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"A Family Tradition for 128 Years" Calculating your CPP income One of the controversies surrounding the Canada Pension Plan (CPP) is the Increasing contribution rates. For 1995 a self- employed individual con- tributes 5.40 per cent of their pensionable income. By 2005 that will have in- creased to 7.85 per cent and to 10.10 per cent by 2016. These rate increases are an attempt to keep the plan financially sound as a large number of our popu- lation reach retirement. The question most often asked is: "Will the workers of the future be able to, or willing to, contribute to such levels?" For today's retirees, however, the CPP pro- vides the following three kinds of benefits: Disabili- ty Benefits, Retirement Pension, and Survivor Benefits. All of these bene- fits are indexed and a cost of living adjustment is made in January of each year. Each benefit is fully taxable. Disability Benefits: the CPP pays a monthly disability pension to indi- viduals who suffer long term disabilities. To quali- fy a person must have con- tributed to CPP for atleast two of the past three years or for five of the past 10 years. The maximum pay- Durham 4-H clubs in Beef Heifer shows § at Royal At the recent Knob Hill 4-H Junior Beef Heifer Show held at the Royal Ag- riculture Winter Fair, both Durham East 4-H Council and Durham West 4-H Association entered teams. In the conformation classes, Paula Pascoe, So- lina, showed the Reserve Champion Aberdeen An- gus Heifer. Bryan Holmes also representing the Dur- ham East 4-H Beef Club showed the first place Aberdeen Angus Heifer. Scott Nesbitt, Nestleton, another Durham East 4-H Beef member showed the Champion Charlois Heif- er. Other team members from Durham East were Lisa Nesbitt, J.J. Wordon, Jeremy Malcolm and Ja- son Malcolm. From the Durham West 4-H Beef Club, Eric Batty showed the Reserve Champion Simmental Heifer. In addition, Trevor Karkoulas, Troy Karkou- las and Eric Batty showed the Champion Group of Three Heifers. Other team members from Durham West were Danny Thomp- son, Mike Thompson, Jer- emy Cooper and Jordan McKay. ment available is $854.74 per month or $10,256 per year. Part of this payment 1s a flat rate. The other portion is a calculation based on the amount of and length of time you have contributed to the CPP. You cannot collect both a CPP retirement pension and a disability pension. However, you are able to collect a surviving spouse's pension and a dis- ability pension, at the same time up to a preset maximum. Dependent children of disabled contributors ualify for a maximum $161.57 per month. De- pendent children re those that are under 18 or be- tween 18 and 25 and at- tending school full time. Retirement Pension: the Retirement Pension is what first comes to mind when people hear Canada Pension Plan mentioned. The amount of pension re- ceived depends on how much and for how long you have contributed. The maximum monthly retire- ment benefit for 1995 is $713.19 per month or $8,558.28 per year. You can choose to start receiv- ing your pension any time between your 60th and 70th birthday. If you decide to receive it before the age of 65 your payment will be reduced by .5 per cent for every month before your 65th birthday. This works out to a 30 per cent reduction of benefits if you chose the earliest option. Converse- ly, choosing to delay re- ceiving it until after your 65th birthday means an increase of .5 per cent per month. You should apply for your pension six months prior to when you want it to begin. For those who are trying to do some planning you can request an estimate of your retire- ment pension by complet- ing an Estimate Request form available from the Income Security Pro- grams office. Survivor Benefits: the CPP Survivors Bene- fits include the death ben- efit paid to the deceased contributor's estate, the surviving spouse's pen- sion and the orphan's ben- efit. As with other CPP benefits the amount is de- termined by how much and how long you have paid into CPP. The 1995 maximum death benefit is $3,490. The surviving spouse's pension is based on the surviving spouse's age and .whether or not the spouse has a disability or is rais- ing dependent children. The maximum benefit for spouses over 65 is $427.91 per month and for those under 65, it is $392.24 per Turnto Page 24 ~\ ie SUNDERLAND CO-OPERATIVE Oakwood 705-953-9660 1-800-668-2626 Sunderland 705-357-3491 ' Zhornoeld Lge @ FC)UILINE HORSE FEED YEARLING BROODMARE MAINTENANCE PERFORMANCE All Equiline Horse Feeds are formulated with the finest quality Ingredients. Grain, Protein. Macro and Micro Minerals, Vitamins and Yeast Culture are all balanced for maximum digestability and enhanced feed utilization. Available as an extruded ration. pelleted ration and our traditional sweel feed ration Every bag of Equiline Horse Feed carries a "Best Before" date for guaranteed freshness. Contact your local SHUR-GAIN dealer for details. A special heartfelt Thank You to all our customers for making this year of serving you a real joy. y Uxbridge, Ontario 852-3355 ® 1H. GOODE & SON ¢ Jog LTD, PORT PERRY FEEDS LTD, 40 Vanedward Dr., Port Perry 985-7363 SPENCER'S FEED I . SERVICE LTD. Greenbank, Ontario 985-3371 we're pitching for your Business e Fertilizer © Seeds e |.awns ® Gardens ® Farms e Crop Protectants AKWOOD GROMART LTD. Taylor's Corner Rd., Oakwood (705) 953-9666 Season's Gree tings Owned & Operated by John Smith