or most of the funding.Full Answer >
Plan for your retirement with regular savings that take advantage of deferred taxes and employer contributions, states CNN Money. You need to ensure that the returns beat inflation and avoid touching your retirement funds until your actually retire, advises the Department of Labor.Full Answer >
As of 2015, the Canada Pension Plan contribution rate is 9.9 percent, which is split between employers and employees, and the Employment Insurance premium for employees is 1.88 percent, explains Smith, Sykes, Leeper & Tunstall LLP. Quebec's Employment Insurance rate is 1.54 percent, according to the Canada Revenue Agency.Full Answer >