You think it is bad now.....wait til Poilievre gets in and starts BALANCING the budget with the dirt poor and the old peoples money. Budgets are balanced on the backs of the poor and defenseless by the PC's...... ALWAYS.
Tell me ONE item in the grocery store that went up 2.7%....MY GOD everything has gone up at least 50%...some items have doubled. WHAT A BUNCH OF CROOKS
Worked 2 jobs to age 70 and then the month following started CPP and OAS - now I am down to 2 meals a day and feel very insulted when I hear the low inflation rate increase.
@@OceanFrontVilla3 A lot of people did not have large incomes allowing them to save any extra amount..... think people who spent their life in the service industry, had large families or did missionary work. Also he didn't start working at 1 yr. old 😅
if we keep voting in politicians who do not care about seniors, veterans and vulnerable Canadians, we will continue to see these MP pensions and pay raises..
I immigrated to Canada in 2003 at age 40. The way CPP works was not something that agencies helping newcomers were focusing on teaching us. There wasn't even a focus on CPP among the accountants helping us file taxes. The consequence of that was that my contributions to CPP have been exclusively those made through payroll deductions by my employers. This has a very negative impact on the estimated CPP I would receive past 65. The reason is that, every year I worked as a subcontractor I didn't contributed, I didn't know how! Instructions on how to make additional contributions to CPP as a subcontractor or expat earning abroad must be widely advertised.
Now as a retiree the O.A.S. & CPP actually raised my standard of living. Being a single parent & self employed during 20 or so of my working years, I had the mis-fortune like many of having the computer age eliminate my Business & income which of course meant minimal pension contributions for many of those years.
I think investors should always put their cash to work, especially In this year 2025, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks. Hope to make millions this year 2025
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience. If you're new to investing or don't have much time, it's best to get advice from an expert and that's what helped me during my days of failure before my financial adviser helped me scale through the market ups and down
Sure you can! Gabriel Alberto William is the financial advisor I work with. Just make a research with the name. You’d find necessary details to work with
Thanks for sharing, I just looked him up on the web and I would say he really has an impressive background in investing. I will write him an e-mail shortly
Brother in-law had Turetts problem finding jobs with lower education finally got on odsp when 65 found out he had total of 8yrs employment didn’t qualify for CPP because must have 10yrs of employment sucked when he gets less with old age pension and less benefits than ODSP
I took CPP at 60, which helped lowering my debts. I continued to work until age 65 and 11 months. One other incentive was that my divorced former wife was 5 years younger and she got part of my CPP when she turned 60. Something to think about if you're in the same situation.
@@MandM_IMO That’s the world we live in, when CPP or OAS is calculated then its always going to be fractional number, but when our MPs or federal workforces get there raise then that number will always be higher than CPP and OAS increases.
We definitely relied on CPP, OAS and GIS as our main source of income to preserve our other investments and savings. Unfortunately due to COVID and other factors our investments and savings took big hits and I don’t know if they’ve recovered. The death benefit needs to be increased because it certainly isn’t enough to cover much of anything. Also, I had a friend who did work some but didn’t make enough to qualify for the death benefit!
I just checked on my service Canada account for the January 2025 payments. My cpp is 2.6% higher than December and there is no change in OAS (it was last increased in October). I have found these two income streams to be a critical part of my retirement income, and they ease the pressure on the amounts saved over the years. I was curious if you have any thoughts if one should continue contributing to cpp past age 65 when already collecting cpp but having a pat time job ( to get an increased post retirement benefit)
Thanks for the Video. Started working in 1970 till 2015. They may give us 2.7% but they will find a way to tax us 4.7 % more somewhere. Just would love to see JT expense report for a month. Good luck to all in their tax returns.
Now retired, CPP was reduced in 2006 to 2016 by 36% so if I had that back i'd be ok with what I'd be reveiving from the CPP and there's nothing stopping the government from doing this again down the road when that money belongs to the worker who earned it through their working years.
I’m a 77 year old , just retired July 2024 but have passed the income threshold and CRA has clawed back whatever OAS I have received, I’m only receiving under $900 CPP and no income now. CRA told me that they’ll review my application but people who are working hard and paying taxes are “penalized “ . Is it even worth working beyond your retirement age.
I worked till I was 70; it does help somewhat; but in the longterm it's all eaten away to less than nothing because those in power would likely rather see you dead than alive and therefore a liability on their balance sheet.
I am still working full time as a small farmer (with a very small cpp of $588/month ) : gov't pays me only $61.44/month on Old Age. So most of you people get a lot more than $649/month like me. So why are you people complaining? You don't know what low income means.
The price of cat food has gone up more then 2.7% Rent will eat all that and more... Looking on the bright side - I've lost a few pounds and counting, but can't keep it up for long as I am under weight as is.
