Thanks for your question and welcome to the channel! In Canada, you can defer your Canada Pension Plan (CPP) until the age of 70, even if you retire earlier, such as at 65 and just receive OAS and GIS. By deferring, you can receive increased CPP benefits. However, your eligibility for the Guaranteed Income Supplement (GIS), which is a benefit provided to low-income seniors in Canada, is not directly affected by your decision to defer CPP. GIS eligibility is based on your income and marital status, among other factors. To qualify for GIS, your income must fall below certain thresholds. The income thresholds are adjusted annually. As of 2023, the maximum income thresholds for GIS are as follows: Guaranteed Income Supplement amounts - April to June 2024 I am single, divorced or widowed Less than $21,624 I have a spouse/common-law partner who receives the full OAS pension Less than $28,560 (combined annual income of couple) I have a spouse/common-law partner who receives the Allowance Less than $39,984 (combined annual income of couple) I have a spouse/common-law partner who does not receive an OAS pension or Allowance Less than $51,840 (combined annual income of couple) These figures are based on the previous year's income and are subject to change. If your income exceeds these thresholds, you may still be eligible for partial GIS benefits, but they would decrease as your income increases. There is more information on GIS here in this link: www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/guaranteed-income-supplement/benefit-amount.html It's important to note that receiving other forms of income, such as CPP or Old Age Security (OAS), can affect your eligibility for GIS. So, while deferring CPP until 70 can increase your CPP benefits, it might also affect your GIS eligibility depending on your overall income situation.
For every dollar of ccp your oas gis is reduced by 63 cents. This is the first year that there was no quarterly raise in April and I in fact had by oas gis reduced in July. Guess all the crooks in Ottawa needed it.
The government is just taking money from me at this age. Because I’m still working 5 nights a week and trying to pay my rent and other expenses including food. I filed my taxes and the rent was not deducted they are only taking money from me for no reason.
All 3 Plans are not enaugh to pay 2000 rent in Toronto .Received Pension 10 years ago after woeking 27 years in Canada. Government is cutting down GIS evendough my Pebsion in Canada and in Poland are not enaugh for rent in Toronto minimu. 2p00/ year. 10 years ago Rent was a 1000 / month. My CPP and OAS INCREASED 100/ month together after 10 years. I WORKED 27 YEARS AND AM CLASSIFIED IN THE SAME GRUP WITH Canadians, who never worked. Shame on Canada
65 years of age shouldn't be diminished for receiving max pension. Blvernment was not deducting enUgh money for CPP IN THE YEARS 1990- 2015 . EXAMPLE 700/ year CPP DUES and 8000 / year INCOME TAX. NOT working ever Canadians receive 100 $ less than I, who was working 27 years. IS IT FARE???
Folks take your money when you can. Actuary’s know that the average life expectancy for men is 71. So your deferral is wasted. 5-10% more of nothing is still nothing. The info provided is good however you must include life expectancy averages to give the complete picture. Even though it’s an unknown there are statistics that can be used to provide another variable to consider.
Thanks for the great comment! Welcome to my channel! I have another video in a few weeks talking about when is best to take CPP and OAS, and one of the things it does consider is life expectancy. If you do not believe you are going to live long taking CPP early can make sense. But life expectancy currently varies among countries according to statista. www.statista.com/statistics/274513/life-expectancy-in-north-america/. Canada is 80/84 male female while US is lower 73/79 male female.
You broke this down in a very understandable way. Thanks joe
Glad it was helpful! Thanks Rob!
Great video Joe 🙂
Thanks Candace!
Question: some one on low income, CPP and OAS at 65 (Canadian all their lives), paid max benefits to get max CPP, what will be their GIS amount?
Very informative
Thanks for the great feedback and welcome to my channel!
Cpp oas a road to poverty seniors should not be taxed from an average pesion is already below poverty
Thanks for the great comment! I am always for lower taxes and better efficiencies in all aspects of Canada including government
Can you defer CPP to 70 if retire at 65 and just receive OAS and GIS . If so what is income threshold to qualify for GIS?
