What are the statutory pension benefits in Canada?

In Canada, statutory pension benefits are provided through the national pension system, which consists of the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP). The CPP applies to residents outside of Quebec, while the QPP is specifically for residents of Quebec.

As the employer of record, Velocity Global Canada is responsible for paying into these plans. Customers contribute to these plans through social security contributions. Both the supported employee and the employer have an annual maximum contribution amount. Regular payroll withholdings are collected by Velocity Global Canada to ensure that supported employees contribute their portion of the social contribution. Once these maximum contributions are reached within a year, both parties stop contributions until January 1 of the following year.