Final answer:
Employees over 70 are still subject to CPP contributions until they stop working or choose to stop contributing as of the year they turn 70. This contribution supports various benefits like retirement, disability, and survivor benefits.
Step-by-step explanation:
Employees who are 70 years old or older are still subject to the Canada Pension Plan (CPP) contributions until they stop working or elect to stop making contributions as of the year they turn 70. This means that both employees and their employers must continue to make CPP contributions, which fund retirement, disability, and survivor benefits.
Understanding the CPP and retirement is crucial as it affects financial planning and decision-making for older workers. It has been observed that a significant percentage of U.S. workers believe they will continue working past retirement age. This shows a trend that may also be reflected in Canada, potentially due to economic necessity or a preference to stay active in the workforce.