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In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too. When to apply for CPP? When do the payments go out? And, of course, are CPP payments taxable? We cover this and more below. But first, here’s a quick overview of how the CPP works.
About the Canada Pension Plan (CPP)
The Canada Pension Plan is a retirement pension that offers replacement income once a person retires from working life. The CPP is a social insurance plan, and it’s one “pillar” of the retirement income system for Canadians—the other three are Old Age Security (OAS), the Guaranteed Income Supplement (GIS) and personal savings. The CPP is funded by contributions from workers, employers and self-employed individuals. It’s not paid for by the government, despite what many Canadians may think…
Your ID was stolen, here’s what to expect
– moneysense.ca
Your identity was stolen—what does that mean, and how might it impact you in the future? It’s a frustrating situation to be in, and you may have concerns about protecting your credit rating and preventing scammers from using your identity to commit fraud.
Unfortunately, identity theft is on the rise in Canada. In 2023, over 11,000 cases of ID fraud were reported to the Canadian Anti-Fraud Centre (CAFC). Fraud crimes are vastly underreported, so the total is likely much higher.
Identity theft is no longer just someone combing through your paper mail for personal information. That still happens, but what’s more likely now is that your information is being stolen online through hacking or a phishing scam, where you are unknowingly giving a scammer personal information. Here’s what you need to know—plus how to prevent further ID theft.
What is identity theft?
Identity theft is when criminals steal your personal or financial information, like your social insurance number (SIN), credit card number or bank account information, and use it to open new credit cards, apply for government benefits, make purchases, or access your bank accounts and steal funds…
