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6 Big Canada Pension Plan changes arrived in 2012 January 30, 2012
Last week in a speech in Davos, Switzerland, Prime Minister Stephen Harper lit a political powder keg when he hinted at possible changes to Old Age Security benefits. He was quick to point out that the Canada Pension Plan is "fully funded, actuarially sound and does not need to be changed," but a close look at the plan shows some alterations to the CPP are already underway.
The rules governing the Canada Pension Plan are updated regularly, but most years the changes are limited to simple increases to benefit payments and premiums. Not this year.
Ottawa is bringing in a raft of new or tweaked policies to reflect that retirement these days is more of a gradual transition for many people rather than a single event. Many of these changes either begin in 2012 or are entering the next phase-in period, and they'll have a direct impact on the retirement plans of Canadians.
In some cases, the changes are big enough that people nearing retirement may want to have a chat with a financial adviser before deciding exactly when to apply for a CPP retirement pension.
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