CPP & OAS, yes. Sadly they have become quite important. House insurance in 3 years up 65%. Car insurance YoY up 10%, Property Taxes, YoY each year of past 3 up 25%/year. My first root canal & crown 14 yrs ago, $675. Last month $3,600. Mortgage renewal rates, up 225%, Mid-range booze, up 100% in 2 years. Cigarettes up 200%. Piece of farmed fish, up 200% in 2 years. Pork roast, up 60% YoY. Ground beef, no longer buy as it's not affordable. I know two of those are optional life-style items for some. Fuel is slightly variable, but near 200cents/liter seems pretty sticky, up from 140 cents, but up ~43%/2yrs. New taxes, increased Gov fees...blah, blah, blah.... Yup, inflation for living humans is 2.7%.
I had to 'retire' early due to my stroke. Subsequently I started CPP Disabilty at age 59; not the maxiimumCPP benefit but pretty close. Once I turn 65 will change to regular CPP; and then will Apply for OAS. Thankfully we bought a home in 2014; which has increased in value; so when we sell soon; money for a new home with small mortgage and some 'extra to cover condo fees; utilities; food etc. Thankfully I am considered disabled by revenue Canada and therefore get the disabilty income tax credit so I owe no income tax and transfer my ;unused' disability credit can be used by my partner/wife when she does her income tax return; ashe also receives the 'caregiver credit; thanks for the video eh :)
Careful buying a condo. Fees have no limit and you never know when a surprise lump sum payment will pop up. All the people i know that bought condos are regretting it.
@@mikeohagan2206 With the proceeds from the sale of our house I'll be able to buy a small condo which was built in 2019 (most listings are for 20-35 year old condos) With a relatively small 50- 100 k mortgage and strata and maitenance fees of $500 a month; it will be cheaper than renting an apartment here in the Comox Valley; plus my condo is an solid asset for stepdaughter when I 'leave' the planet eh :)
@@kenbarthSimAV8tor with a newer one you have a chance. my sister bought an older one outright and pays over 1500. and got a bill for 7,000 to fix the roof. and has bad neighbors to boot. good luck.
Worked all my life to get it at 60 yrs as not sure of life! 500 pathetic and increase by 2.00 and it’s taxed it’s a joke oas is a joke , government keeps everything . Send more money to Ukraine or wherever but not helping us Canadians goodbye liberal government!!!!
Single seniors aren’t getting enough to live on . Why are they taking back GIS because you are getting CPP ? Rent and utilities doesn’t get cheaper because you’re a single pensioner . This country was built on the backs of our seniors and when we retire and end up being single , we can’t have the basics of life.
Thanks for outlining the details on CPP2 around 3:39 in the video. So if the maximum is $1433 (will be higher in 2030) will CPP2 added on top of the maximum amount or already included in the maximum
I’m 72, retired since late 2016. I have a pretty fair, private pension, so CPP and OAS are good supplements to that income. However, I do have friends and retired co-workers who are struggling to make ends meet. Most have smallish, private pensions and they rely heavily on their government pensions to take up the slack. In the grand scheme of things, the CPP and OAS are a pittance and I think, no matter your income, should not be taxed. Sure, tax private pensions if you’re above the lower threshold, but leave the government pension alone! Leave that money in the hands of the retirees. They’re going to spend it anyway and the government will get the sales tax from those purchases. I’m sure I’m not alone with this opinion.
Great video thanks !! My question. is my wife is about to retire she is 64 how does the child bearing years work and calculated with CPP we have not called them yet but what would we need to give them ?
When you apply for CPP you include the birth dates and SIN’s of your children. They then take child rearing years out of the equation when calculating eligibility for either you or your spouse. Only one of you can apply for it.
I depend greatly on my cpp and oas and get no supplement and with a little savings I get by. The cost of living as you know is more than what it was when my parents lived and now things are a lot worse. If I were young people put as much into investing your money now because that will allow you to travel and whatever else you want to do in retirement.
Retired a couple years ago. Surprised how cpp/oas were helpful. I own my home so if the world fell apart Id still be okay. Kind of the point to retirement . You ca always be more generous to charities or your children.
That phrase, 'old age security' is the most insulting phrase ever. It should be called NAV. NEW AGE VENTURE. Look at Harland Sanders, the founder of Kentucky Fried Chicken who STARTED his restaurant chain at the age of 65! After1000 plus rejections against his recipe by highly successful restauranteurs. I just read about a truck driver who is still working full time at the age of 83. I was told about a lawyer somewhere in Southern Ontario years ago that he was still practicing law at the age of 91. A few years back I saw on line a stockbroker on Wall Street still working full time who was over 100 years of age! This is just a few examples. There are hundreds of persons out there working full time in many occupations far past the so called age 65 retirement age. Buying into this societal and governmental reasoning that one should retire at age 65 or less is outright sheer and utter nonsense. So don't count on the government for very much. When I over hear people in food courts celebrating their retirement age--65, my reaction to this is what a goofy society we have become.
