10.2.1 Public income programs

From: Financial Consumer Agency of Canada

Almost all of today's seniors receive income from Canada's public pensions: the Canada Pension Plan (CPP) or the Quebec Pension Plan (QPP), and Old Age Security (OAS). Together, the CPP/QPP and OAS provide a modest base upon which Canadians can build their retirement income.

The CPP operates throughout Canada, except in Quebec. The Province of Quebec administers the QPP for workers in Quebec. The two plans work together to ensure that all contributors are protected, no matter where they live.

Did you know?

  • 71 percent of Canadians plan to rely on government pensions as a source of income in retirement.
  • 50 percent expect to have pension income from an employer.
  • 44 percent plan to rely on income from their own or their household's investments and/or cashing in their investments, 32 percent have savings other than investments and 20 percent plan to use the value invested in their home.
  • 39 percent plan to work part-time or occasionally as a source of income in retirement.
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