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The body is an independent quasi-judicial board that is mandated to hear appeals of decisions made in regards to CPP, OAS, and EI by Employment and Social Development Canada (ESDC), Service Canada and the Canada Employment Insurance Commission. [1] Decisions are made by a single maker called a "tribunal member."
As noted in the 27th Actuarial Report on the Canada Pension Plan, if one uses the "closed group approach", the plan has an enormous unfunded liability. As of December 31, 2015, the CPP's unfunded liability was $884 billion, which is the difference between its liabilities ($1.169 trillion) and its assets ($285 billion). [16]
Old Age Security (OAS) is a monthly payment available to Canadians aged 65 or older who meet certain residency requirements. The amount of OAS payment depends on how long the applicant has lived in Canada after the age of 18, whether or not they require financial assistance (being automatically reduced to zero above specified income thresholds).
Service Canada is the program operated by Employment and Social Development Canada to serve as a single-point of access for the Government of Canada's largest and most heavily used programs, such as the social insurance number, the Employment Insurance program, the Old Age Security program and the Canada Pension Plan. [1]
The department delivers a number of federal government programs and services including Employment Insurance (EI), Service Canada centres, Canada Student Loan Program (CSLP), Canada Pension Plan (CPP), issuing social insurance numbers (SIN) and the federal Labour Program among other things.
Here's what to know about the recently signed Social Security Fairness Act, including who it will benefit.
Old Age Security (OAS) is a monthly payment available to qualifying citizens and permanent residents of Canada who are 65 years old and older. Authorized by Section 94A of the Constitution Act of 1867, [ 1 ] the program is defined by the Old Age Security Act (R.S.C., 1985, c. O-9). [ 2 ]
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