I feel sorry for people who worked all her lives in Canada and paid all those insane amounts of taxes and get even the maximum of $1433. How can you survive on that if just the rent and utilities cost over $1000, most likely more than $1433? What do you do if your health doesn't allow you to continue working?
You’re not meant to ‘survive’ on it. It’s intended to be one part of a Canadians retirement income,not the entirety of it. The problem is that most Canadians don’t save much or anything for retirement.
There's disability insurance you can buy while working. It's common knowledge you must save for your retirement as soon as you start working. Did you expect others to pay for you?
The CPP and the Ontario Federation of Teachers pension plans are listed as 'partners' on the World Economic Forum website; FREELAND is on the WEF 'board of directors'; CARNEY is also a high ranking WEF/GLOBALIST. Therefore, it might be prudent to inquire as to what 'relationship' OUR MONEY has to do with the WEF given the 62 billion deficit FREELAND sunk our country into!
I’m retired and I want to tell young people , don’t count on government pensions make your own survival plans. Invest in something. I bought land years ago just in case. My government pensions pay me about $1400 a month. I just sold that land because the pensions are not enough.
CPP was underfunded from day one in 1967, it is a complete and utter rip off,… The money that we pay per year times 40 would make us all millionaires when we retired,.. with the miracle of compounding interest
Fer CPP will be minimal social pension (OAS + GIS) this is for people that newer work and newer contribute to pension found. People that worked and contribute to sociality should receive minimal social pension plus working pension (who contributed more I longer period of time will receive more) so CPP will composed of social pension plus working pension (OAS should not be limited with years spend in Canada but after 65 years of age every Canadian should receive full amount and GIS should be same for everyone in Canadian)
TRetire at 60, use up your savings b4 u turn 65, make interest free loans 2 family and friends with your savings and get them 2 pay u back in cash, amount is not critical. THEN, at 65, u get your max. GIS when u claim your OAS. The 1/3 CPP loss is covered by your income from interest free loans that u r getting cash "installments" from.
CPP / OAS increases never keep up with the rise in the cost of living. My wife and I are actually looking into selling our property. Is this what retirement should look like?
The big question people in their 20's and 30's need to ask themselves is this? At time of retirement, will you be making more or less that $ 81,000.00 annually? $ 81,000.00 seems like a lot of money today. However, in thirty or forty years this may be considered an average annual income. If this is the case, then you are paying into a plan that you will not qualify for! The term the government uses to justify their actions is referred to as a CLAWBACK. This plan is only going to work for those who make less than $ 81,000,00 a year which could be below the poverty line. Furthermore, what will the retirement age be in forty or fifty years. Do you think it will still be 65? Maybe 70? Or do you think the government will lower the retirement age to 50 or 55? Think about it. Cheers
Excellent video! Best advice you gave was to start CPP/OAS at age 70. Very logical, practical and wise advice. CPP/OAS is a nice “bonus” but not required in my case. Happy New Year 🥳
I will be 60 this year and i work 1 full time job and 1 part time job. Both contribute to cpp. Was notified i can start collecting this year. I qas told to do it because i work 1 1/2 jobs my payments will only increase based on my income. Does anyone have experience withcollecting early and working too? Id appreciate the advice
Notice a big promise for future but Pennys for the ones collecting now. Bribe against Alberta Pension Plan. Time to withdraw now, time Danielle takes them to court
Great video, in my opinion 65 seems to be the sweetest spot to take cpp ….. When calculating the mathematical probabilities of life expectancies and cash flow, this age seems to cover the widest range most effectively ❤
I dont like that the governmemt is changing the age from 65 to 67! Im just 63 this year I will have to wait 4 year insted if 2 more years!until I am 67? To get my full pension! i’ve already started to get my Canada pension when I turn 60 I consider myself retired, right now I live off an annuity! My rent goes up about $100 each year! My annuity ends in 2030! Can’t live on Canada pension which I’m only getting 200 bucks a month
Why don't you explain how much we contribute over are working year 40-45. How much is invested and what earnings. And where is rest of money when we get pinuts from CCP.
You don't talk about the ridiculous amount that has to be paid to CPP if you a self employed earner. 12% of your wage now is taken by CPP if you are self employed. This to me makes the plan very unattractive, and I would look for ways to pay myself other than wages, such as dividends, as I wish not to participate in this poor investment
Do you expect your children, grandchildren and great grandchildren to pay the debts and deficits because you didn't bother to save? Vote Liberal and bankrupt the country.
This is a huge improvement and not so painful. Personally, I believe that every Canadian should give 10% of their wages to the Canada pension so that a person could quite possibly rely on CPP in retirement
Surprised that wife and I need it, NO. We are retiring in a few years at age 60 and plan on taking $ right away. On the surface waiting until 70 seems like the right choice - in reality when you do the math and realize that you lose other credits & get taxed more the additional gain is simply not worth it(for us).
