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76 lines
3.6 KiB
ReStructuredText
76 lines
3.6 KiB
ReStructuredText
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CANADA PENSION PLAN AND EMPLOYMENT INSURANCE
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**Learning Objectives**
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Upon completion of this chapter, you should be able to explain:
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1. The requirements and calculations for Canada Pension Plan contributions
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2. The requirements and calculations for Employment Insurance premiums
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3. What Service Canada uses the information on a Record of Employment for
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This chapter will cover the following topics:
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1. Identify the following Canada Pension Plan components:
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- Who must contribute to the Canada Pension Plan
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- Types of employment subject to Canada Pension Plan contributions
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- Types of employment not subject to Canada Pension Plan contributions
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- Payments and benefits subject to Canada Pension Plan contributions
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- Payments and benefits not subject to Canada Pension Plan contributions
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2. Calculate Canada Pension Plan contributions at an individual level
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3. Identify the following Employment Insurance components:
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- Who must pay Employment Insurance premiums
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- Types of employment subject to Employment Insurance premiums
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- Types of employment not subject to Employment Insurance premiums
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- Payments and benefits subject to Employment Insurance premiums
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- Payments and benefits not subject to Employment Insurance premiums
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4. Calculate Employment Insurance premiums at an individual level
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5. Describe the purpose of a Record of Employment
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6. Identify when the Record of Employment must be completed
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Canada Pension Plan
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-------------------
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Objective of this section is to enable you to identify the following Canada Pension Plan components:
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- Who must contribute to the Canada Pension Plan
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- Types of employment subject to Canada Pension Plan contributions
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- Types of employment not subject to Canada Pension Plan contributions
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- Payments and benefits subject to Canada Pension Plan contributions
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- Payments and benefits not subject to Canada Pension Plan contributions
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- Calculate Canada Pension Plan contributions at an individual level
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Canada Pension Plan
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~~~~~~~~~~~~~~~~~~~
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The **Canada Pension Plan** (CPP) is a federally legislated social insurance program established under the Canada Pension Plan
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Act. Its primary purpose is to provide financial protection to contributors and their families in the event of retirement,
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disability, or death. The program is funded through mandatory payroll deductions from employees, which are matched equally by
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employers. These employee contributions are specifically referred to as Canada Pension Plan contributions.
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In addition to the CPP, employers may offer private or non-government pension plans, which may also involve payroll
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deductions from employees. The specific payroll withholding requirements for these supplementary pension plans will be discussed
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in more detail in the later chapters; it is important to note that the CPP is often one of multiple retirement savings
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vehicles available within an organization's compensation structure.
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Employment Insurance
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--------------------
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Objective of this section is to enable you to identify the following Employment Insurance components:
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- Who must pay Employment Insurance premiums
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- Types of employment subject to Employment Insurance premiums
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- Types of employment not subject to Employment Insurance premiums
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- Payments and benefits subject to Employment Insurance premiums
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- Payments and benefits not subject to Employment Insurance premiums
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- Calculate Employment Insurance premiums at an individual level
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Record of Employment
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