Under new legislation that passed in December 2011, payments from an uninsured Wage Loss Replacement Plan (WLRP) are considered employment income and therefore, are subject to Canada Pension Plan (CPP) contributions. What’s new for Wage Loss Replacement Plans (WLRP) in 2012 The treatment of wage loss replacement plans (WLRP) payments for Canada Pension Plan (CPP) purposes changed over the years. For a period, payments made from certain types of uninsured WLRP plans were not considered pensionable. In December 2011, new CPP legislation clarified that all payments made from uninsured WLRPs are considered to be remuneration from pensionable employment. This legislation [More]
The following information is now available on the CRA Web site: Did you know…? Significant changes to the Canada Pension Plan (CPP) will occur in January 2012 to reflect the way Canadians are living, working, and retiring. The changes will affect both employees and self-employed workers aged 60 to 70. The changes will not affect you if you are already receiving a CPP or Quebec Pension Plan (QPP) retirement pension and you remain out of the workforce. Employees working in Quebec and other workers not subject to the CPP will also not be affected by these changes. What’s new? Contribution [More]
The following News Release or Speech was posted on the Finance Canada Site May 25, 2009 Chelsea, May 25, 2009 2009-051 Federal, provincial and territorial Ministers of Finance, as joint stewards of the Canada Pension Plan (CPP), today announced the results of the program’s triennial review at the close of their annual spring meetings at Meech Lake. The review confirms that the CPP, a key pillar of Canada’s retirement income system, remains on a sound financial footing. “The CPP is well positioned to weather the current market turbulence,” said the Honourable Jim Flaherty, Minister of Finance. “Canadians can count on [More]