@@matthewlutzac9027 There`s a variety of credits that Federal & Provincial governments offer when you reach 65+ and depending on revenue these can get cut back. Earning +40% more on your CPP(in our case) would additionally push us in a higher tax bracket. Again, for US it doesn`t make sense, maybe for others having a few that extra $ later on in life does.
Trump needs to take care of his own country before thinking of invading or merging. Scare tactics, and it's causing a lot of question one he's he mentally stable to run a country(trump).
We should have the option to opt out and also the same for Employment insurance. You dont pay into then you cant claim it, then I could invest that money else where.
The problem is what if you don't actually invest that money, or the investment doesn't pan out. Now you are a burden to the rest of us by relying on emergency services. Better everyone pays into it.
@@marvinfalk5959 I disagree, I pay into so others can benefit. you don't pay into you don't get, it needs to be black and white. My investments always pan out by the way.
Starting out a video by saying you don’t believe inflation for Canada was 2.7% in 2024 because of grocery prices is not a good look for you. If you’re going to make a video about CPP/OAS, you should understand how inflation is calculated. High prices have remained high on many things in Canada but inflation is calculated by comparing prices today to those a year ago. 2.7% is accurate.
CPP and OAS are beyond pathetic for canadians who worked 40 years compared to US social security checks. Even old age immigrants who come into canada and never contributed a dime in taxes get more with that GIS handout. Best retirement is to come in as an illegal.
People who are here illegally should not get a penny. They should be deported. We had the best immigration program during Harper's time. Justin ruined everything. Anyways, I do not understand how GIS works.
CPP is a joke. I will take that money and invest it for myself and never pay into that BS ever. The max is about $1000/month. You could take that 6k/year invest it in a ETF or something that pays you a 5-8% dividend per month and you would be so much further ahead. And news flash everyone in Canada gets the old age pension no matter what.
So tell me Why were the MP's Given a 4.4% Inflation increase last year, while seniors will only be given a 2.7% increase in 2025???
…and their pensions are much higher to begin with.
4.4% of a much higher amount.
Pensions are what $730 at 2.7% ?
More than unfair.
Because they treat seniors like a second class citizens. They should get the same percentage as we do. 100% injustice!
You think it is bad now.....wait til Poilievre gets in and starts BALANCING the budget with the dirt poor and the old peoples money. Budgets are balanced on the backs of the poor and defenseless by the PC's...... ALWAYS.
At least they don't steal like the Harpy contractors did. If only!!!!
Tell me ONE item in the grocery store that went up 2.7%....MY GOD everything has gone up at least 50%...some items have doubled. WHAT A BUNCH OF CROOKS
Let's make it easier to understand, YOU GET LESS AND LESS, because Government waste more and more.
Worked 2 jobs to age 70 and then the month following started CPP and OAS - now I am down to 2 meals a day and feel very insulted when I hear the low inflation rate increase.
YES...this is Canada now. But Ukraine and immigrants are getting OUR TAX MONEY
Wow, you didn't save in those 70 years?
@@OceanFrontVilla3 A lot of people did not have large incomes allowing them to save any extra amount..... think people who spent their life in the service industry, had large families or did missionary work. Also he didn't start working at 1 yr. old 😅
2.7% is a fucking joke! 😂
if we keep voting in politicians who do not care about seniors, veterans and vulnerable Canadians, we will continue to see these MP pensions and pay raises..
Pot smokers and drug users keep voting for these politicians
I immigrated to Canada in 2003 at age 40. The way CPP works was not something that agencies helping newcomers were focusing on teaching us. There wasn't even a focus on CPP among the accountants helping us file taxes. The consequence of that was that my contributions to CPP have been exclusively those made through payroll deductions by my employers. This has a very negative impact on the estimated CPP I would receive past 65. The reason is that, every year I worked as a subcontractor I didn't contributed, I didn't know how!
Instructions on how to make additional contributions to CPP as a subcontractor or expat earning abroad must be widely advertised.
same as us small farmers who lived here all our lives.
Now as a retiree the O.A.S. & CPP actually raised my standard of living. Being a single parent & self employed during 20 or so of my working years, I had the mis-fortune like many of having the computer age eliminate my Business & income which of course meant minimal pension contributions for many of those years.
I think we all need the CPP and OAS
I am grateful for my CPP and OAS payments
I think investors should always put their cash to work, especially In this year 2025, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks. Hope to make millions this year 2025
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience. If you're new to investing or don't have much time, it's best to get advice from an expert and that's what helped me during my days of failure before my financial adviser helped me scale through the market ups and down
I guess you are right and how can one find a verifiable financial advisor? I would not mind looking up the professional that helped you
Sure you can! Gabriel Alberto William is the financial advisor I work with. Just make a research with the name. You’d find necessary details to work with
Thanks for sharing, I just looked him up on the web and I would say he really has an impressive background in investing. I will write him an e-mail shortly
Thank you for the great info.
