Core Curriculum Chapter 4 Flashcards
GOVERNMENT BENEFITS - What is the Canada Pension Plan (CPP)?
A contributory pension providing retirement, disability, and survivor benefits. Contributions are mandatory for employees and self-employed individuals.
CPP - What is the purpose of CPP Enhancement?
To gradually increase contributions and benefits from 2019 to 2025, improving retirement security for Canadians.
CPP - How does early and late retirement affect CPP benefits?
Early retirement before 65 reduces benefits by 0.6% per month, while deferring CPP up to 70 increases benefits by 0.7% per month.
CPP - Who is eligible for survivor benefits under CPP?
Spouses, common-law partners, and children of a deceased CPP contributor may qualify for survivor benefits.
CPP - What is the Post-Retirement Benefit (PRB)?
An additional benefit for CPP recipients who continue to work and contribute to CPP after retirement.
OAS - What is Old Age Security (OAS)?
A government-funded pension for residents aged 65 and older, indexed to inflation.
OAS - What is the Guaranteed Income Supplement (GIS)?
An additional financial aid program for low-income seniors receiving OAS.
OAS - What is The Allowance?
A benefit for low-income individuals aged 60-64 whose spouse is receiving OAS and GIS.
EMPLOYMENT INSURANCE - What does Employment Insurance (EI) cover?
Provides income replacement for unemployed individuals due to job loss, illness, maternity/parental leave, or caregiver responsibilities.
WORKER’S COMPENSATION - What is Worker’s Compensation?
Provincial programs that compensate employees for work-related injuries and illnesses.
HEALTHCARE - What is the Canada Health Act?
The legislation ensuring publicly funded healthcare services across provinces.
DISABILITY SUPPORT - What do provincial disability support programs provide?
Financial assistance to individuals with disabilities, typically $1,000-$1,500 per month.
SENIOR SUPPORT - What benefits are available for seniors?
Health care subsidies, income supplements, and transit discounts, varying by province.
VETERANS BENEFITS - What benefits do Veterans Affairs Canada provide?
Tax-free benefits covering healthcare, financial support, and home maintenance for veterans.
SOCIAL ASSISTANCE - Who is eligible for social assistance?
Low-income individuals, with benefits varying by province, typically $400-$700 per month.
CANADA CHILD BENEFIT - What is the Canada Child Benefit (CCB)?
A monthly tax-free payment to eligible parents based on their income to support child-rearing costs.
TAX CREDITS - What are refundable tax credits?
Government payments targeting low-income individuals, seniors, and disabled persons to supplement income.
