Canadian Pensions Programs
3 programs available
Retirement income programs including the Canada Pension Plan (CPP), Old Age Security (OAS), and the Guaranteed Income Supplement (GIS). These programs provide monthly payments to eligible Canadians in retirement.
Canada Pension Plan (CPP) - Retirement Pension
The Canada Pension Plan retirement pension is a monthly, taxable benefit that replaces part of your income when you retire. You must have made at least one valid contribution to the CPP to qualify. The standard age to begin receiving the pension is 65, but you can take a permanently reduced pension as early as age 60, or a permanently increased pension if you delay until after 65, up to age 70.
Old Age Security (OAS) Pension
The Old Age Security pension is a monthly payment available to seniors aged 65 and older who meet Canadian legal status and residence requirements. You do not need to have worked or contributed to OAS to be eligible. The amount you receive depends on how long you have lived in Canada after age 18. A full OAS pension requires 40 years of Canadian residence; a partial pension is available with at least 10 years. Benefits increase by 10% automatically when you turn 75.
Guaranteed Income Supplement (GIS)
The Guaranteed Income Supplement provides a monthly non-taxable benefit to Old Age Security pension recipients who have a low income and are living in Canada. The amount depends on your marital status and income. Single, divorced, or widowed pensioners can receive a higher maximum amount than those with a spouse or common-law partner. GIS must be renewed annually, and eligibility is reassessed based on the previous year's income tax return.
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