Made a big diff - equals almost the same as my workplace pension. Feel grateful.
Wow 2.7 percent, maybe some of us get lucky that's one extra cup of coffee ☕️ each month...
😂🤣
Brother in-law had Turetts problem finding jobs with lower education finally got on odsp when 65 found out he had total of 8yrs employment didn’t qualify for CPP because must have 10yrs of employment sucked when he gets less with old age pension and less benefits than ODSP
I took CPP at 60, which helped lowering my debts. I continued to work until age 65 and 11 months. One other incentive was that my divorced former wife was 5 years younger and she got part of my CPP when she turned 60. Something to think about if you're in the same situation.
Divorce is not a good idea. It's cheaper to keep her.
Never do income splitting for tax reasons
The peasants get bread crumbs while politicians get gold.
I love those fractions of inflation numbers the government claims when the real inflation is like 25-40%!!!!!
@@MandM_IMO That’s the world we live in, when CPP or OAS is calculated then its always going to be fractional number, but when our MPs or federal workforces get there raise then that number will always be higher than CPP and OAS increases.
Food items don’t go up 2.7%. They go up more like 75%.
We definitely relied on CPP, OAS and GIS as our main source of income to preserve our other investments and savings. Unfortunately due to COVID and other factors our investments and savings took big hits and I don’t know if they’ve recovered. The death benefit needs to be increased because it certainly isn’t enough to cover much of anything. Also, I had a friend who did work some but didn’t make enough to qualify for the death benefit!
Learn how inflation is calculated before posting something that makes you look stupid.
You can see they've come up with the percentage by dividing the real inflation percentage by a factor or ten or twenty. 2 1/2 % is an insult!!!
Thanks for the phone # for people to phone ! I have called it the last 3 years to see how much CPP I will get every year !
I just checked on my service Canada account for the January 2025 payments. My cpp is 2.6% higher than December and there is no change in OAS (it was last increased in October).
I have found these two income streams to be a critical part of my retirement income, and they ease the pressure on the amounts saved over the years.
I was curious if you have any thoughts if one should continue contributing to cpp past age 65 when already collecting cpp but having a pat time job ( to get an increased post retirement benefit)
Thanks for the Video. Started working in 1970 till 2015. They may give us 2.7% but they will find a way to tax us 4.7 % more somewhere. Just would love to see JT expense report for a month. Good luck to all in their tax returns.
Now retired, CPP was reduced in 2006 to 2016 by 36% so if I had that back i'd be ok with what I'd be reveiving from the CPP and there's nothing stopping the government from doing this again down the road when that money belongs to the worker who earned it through their working years.
Trudy took all excessive pension funds before giving to one's that money was meant for.
Ya that was Harper’s government….was it not? At any rate he didn’t increase it. 🤷♀️
I’m a 77 year old , just retired July 2024 but have passed the income threshold and CRA has clawed back whatever OAS I have received, I’m only receiving under $900 CPP and no income now. CRA told me that they’ll review my application but people who are working hard and paying taxes are “penalized “ . Is it even worth working beyond your retirement age.
I worked till I was 70; it does help somewhat; but in the longterm it's all eaten away to less than nothing because those in power would likely rather see you dead than alive and therefore a liability on their balance sheet.
Yeah but mp dont get penalized.Such bs
I am still working full time as a small farmer (with a very small cpp of $588/month ) : gov't pays me only $61.44/month on Old Age.
So most of you people get a lot more than $649/month like me. So why are you people complaining? You don't know what low income means.
The price of cat food has gone up more then 2.7%
Rent will eat all that and more...
Looking on the bright side - I've lost a few pounds and counting, but can't keep it up for long as I am under weight as is.
CPP & OAS, yes. Sadly they have become quite important. House insurance in 3 years up 65%. Car insurance YoY up 10%, Property Taxes, YoY each year of past 3 up 25%/year. My first root canal & crown 14 yrs ago, $675. Last month $3,600. Mortgage renewal rates, up 225%, Mid-range booze, up 100% in 2 years. Cigarettes up 200%. Piece of farmed fish, up 200% in 2 years. Pork roast, up 60% YoY. Ground beef, no longer buy as it's not affordable. I know two of those are optional life-style items for some. Fuel is slightly variable, but near 200cents/liter seems pretty sticky, up from 140 cents, but up ~43%/2yrs. New taxes, increased Gov fees...blah, blah, blah.... Yup, inflation for living humans is 2.7%.
