Canadian Retirement Pensions

Paper Summary:

The paper looks at why the Canada Pension Plan (CPP) and Old Age Security pension were brought into existence and explores additional, pertinent acts at the provincial level. The paper then discusses how retirees can ensure they receive CPP/employee benefits and concludes by looking at how the federal acts impact other, provincial acts. The paper highlights the importance of understanding the pension process in Canada and its dynamics.

From the Paper:

"To begin with, the Canada Pension Plan and the Old Age Security Pension were both established because it was evident by the early war years that something needed to be done to assist the elderly in their declining years; in particular, these men and women simply did not have enough money to ensure themselves a comfortable, or even adequate, standard of living after retirement. With that in mind, 1951 saw section 94A added to the British North American Act (now the Constitution Act, 1867). The new addition stated that the federal government could enact laws pertaining to old age pensions along as the legislation did not affect laws administered in the provinces. One year later, courtesy the new powers granted under section 94A, the universal Old Age Security Program was put into place, but only for Canadians aged 70 and above."

Sample of Sources Used:

• Government of Alberta. (2007). Pension news. Pension. Retrieved June 26, 2007 from <http://www.finance.gov.ab.ca/business/pensions/index.html>
• Human Resources and Social Development Canada. (2006a). General information about the Canada Pension Plan. Service Canada: People serving people. Retrieved June 26, 2007 from <http://www.hrsdc.gc.ca/en/isp/cpp/cppinfo.shtml>
• Human Resources and Social Development Canada. (2006b). Old Age Security (OAS) Pension: Frequently asked questions. Service Canada: People serving people. Retrieved June 26, 2007 from <http://www1.servicecanada.gc.ca/en/isp/pub/oas/oas.shtml>
• Human Resources and Social Development Canada. (2006c). The third level: Private pension plans. Private pensions and savings. Retrieved June 26, 2007 from <http://www.hrsdc.gc.ca/en/isp/common/hrsdc/ris/privpension.shtml>
• Torjman, Sherri. (1966). The Canada Pension Plan Disability Benefit. Caledon Institute of Social Policy. Retrieved June 26, 2007 from <http://www.ocrt.gc.ca/dapdep/r012002/r012002-eng.pdf>

More papers on Canadian Retirement Pensions:

• Persuasive Essay # 102322 : "Canadian Retirement Pensions"
• Term Paper # 144236 : "Canadian Demographics"
• Analytical Essay # 130862 : "Canadian Pensions"

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