DEFINITION of 'Provincial Parental Insurance Plan - PPIP'

A Canadian tax deduction relating to taxes that are paid or payable on regular or self-employed income. The Provincial Parental Insurance Plan (PPIP) gives maternity, paternity, parental and adoption benefits to qualified persons. This aid is to support and encourage parents staying home with their children for the first year of the child's life.

BREAKING DOWN 'Provincial Parental Insurance Plan - PPIP'

The province of Quebec has a different plan called the Quebec Parental Insurance Plan (QPIP). The plan is in place for the same reasons, but has differing rules, regulations and tax implications.

RELATED TERMS
  1. Child Support

    Child support is monthly payments made by the non-custodial parent ...
  2. Stock Savings Plan

    A plan where residents of some Canadian provinces receive provincial ...
  3. Child And Dependent Care Credit

    Child and dependent care credit is a non-refundable tax credit ...
  4. Multiple Support Agreement

    A multiple support agreement identifies the taxpayer eligible ...
  5. Child Tax Credit

    The child tax credit is a credit given to taxpayers for each ...
  6. Adoption Credit

    An adoption credit is a federal tax credit that may be claimed ...
Related Articles
  1. Retirement

    How Children Can Help Parents With Retirement

    Sometimes the elderly lose their cognitive skills, that's when it may be time for their children to step in and assist with retirement planning.
  2. Personal Finance

    Financial Planning for Expectant Parents

    With proper planning an expectant couple can be more prepared for this life-changing experience.
  3. Managing Wealth

    A quick guide to buying a home for your child

    Learn about the common pitfalls around buying a home for your child. It's a generous gift, but there are somethings you should know.
  4. Managing Wealth

    How To Parent Your Aging Parents

    For sandwich generation, planning ahead is key to good elder care.
  5. Financial Advisor

    Advice for Family Wealth Transfers

    Communication and planning are important when transferring parents' wealth to the next generation and making sure they are cared for properly in old age.
  6. Personal Finance

    Budgeting As A Single Parent

    Here are some tips to help single parents raise their kids on a more comfortable budget.
  7. Retirement

    Tips for Helping an Aging Parent

    Many Millennials and Gen Xers find themselves unexpectedly caring for their aging parents.
  8. Retirement

    Are You Prepared for Your Parents’ Retirement?

    Dealing with your parents' retirement will be easier if you have a plan ahead of time.
  9. Managing Wealth

    How Parents Can Help Adult Children Buy a Home

    Owning a home isn't easy thanks to stringent lending standards. Thankfully, there's ways parents can help their kids buy a home.
  10. Retirement

    Social Security Benefits for Dependents

    A child may be eligible to receive part of a parent's Social Security benefits in three ways.
RELATED FAQS
  1. What is the difference between a subsidiary and a sister company?

    Discover the differences between subsidiary companies and sister companies, and understand how both are related to parent ... Read Answer >>
Trading Center