Final answer:
The Canada Revenue Agency is responsible for the collection and management of Canada Pension Plan contributions and employment insurance premiums, ensuring that employers and employees comply with their financial obligations.
Step-by-step explanation:
Under the Canada Pension Plan Act (CPP) and the Employment Insurance Act, the responsibility of the Canada Revenue Agency (CRA) is to oversee the collection of contributions for pensions and employment insurance. Employers in Canada are required to deduct CPP contributions and employment insurance premiums from their employees' paychecks and remit them to the CRA. The CRA then manages and enforces the contribution process to ensure that both employers and employees fulfill their financial obligations according to the legislation.
While the provided information about pension insurance in the United States, such as contributions to the Pension Benefit Guarantee Corporation, and other insurance mechanisms such as deposit insurance and workman's compensation, is informative, it does not pertain directly to the CRA's role in Canada. The CRA is involved in similar functions in Canada, but under different regulatory frameworks and with different organizations like the CPP for pension plans.