The Canada Pension Plan - What's in it for you?
During 2003-2004, almost 1,300 young people under 30 received disability benefits totaling $10.2 million.
During 2003-2004, the Canada Pension Plan paid out over $463 million in children's benefits to 176,000 young Canadians up to the age of 25.
Protection
The Canada Pension Plan (CPP) provides you or your dependents with basic financial protection if you become disabled or die. It also provides you with a stable and dependable pension you can build on for retirement. To collect the benefits you must meet certain requirements, such as age and years of contributions.
There are three kinds of benefits:
Disability benefits - income for you and your dependent children if you become severely disabled.
Survivor benefits - income for your surviving spouse or common-law partner (including opposite or same-sex partners) and dependent children if you die.
Retirement pension - income you receive from the Government of Canada as early as age 60.
Children of disabled contributors and children of survivors
If you're a full-time student between the ages of 18 and 25, and one of your parents dies or starts receiving a CPP disability benefit, you can get benefits too. To qualify, your parent must have contributed to the CPP for a minimum number of years. For more details, contact Social Development Canada.
