+ Upon completion of this chapter, you should be able to explain: +
+++++
+- +
++ The requirements and calculations for Canada Pension Plan contributions +
+- +
++ The requirements and calculations for Employment Insurance premiums +
+- +
++ What Service Canada uses the information on a Record of Employment for +
+
This chapter will cover the following topics:
@@ -2630,6 +2661,69 @@ morning at 10:00 to discuss? ¶ ++ Objective of this section is to enable you to identify the following Canada Pension Plan components: +
++++++
+- +
++ Who must contribute to the Canada Pension Plan +
+- +
++ Types of employment subject to Canada Pension Plan contributions +
+- +
++ Types of employment not subject to Canada Pension Plan contributions +
+- +
++ Payments and benefits subject to Canada Pension Plan contributions +
+- +
++ Payments and benefits not subject to Canada Pension Plan contributions +
+- +
++ Calculate Canada Pension Plan contributions at an individual level +
+
+ The + + Canada Pension Plan + + (CPP) is a federally legislated social insurance program established under the Canada Pension Plan +Act. Its primary purpose is to provide financial protection to contributors and their families in the event of retirement, +disability, or death. The program is funded through mandatory payroll deductions from employees, which are matched equally by +employers. These employee contributions are specifically referred to as Canada Pension Plan contributions. +
++ In addition to the CPP, employers may offer private or non-government pension plans, which may also involve payroll +deductions from employees. The specific payroll withholding requirements for these supplementary pension plans will be discussed +in more detail in the later chapters; it is important to note that the CPP is often one of multiple retirement savings +vehicles available within an organization’s compensation structure. +
++ Objective of this section is to enable you to identify the following Employment Insurance components: +
+++++
+- +
++ Who must pay Employment Insurance premiums +
+- +
++ Types of employment subject to Employment Insurance premiums +
+- +
++ Types of employment not subject to Employment Insurance premiums +
+- +
++ Payments and benefits subject to Employment Insurance premiums +
+- +
++ Payments and benefits not subject to Employment Insurance premiums +
+- +
++ Calculate Employment Insurance premiums at an individual level +
+