Retirement
There are a number of options for retired Canadians. Many retired seniors in Canada get income through federal programs. Most programs have a minimum age limit, usually between 55 – 65.
Canadian Pension Plan:
The Canada Pension Plan (CPP) is a program for workers and their families. It provides a measure of protection to cover loss of income due to retirement, disability or death.
Anyone who works in Canada is required to pay into the CPP. This is done through deductions from your paycheck. The amount you pay is based on your salary.
You can apply for and receive a full CPP retirement pension at age 65. You may also start it as early as age 60 (with a reduction), or as late as age 70 (with an increase). Your CPP retirement pension does not start automatically. You must apply for it. For more information on how to apply, please click the link below:
Old Age Security
The Old Age Security (OAS) program is funded by the Government of Canada, which means that you do not pay into it directly.
The OAS pension is a monthly payment available to most Canadians 65 years of age who meet the Canadian legal status and residence requirements. Your employment history is not a factor in determining eligibility. To receive OAS you must:
- be 65 years old or older
- be a Canadian citizen or a legal resident at the time we approve your Old Age Security pension application, and
- have resided in Canada for at least 10 years after turning 18.
You must apply to receive OAS. For more information on how to apply, please click the link below:
Guaranteed Income Supplement
The Guaranteed Income Supplement (GIS) provides a monthly non-taxable benefit to Old Age Security (OAS) pension recipients who have a low income and are living in Canada.
You qualify for the GIS if you meet all of the following conditions:
- you are receiving an Old Age Security pension
- your annual income is lower than the maximum annual threshold.
For more information on how to apply, please click the link below:
International Benefits
As a newcomer, you may not qualify for some of these financial assistance programs. However, if you have lived and worked in a country that has an agreement with Canada and you paid into the social security plan of that country, you may qualify for International Benefits.
For more information about International Benefits, please click the link below:
Registered Retirement Savings Plan
A Registered Retirement Savings Plan (RRSP) is a government-regulated savings account with special tax benefits to help you maximize your retirement savings. You place your own money into the account to be used when you retire. Most banks in Canada offer RRSP account.