This Agreement will enable Canada and India to coordinate pension benefits and contributions for people who have lived or worked in both countries. The Agreement will coordinate the operation of Canada’s Old Age Security and Canada Pension Plan programs with certain comparable pension programs of India.
This Agreement also facilitates increased commercial and economic co-operation between the two countries.
This new agreement will benefit Canada and India by:
* helping eligible individuals with periods of coverage under the Employees’ Pension Scheme of India and under Canada’s Old Age Security or Canada Pension Plan programs to qualify for old age, disability and survivor benefits based on their affiliation with each country’s pension system;
* permitting Canadian companies and their employees sent to work temporarily in India to continue to contribute to the Canada Pension Plan and to be exempt from contributing to certain comparable pension programs in India for the same work; and
* allowing Indian companies and their employees sent to work temporarily in Canada to benefit from the same advantages. This will result in substantial savings and increase the economic competitiveness of Canadian and Indian companies operating in each other’s territory.
Poilievre said: “Our Government is committed to ensuring the retirement security of Canadians whether they have lived or worked in Canada or abroad. This Agreement demonstrates the continued spirit of partnership and collaboration between our two countries and recognizes the valuable contribution of Indo-Canadians in making Canada stronger.”