If you contribute to the Canada Pension Plan (CPP), you might be thinking you’ve set yourself up when it comes to retire. You may have maxed out payments and are looking forward to receiving Old Age Security (OAS) payments as well. But before you get ahead of yourself, the Canada Revenue Agency (CRA) has a harsh reality.
According to the CRA, CPP payments vary widely. It depends on both your work history and when you decide to take out benefits. For 2020, the maximum you can receive from CPP is $1,175.83. However, the average Canadians receive from CPP is almost […]
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