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Pension Plans

These retirement incomes are provided by either employers or the federal government.

The federal government provides Canada Pension Plan (CPP) to individuals who have been employed in Canada. CPP benefits can be applied for as early as age 60. If you claim CPP before age 65, the amount for which you qualify will be reduced. In order to qualify for CPP you should not have an income in January of the year you apply for these government benefits.

Employers also provide pension plans. Sometimes the employer and employee match monthly contributions to a plan. The money from both employer and the employee is credited to the employee's account. These plans are called Money Purchase Pension Plans. This money is invested and can be managed by the employee. At retirement the employee can purchase a retirement income with the proceeds of the pension plan. At termination of employment the accumulated money in the pension can be transferred to a special RRSP in the employee's name.

A second type of employer sponsored pension plan is called a Defined Benefit Plan. These plans provide a specific retirement pension. The amount of pension payable at retirement is determined by a formula based on the number of years of employment and the income earned by the employee

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Insurance products and financial planning services are offered through Stewart, Fisher & Associates Inc.
Mutual funds are offered through Quadrus Investment Services Ltd.