Mark Machin is president and CEO of the Canada Pension Plan Investment Board. November is financial literacy month, so what better time to debunk five common myths many Canadians have about retirement savings and pension contributions from the organization that invests the Canada Pension Plan (CPP) Fund on behalf of 20 million Canadians. While the CPP was determined to be unsustainable more than two decades ago, legislators made changes, including forming CPP Investment Board (CPPIB) to help fix that. Myth No.3Your CPP contributions can be used by the government for purposes other than the CPP. FactThe money you pay into CPP can only be used to fund the CPP and pay pension benefits.

Source: The Star November 04, 2019 09:56 UTC