Asked by stanley kimutai on Jul 09, 2024

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Canadian employees may retire at age 45 and begin drawing a reduced pension from CPP/QPP and other sources such as RRSPs.

CPP/QPP

Refers to Canada Pension Plan/Quebec Pension Plan, which are public pension plans in Canada designed to provide income for workers upon retirement.

RRSPs

Registered Retirement Savings Plans, a type of financial account in Canada for holding savings and investment assets to support retirement.

Reduced Pension

A retirement plan that provides beneficiaries with lower benefits than originally anticipated or agreed upon.

  • Understand retirement planning and pension options available in Canada.
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SC
Skylar CrossJul 12, 2024
Final Answer :
False
Explanation :
The standard age to begin drawing a pension from the Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) is 60, not 45, and it comes with a reduction for early retirement. RRSPs can technically be accessed at any age, but there are tax implications to consider.