CPP Post-Retirement Benefits Contributions
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Evaluation
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Determine
To ascertain / to come to a decision, such as by investigation or reasoning
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Additional Knowledge Expected of CFP Professionals
- Identify the CPP Retirement Benefit contributory period.1
- Mandatory
- Voluntary
- Define the Maximum Yearly Maximum Pensionable Earnings (YMPE).
- Define the Yearly Basic Exemption (YBE).
- Explain criteria for determining the amount of CPP contributions required towards earning a CPP Post-Retirement Benefit.2
- Identify the CPP contribution rates required towards earning a CPP Post-Retirement Benefit.3
- For employed individuals
- For self-employed individuals
- Explain the income on which CPP contributions are payable towards earning a CPP Post-Retirement Benefit.4
- For employed individuals.
- For self-employed individuals
- Calculate the amount of CPP contributions payable towards earning a CPP Post-Retirement Benefit.
- For employed individuals
- For self-employed individuals
- Explain the tax treatment of CPP contributions towards earning a CPP Post-Retirement Benefit.
- For employed individuals
- For self-employed individuals
- Determine how each of these factors may impact the decision to contribute toward CPP Post-Retirement Benefits between age 65 and 70.
- Income requirements
- Stability of income
- Life expectancy
- Tax impact
- Individual attitudes
- Evaluate how each of the factors may impact the decision to contribute toward CPP Post-Retirement Benefits between age 65 and 70.
- Identify that the Quebec Pension Plan (QPP) retirement pension supplement is based on contributions to the QPP program.
REFERENCES
1 https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-post-retirement/eligibility.html
2 https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-post-retirement/eligibility.html
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