Lucky you didn't try to buy a prime rib roast...... I got rejected on the load application
I had to 'retire' early due to my stroke. Subsequently I started CPP Disabilty at age 59; not the maxiimumCPP benefit but pretty close. Once I turn 65 will change to regular CPP; and then will Apply for OAS. Thankfully we bought a home in 2014; which has increased in value; so when we sell soon; money for a new home with small mortgage and some 'extra to cover condo fees; utilities; food etc. Thankfully I am considered disabled by revenue Canada and therefore get the disabilty income tax credit so I owe no income tax and transfer my ;unused' disability credit can be used by my partner/wife when she does her income tax return; ashe also receives the 'caregiver credit; thanks for the video eh :)
Careful buying a condo. Fees have no limit and you never know when a surprise lump sum payment will pop up. All the people i know that bought condos are regretting it.
@@mikeohagan2206 With the proceeds from the sale of our house I'll be able to buy a small condo which was built in 2019 (most listings are for 20-35 year old condos) With a relatively small 50- 100 k mortgage and strata and maitenance fees of $500 a month; it will be cheaper than renting an apartment here in the Comox Valley; plus my condo is an solid asset for stepdaughter when I 'leave' the planet eh :)
@@kenbarthSimAV8tor with a newer one you have a chance. my sister bought an older one outright and pays over 1500. and got a bill for 7,000 to fix the roof. and has bad neighbors to boot. good luck.
Worked all my life to get it at 60 yrs as not sure of life! 500 pathetic and increase by 2.00 and it’s taxed it’s a joke oas is a joke , government keeps everything . Send more money to Ukraine or wherever but not helping us Canadians goodbye liberal government!!!!
Single seniors aren’t getting enough to live on . Why are they taking back GIS because you are getting CPP ? Rent and utilities doesn’t get cheaper because you’re a single pensioner . This country was built on the backs of our seniors and when we retire and end up being single , we can’t have the basics of life.
You had decades to save. Why didn't you?
Thanks for outlining the details on CPP2 around 3:39 in the video. So if the maximum is $1433 (will be higher in 2030) will CPP2 added on top of the maximum amount or already included in the maximum
Only those paying into it at the new rates will see that increase, yours will stay at the present level with yearly COLA increases.
I’m 72, retired since late 2016. I have a pretty fair, private pension, so CPP and OAS are good supplements to that income. However, I do have friends and retired co-workers who are struggling to make ends meet. Most have smallish, private pensions and they rely heavily on their government pensions to take up the slack. In the grand scheme of things, the CPP and OAS are a pittance and I think, no matter your income, should not be taxed. Sure, tax private pensions if you’re above the lower threshold, but leave the government pension alone! Leave that money in the hands of the retirees. They’re going to spend it anyway and the government will get the sales tax from those purchases. I’m sure I’m not alone with this opinion.
wow, I get $17 more on my OAS......I can almost get to the city with that for gas. Almost
im 66 and needed it cause im self employed and pay 3200. rent in Vancouver and will probably be working till in the ground !!!!!!!!!
I agree. A big part of our expense is housing.
what a joke 2.7 how much does a CEO get in a raise. what about NDP leader 2.7 mill so seniors getting 2.7 is sadddddddd
why do i get the idea that US SS payout is much higher? max CPP payout of less than $2K is low.
Well we also have OAS, they don't.
I passed retirement at 65 in 24. Still deciding what I want to do.
Great video thanks !! My question. is my wife is about to retire she is 64 how does the child bearing years work and calculated with CPP we have not called them yet but what would we need to give them ?
Documentation for the child rearing years signed by your children
@@richardmichael59 thanks Richard so CPP would send that to us or would service canada have the documentation?
When you apply for CPP you include the birth dates and SIN’s of your children. They then take child rearing years out of the equation when calculating eligibility for either you or your spouse. Only one of you can apply for it.
I depend greatly on my cpp and oas and get no supplement and with a little savings I get by. The cost of living as you know is more than what it was when my parents lived and now things are a lot worse. If I were young people put as much into investing your money now because that will allow you to travel and whatever else you want to do in retirement.
Retired a couple years ago. Surprised how cpp/oas were helpful. I own my home so if the world fell apart Id still be okay. Kind of the point to retirement . You ca always be more generous to charities or your children.
Why doesn’t the government not want to help seniors with,rent ,groceries?
Why would they? It's up to you to save while you are working.
That phrase, 'old age security' is the most insulting phrase ever. It should be called NAV. NEW AGE VENTURE. Look at Harland Sanders, the founder of Kentucky Fried Chicken who STARTED his restaurant chain at the age of 65! After1000 plus rejections against his recipe by highly successful restauranteurs. I just read about a truck driver who is still working full time at the age of 83. I was told about a lawyer somewhere in Southern Ontario years ago that he was still practicing law at the age of 91. A few years back I saw on line a stockbroker on Wall Street still working full time who was over 100 years of age! This is just a few examples. There are hundreds of persons out there working full time in many occupations far past the so called age 65 retirement age. Buying into this societal and governmental reasoning that one should retire at age 65 or less is outright sheer and utter nonsense. So don't count on the government for very much. When I over hear people in food courts celebrating their retirement age--65, my reaction to this is what a goofy society we have become.
