knowledge topics
CPP Retirement Pension Benefits
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- Explain how each of the factors may impact the amount of a CPP Retirement Pension.1
- Age at which it is commenced
- Length of contributions
- Amount of contributions
- General drop out provision
- Child rearing provision
- Credit splitting on relationship breakdown
- Credit sharing
- Inflation
- Evaluate how each of the factors may impact the amount of a CPP Retirement Pension.
- Identify the current annual maximum CPP Retirement Pension that may be received.1
- Estimate a CPP Retirement Pension.
- Interpret a Statement of Contributions for the Canada Pension Plan.2
- Explain the impact of advancing or deferring the CPP Retirement Pension.1
- Calculate the impact of advancing or deferring the CPP Retirement Pension.1
- Explain the tax treatment of receiving CPP Retirement Pension income.
- Explain how each of the factors may impact the decision of when to commence receiving the CPP Retirement Pension, such as:
- Income requirements
- Stability of income
- Life expectancy
- CPP disability benefit eligibility
- Tax impact
- Individual attitudes
- Potential for survivor benefits
- Evaluate how each of the factors may impact the decision of when to commence receiving the CPP Retirement Pension.
- Define CPP Retirement Pension credit splitting.3
- Explain eligibility criteria for CPP Retirement Pension credit splitting.3
- Explain the credits that may be eligible for CPP Retirement Pension credit splitting.
- Define CPP Retirement Pension pension sharing.4
- Explain eligibility criteria for CPP Retirement Pension pension sharing.4
- Explain when CPP Retirement Pension pension sharing commences.
- Explain when CPP Retirement Pension pension sharing ceases.
- Estimate the CPP Retirement Pensions receivable under pension sharing.
- Explain the tax impact of sharing CPP Retirement Pensions.
- Estimate the tax impact of sharing CPP Retirement Pensions.
- Identify that contributions to and benefits under the QPP Retirement Pension program have a similar tax treatment to contributions to and benefits under the CPP Retirement Pension program.
Glossary of Verbs (mouse over to see definition)
-
Define
To state exactly the meaning of
-
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
-
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
-
Compare
To note the similarities and differences between two or more things
-
Estimate
To determine an approximate value for
-
Calculate
To find the value using mathematics
-
Convert
To change from one form or purpose to another
-
Evaluate
To reach a conclusion or make a judgement through careful study
-
Interpret
To give the meaning of / to construe or understand / to translate orally
Read more about the Taxonomy used in the FP-BoK
previous / CPP Retirement Pension Contributions