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Canada is one of the best places to live as a retiree. With several pension programs like the Canada Pension Plan (CPP) in place, older Canadian adults can trust in the government to ensure that they can earn some income, even after they stop working.
The CPP is not a publicly funded pension. It is a pension plan funded by the working population in the country and their employers. CPP is a mandatory retirement savings program in which everyone must contribute a portion of their paycheck until they retire.
When you retire, you can start collecting the CPP. The monthly CPP amount you receive depends on how long and how much you contribute to the pension fund before retiring. The government agency has introduced certain enhancements to CPP in recent years to provide better retirement income for Canadian retirees.