Could not maintain our lifestyle without the CPP and OAS !
I feel sorry for people who worked all her lives in Canada and paid all those insane amounts of taxes and get even the maximum of $1433. How can you survive on that if just the rent and utilities cost over $1000, most likely more than $1433? What do you do if your health doesn't allow you to continue working?
You’re not meant to ‘survive’ on it. It’s intended to be one part of a Canadians retirement income,not the entirety of it. The problem is that most Canadians don’t save much or anything for retirement.
There's disability insurance you can buy while working. It's common knowledge you must save for your retirement as soon as you start working. Did you expect others to pay for you?
When started those who contributed for a few years got maximum with little contribution.....
So why tell us if we that are just turning 65 don’t see a big increase
The CPP and the Ontario Federation of Teachers pension plans are listed as 'partners' on the World Economic Forum website; FREELAND is on the WEF 'board of directors'; CARNEY is also a high ranking WEF/GLOBALIST. Therefore, it might be prudent to inquire as to what 'relationship' OUR MONEY has to do with the WEF given the 62 billion deficit FREELAND sunk our country into!
Just imagine if we had that money invested with a financial advisor we’d be getting at least 5%. What a rip off.
This is not true. Some years, you may lose money.
I’m retired and I want to tell young people , don’t count on government pensions make your own survival plans. Invest in something. I bought land years ago just in case. My government pensions pay me about $1400 a month. I just sold that land because the pensions are not enough.
CPP..........seriously? by the time they retire the cost of living will be so out of range they might as well get nothing.
CPP was underfunded from day one in 1967, it is a complete and utter rip off,… The money that we pay per year times 40 would make us all millionaires when we retired,.. with the miracle of compounding interest
I’m 69 and I’m still working what is the maximum I can make before they reduce my pension
Don't work past 70, it's not worth it. But you must have some savings.
Fer CPP will be minimal social pension (OAS + GIS) this is for people that newer work and newer contribute to pension found. People that worked and contribute to sociality should receive minimal social pension plus working pension (who contributed more I longer period of time will receive more) so CPP will composed of social pension plus working pension (OAS should not be limited with years spend in Canada but after 65 years of age every Canadian should receive full amount and GIS should be same for everyone in Canadian)
TRetire at 60, use up your savings b4 u turn 65, make interest free loans 2 family and friends with your savings and get them 2 pay u back in cash, amount is not critical. THEN, at 65, u get your max. GIS when u claim your OAS. The 1/3 CPP loss is covered by your income from interest free loans that u r getting cash "installments" from.
CPP / OAS increases never keep up with the rise in the cost of living. My wife and I are actually looking into selling our property. Is this what retirement should look like?
Yes, if you didn't plan better.
The big question people in their 20's and 30's need to ask themselves is this?
At time of retirement, will you be making more or less that
$ 81,000.00 annually?
$ 81,000.00 seems like a lot of money today. However, in thirty or forty years this may be considered an average annual income.
If this is the case, then you are paying into a plan that you will not qualify for!
The term the government uses to justify their actions is referred to as a CLAWBACK.
This plan is only going to work for those who make less than $ 81,000,00 a year which could be below the poverty line.
Furthermore, what will the retirement age be in forty or fifty years. Do you think it will still be 65? Maybe 70? Or do you think the government will lower the retirement age to 50 or 55?
Think about it. Cheers
Excellent video!
Best advice you gave was to start CPP/OAS at age 70. Very logical, practical and wise advice.
CPP/OAS is a nice “bonus” but not required in my case.
Happy New Year 🥳
Thanks Billy and Happy New Year!
Best advice for “you”.
But many need the funds sooner than 70 to make ends meet.
@@richardmichael59
Agreed. If required to pay the bills and without any supplemental income revenue streams then take it early.
I will be 60 this year and i work 1 full time job and 1 part time job. Both contribute to cpp. Was notified i can start collecting this year. I qas told to do it because i work 1 1/2 jobs my payments will only increase based on my income. Does anyone have experience withcollecting early and working too? Id appreciate the advice
Was is The US 401k plan so much better than our plans?
AHHHHH BUT the GIS kicks in at 65 and the reduced (32% cap) CPP is maximized and recovers the rduced CPP quickly.
I have worked and lived in Canada all my life. They are only giving me $367 a month.
Is that possible ?
Not possible
Notice a big promise for future but Pennys for the ones collecting now. Bribe against Alberta Pension Plan. Time to withdraw now, time Danielle takes them to court
Hydro subsidy 4 low income and the low income senior dental plan, better than the "new" plan help outdistance reduced CPP.
