Updated:
Glossary term
CPP — Canada Pension Plan
Canada Pension Plan — contributory pension. Employee + employer each pay 5.95% of earned income up to YMPE $73,200 (2026). Self-employed pay both sides (11.9%). Max benefit at age-65 retirement: ~$1,433/mo (requires 40+ years of max contributions).
Related terms
RRIF
Registered Retirement Income Fund — conversion of RRSP to a retirement income vehicle. Must be done by end of…
LIF
Life Income Fund — locked-in RRIF converted from locked-in pension funds (LIRA). Has minimum AND maximum annu…
T1135
Foreign Income Verification Statement — CRA reporting requirement if your combined foreign assets exceed $100…
NoA fields
Key NoA fields to review: RRSP Deduction Limit (next year), Unused TFSA Contribution Room, HBP Repayments Out…
Locked-in Pension
Locked-in Retirement Account (LIRA) — created when transferring from an employer DB/DC pension plan. Cannot w…
RDSP
Registered Disability Savings Plan — tax-deferred account for people with Disability Tax Credit (DTC). Govern…
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