Once a person is retired, his basic source of income is the pension provided by the governmental agencies. In Quebec, to assure that all their citizens will have a secure life after retirement they passed the Act to amend the Act respecting the Quebec Pension Plan and other legislative provisions.
After the passage of the act in 2011, the Quebec pension plan was introduced according to which every citizen with an income more than $3500 will have to participate in this act. The pension plan will provide protection in case of death, disability and retirement to the person and its family. Here we have everything you need to know about the Quebec Pensions at reverse mortgages Quebec.
Contributions
The workers and employers of Quebec fund the pension plan. Revenue Quebec collects the contributions and they are administered by Caisse de depot et placement du Quebec.
The contributions rate of the pension is increasing every year and it has reached to 10.8% in 2017. The person has to contribute to his pension with the earning from his employment. You will have to pay if you have a basic exemption of $3500 and $55,300 as you maximum earning.
Financial protection offered by Quebec pensions
Here are some of the benefits a person can have with the pension he receives.
• After retirement, retirement pension supplement, and retirement pension
• Retirement due to disability will make you eligible for a disability pension, if you have already retired you might receive an additional amount. Some organizations will provide a pension for your child.
• In the event of death, the surviving spouse will receive the pension and death benefits. Orphan’s pension is available.
For Quebeckers working abroad
If you are working abroad you and your family will be entitled to the pension plan of that country. You will have to meet the following conditions to get the pension in Quebec.
• You should be a resident of Quebec
• You have to work for the country who has signed the social security agreement with Quebec
You can obtain the certificate of coverage from the governmental authorities.
The retirement pension
If you contribute to the pension you will receive a basic income under the retirement pension once you have retired. The average retirement age in Quebec is 60 years.
At age 65
You can be eligible for the Old Age Security pension that is paid by the federal government. You can contribute and receive this pension by other sources of your income as well. Your amount of pension will be calculated on the basis of your income and a number of contributions that you have made in this process. The more you will contribute the better pension you will have.
Event separations
Most of the time the couples have the pension recorded under both their names. Now in case that they have separated due to any personal reasons, they will receive the equal amount of pension after the partition. The new amount they will add to the record will be used to provide them the pension benefits. For additional points of interest simply visit Retiring in Quebec .
Source
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by Faizan via Reverse Mortgage Pros
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