The Canadian Pension Plan – Disability (QPP in Quebec) is only available to those that paid into it. When employed, it is typically deducted from your paycheck and remitted by your employer. Other benefits under this plan include the children’s benefit (for dependent children whose parents receive the Canada Protection Plan) and Canada Protection Planpost-retirement disability benefits (provided for those that no longer receive disability because they were getting it for more than 15 months). Canada Protection Plan-disability payments average $971.23/month. As of 2018 the cap was set at $1,362.30/month. To calculate your benefit, use this formula: $496.36 + additional benefit income x .75.
Our Publications related to Disability Insurance
Life, Disability and Critical Illness Insurance: Do Men or Women Pay More?
Introduction There were many articles written about men paying more for car insurance than women, but what about other insurance types? Do women always benefit from lower insurance rates? We took on this question and systematically went through various life insurance, disability insurance, and critical illness insurance by consulting with professionals who had the answers. […]
Introducing a New Tool to Find Out What Issues Canadian Face with Their Insurers
The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest Canadian review platform with thousands of […]
Disability Insurance in Canada – Explaining 7 Main Types
Disability-related stats that are important to know Accidents are unavoidable. On top of dealing with pain and possible physical or mental limitations, a disability can also result in financial difficulties because your ability to earn an income may be impacted too. Here are some sobering statistics: According to Statistics Canada, 20% of Canadians aged […]
Disability Insurance: 45 Ideas to Reduce Your Rate
Disability Insurance (also known as a DI policy) is one of the lesser known insurance types. Many Canadians are knowledgeable about life insurance, but, in most cases, it is disability insurance that is more likely to be used. DI can be costly, so we collected all the known ways to save on disability insurance; our […]
111 Insurance Myths – Everything You Must Know
Hundreds of websites on the Internet perpetuate insurance myths. In this article, we have summarized all the insurance myths we are aware of and catalogued them by type, starting with home insurance, followed by auto insurance, life Insurance etc. If interested, you can unlock another 20 additional insurance myths at the end of our article. […]