Thanks for your question and welcome to the channel!
In Canada, you can defer your Canada Pension Plan (CPP) until the age of 70, even if you retire earlier, such as at 65 and just receive OAS and GIS. By deferring, you can receive increased CPP benefits.
However, your eligibility for the Guaranteed Income Supplement (GIS), which is a benefit provided to low-income seniors in Canada, is not directly affected by your decision to defer CPP. GIS eligibility is based on your income and marital status, among other factors.
To qualify for GIS, your income must fall below certain thresholds. The income thresholds are adjusted annually. As of 2023, the maximum income thresholds for GIS are as follows:
Guaranteed Income Supplement amounts - April to June 2024
I am single, divorced or widowed Less than $21,624
I have a spouse/common-law partner who receives the full OAS pension
Less than $28,560 (combined annual income of couple)
I have a spouse/common-law partner who receives the Allowance
Less than $39,984 (combined annual income of couple)
I have a spouse/common-law partner who does not receive an OAS pension or Allowance
Less than $51,840 (combined annual income of couple)
These figures are based on the previous year's income and are subject to change. If your income exceeds these thresholds, you may still be eligible for partial GIS benefits, but they would decrease as your income increases.
There is more information on GIS here in this link:
www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/guaranteed-income-supplement/benefit-amount.html
It's important to note that receiving other forms of income, such as CPP or Old Age Security (OAS), can affect your eligibility for GIS. So, while deferring CPP until 70 can increase your CPP benefits, it might also affect your GIS eligibility depending on your overall income situation.
For every dollar of ccp your oas gis is reduced by 63 cents. This is the first year that there was no quarterly raise in April and I in fact had by oas gis reduced in July. Guess all the crooks in Ottawa needed it.
The government is just taking money from me at this age. Because I’m still working 5 nights a week and trying to pay my rent and other expenses including food. I filed my taxes and the rent was not deducted they are only taking money from me for no reason.
I feel for you! Stay strong! Welcome to the channel and thanks for the great comment and support!.
A racket of grand proportions...i would just like all my CPP contributions back over the last 40 years so i can gift it 100% to anyone upon my demise
HAHAH! Unfortunately not an option but thanks for the hilarious comment and welcome to the channel:)
And yes it's hilarious plan no person would put money into this plan if it was a private plan it's ridiculous on so many levels
All 3 Plans are not enaugh to pay 2000 rent in Toronto .Received Pension 10 years ago after woeking 27 years in Canada. Government is cutting down GIS evendough my Pebsion in Canada and in Poland are not enaugh for rent in Toronto minimu. 2p00/ year. 10 years ago Rent was a 1000 / month. My CPP and OAS INCREASED 100/ month together after 10 years. I WORKED 27 YEARS AND AM CLASSIFIED IN THE SAME GRUP WITH Canadians, who never worked. Shame on Canada
Pay tons in get little out.
Thanks for the comment! Welcome to the channel!
65 years of age shouldn't be diminished for receiving max pension. Blvernment was not deducting enUgh money for CPP IN THE YEARS 1990- 2015 . EXAMPLE 700/ year CPP DUES and 8000 / year INCOME TAX. NOT working ever Canadians receive 100 $ less than I, who was working 27 years. IS IT FARE???
Folks take your money when you can. Actuary’s know that the average life expectancy for men is 71. So your deferral is wasted. 5-10% more of nothing is still nothing. The info provided is good however you must include life expectancy averages to give the complete picture. Even though it’s an unknown there are statistics that can be used to provide another variable to consider.
Thanks for the great comment! Welcome to my channel! I have another video in a few weeks talking about when is best to take CPP and OAS, and one of the things it does consider is life expectancy. If you do not believe you are going to live long taking CPP early can make sense. But life expectancy currently varies among countries according to statista. www.statista.com/statistics/274513/life-expectancy-in-north-america/. Canada is 80/84 male female while US is lower 73/79 male female.