Great video, in my opinion 65 seems to be the sweetest spot to take cpp …..
When calculating the mathematical probabilities of life expectancies and cash flow, this age seems to cover the widest range most effectively ❤
Can you share your calculation method please?
Can you share your calculation method please?
The estimated amount on the CRA site, do they take into consideration if you have retired early and have a bunch of zero earning years?
No
My CPP amount is $650 a month which is less than a layer in Alberta charges per ONE hour of his work ....get a life man you still could make it.
Payed 2688 $ to install a sum pump with the pensions of 1300!
I dont like that the governmemt is changing the age from 65 to 67! Im just 63 this year I will have to wait 4 year insted if 2 more years!until I am 67? To get my full pension! i’ve already started to get my Canada pension when I turn 60 I consider myself retired, right now I live off an annuity! My rent goes up about $100 each year! My annuity ends in 2030! Can’t live on Canada pension which I’m only getting 200 bucks a month
Didn't you plan?
Changing the retirement age from 65 to 67 was a Harper and Conservative party's suggestion; Canadians should think twice before voting for Poilievre.
Why don't you explain how much we contribute over are working year 40-45. How much is invested and what earnings. And where is rest of money when we get pinuts from CCP.
It's a joke to those who are already getting it😢.
You don't talk about the ridiculous amount that has to be paid to CPP if you a self employed earner. 12% of your wage now is taken by CPP if you are self employed. This to me makes the plan very unattractive, and I would look for ways to pay myself other than wages, such as dividends, as I wish not to participate in this poor investment
CPP = Cash for Poor Peasants
Vote Con retire at 70!
Do you expect your children, grandchildren and great grandchildren to pay the debts and deficits because you didn't bother to save? Vote Liberal and bankrupt the country.
This is a huge improvement and not so painful.
Personally, I believe that every Canadian should give 10% of their wages to the Canada pension so that a person could quite possibly rely on CPP in retirement
Surprised that wife and I need it, NO. We are retiring in a few years at age 60 and plan on taking $ right away. On the surface waiting until 70 seems like the right choice - in reality when you do the math and realize that you lose other credits & get taxed more the additional gain is simply not worth it(for us).
@@johnnyv5995 thanks for sharing your perspective
Would you mind elaborating on what you mean? What credits are you losing and why are you getting taxed more?
@@matthewlutzac9027 There`s a variety of credits that Federal & Provincial governments offer when you reach 65+ and depending on revenue these can get cut back. Earning +40% more on your CPP(in our case) would additionally push us in a higher tax bracket. Again, for US it doesn`t make sense, maybe for others having a few that extra $ later on in life does.
27 dollars
Don't lia, you working for the Liberals o NDP, People waiting for reduce Taxes, People need USA and Canada Together,no other Way.
I am Robert. BYE, BYE.
Useless
Wonder what will happen to our pension plans if Trump is serious, scary stuff.
You are kidding, right? 😂
@@MandM_IMOfeel free to enlighten us with your amazing and totally correct opinion
Trump needs to take care of his own country before thinking of invading or merging. Scare tactics, and it's causing a lot of question one he's he mentally stable to run a country(trump).
Hmmm I’ve seeing deadglory making comments on other RUclips channels. Makes me wonder about this account
@@Dzambhala1 ...and? Did you have a point?
We should have the option to opt out and also the same for Employment insurance.
You dont pay into then you cant claim it, then I could invest that money else where.
The problem is what if you don't actually invest that money, or the investment doesn't pan out. Now you are a burden to the rest of us by relying on emergency services. Better everyone pays into it.
@@marvinfalk5959 I disagree, I pay into so others can benefit.
you don't pay into you don't get, it needs to be black and white.
My investments always pan out by the way.
100% agree most people appreciate the extra income at retirement .it all adds up believe me
Starting out a video by saying you don’t believe inflation for Canada was 2.7% in 2024 because of grocery prices is not a good look for you. If you’re going to make a video about CPP/OAS, you should understand how inflation is calculated. High prices have remained high on many things in Canada but inflation is calculated by comparing prices today to those a year ago. 2.7% is accurate.
CPP and OAS are beyond pathetic for canadians who worked 40 years compared to US social security checks. Even old age immigrants who come into canada and never contributed a dime in taxes get more with that GIS handout. Best retirement is to come in as an illegal.
People who are here illegally should not get a penny. They should be deported. We had the best immigration program during Harper's time. Justin ruined everything. Anyways, I do not understand how GIS works.
CPP is a joke. I will take that money and invest it for myself and never pay into that BS ever. The max is about $1000/month. You could take that 6k/year invest it in a ETF or something that pays you a 5-8% dividend per month and you would be so much further ahead. And news flash everyone in Canada gets the old age pension no matter what.
Millions coming in from 3rd world and collecting GIS checks more than real citizens.