Canadian pension?

if i start working in canada at age 24(i'm canadian citizen) how much do i have to make to recieve the maximum amount of pension and any other retirment income
1-how much is the max
2-does it increase and decrease
3-how do i apply and pay for it
3-if i move to another country will the send my money there
4-what is the amount i have to pay for the max
5-can i recieve even more money from another retirment fund and is there any
i tried to look at the website and other place but these questions i just couldn't figure out plz ans thanks

Don't listen to Webmailz. In fact the CPP is very healthy and has been gaining of late 6~10% returns each year. CPP isn't a voluntary program though. It is mandatory and the contributions are set to give payouts that will only help support your retirement, but not to fund it entirely.

1- The maximum and only contributable amount is 4.95% of your wage automatically deducted up until $44,900. Anything over, no more is taken off your pay cheque. Also, your employer matches the contributions. I guess though the way to maximize your payout would be when you start collecting. You can start collecting from 55 to 71 years old. I guess technically if you retire at 71, you receive the most as you would have saved up more overtime.

2- The contribution amount has been increasing lately with the lowering of Employment Insurance. Canadian Pension Payments are based on Consumer Price Index so it will payout with inflation. Will increase over time.

3- You don't apply. It is automatic and every Canadian over 18 must pay it unless it is income that Pension does not apply to. If you have a Social Insurance Number, your plan is already set as soon as you start work.

4- Yes. You will be paid. In that case, you would have to contact Canada Revenue Agency www.cra.gc.ca.

5- The amount you pay to get max is basically as long as you earn $44,900 in a year. You can't set your own contributions.

6- Yes. You are allowed to invest with any other pension or retirement fund. You would basically set up an RRSP or savings plan with a bank or investment company. CPP is basically a small manadatory contribution that every Canadian must take a part of. If you want to contribute to a government pension plan set up, I suggest www.saskpension.com Saskatchewan Pension Plan. You do not have to be a citizen of Saskatchewan to participate and it is income tax deductible. You set it up and contribute any amount up to $600 each year. Also look out for employer sponsored savings and investment programs. Often these programs come with employer contributed investments and these give freedom for you to choose how much to invest.

Hope that helps. Going to Canada Revenue Agency website http://www.cra.gc.ca will help for any other questions.

By the time you retire the Canada Pension Plan will no longer be around. It's in debt and broke right now. Young working people today are funding the pension payments of the retirees right now. If I were you I would not rely on any government programs to fund your retirement. It's too bad they force you to make payments on something you will never get.