DCHP-3

Quebec Pension Plan

DCHP-2 (Jun 2016)

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QPP

n. — Quebec, Administration

a mandatory pension contribution system for workers in Quebec.

Type: 1. Origin — Established in 1966 as a counterpart to the Canada Pension Plan, the Quebec Pension Plan requires contributions from both employee and employer. The QPP and CPP are almost identical, though minor differences exist (see Canadian Encyclopedia reference). A similar case is that of the 1991 federal GST and its Quebec near-equivalent QST. Both cases give a sense of the administrative differences between the province of Quebec and the Rest of Canada.

Quotations

1963
Kierans Lauds Quebec Pension Plan Quebec Revenue Minister Eric Kierans declared here last night that pension funds as envisaged in the Provincial Government's plan, "will add a new dimension not only to our saving, but to our investment potential."
1965
Commencing on January 1st, 1966, every employee or self-employed person age 18 or over and less than 70 will contribute to the Quebec Pension Plan. Under the law, the Provincial Department of Revenue is in charge of collecting contributions and remitting them to the Quebec Pension Board.
1978
It also calls for a substantial increase in survivor benefit rates under CPP and QPP.
1983
Quebec, which administers its own Quebec Pension Plan, is not involved in CPP amendments, although CPP changes are usually matched, or in some cases originated, by the QPP.
1988
Will Canada be able then to afford old age security and CPP or QPP payments to senior citizens?
1995
In contrast, CPP and QPP levies on employers have remained relatively stable since their introduction in 1966, a somewhat surprising finding in light of recent scare stories about the threat of soaring premiums for the public pension system.
2000
The Caisse manages the Quebec Pension Plan contributions of 3.25 million Quebecers channelled through the Regie des Rentes du Quebec. At the end of 1998, those QPP funds totalled $15.8 billion, or 23.1 per cent of the Caisse's net assets.
2007
Flaherty's inaugural 2006 budget included a novel plan to dump some of Canada's annual budgetary surpluses into the CPP and into its Quebec equivalent, the QPP, to help eliminate huge unfunded liabilities.
2015
Old Age Security, available at age 65, pays a maximum of $570 a month to someone who has lived in Canada for at least 40 years after age 18. The Quebec Pension Plan pays up to $1,065 a month at age 65 to someone who has made maximum contributions over his or her working life, less if they choose to start receiving it as early as age 60.

References