Family health history as well as one's personal health also needs to be a MAJOR factor in deciding whether to start or delay payments. In my family, my father passed at age 56, my brother at 56 and another brother at 60. I've seen numerous situations where payments were delayed to age 65 only to be quickly terminated due to an unexpected passing. I'm 68 so delaying CPP and OAS to age 70 would have been a huge risk I was not willing to take.
I totally agree! My partner's family health history is poor, and his health isn't the greatest so he retires at 60 and started his CPP right away. My family tends to make it to 75 or 77 at most, I plan to retire at 63, however I started my CPP just before I turned 62. I work in an ICU, I've seen way to many people die before 60.
You can never tell. A friend of mine's grandfather retired at 56 because his father died at 56 and his grandfather also died at 56, he wasn't taking any chances. He sold the farm he had worked since he inherited it from his father, his house, everything, and moved in with his son (my friend's father). Once he gave everything up he sat in that house waiting to die -- for the next 40 years, he lived into his 90s! I have heard that genetics accounts for about 25% of your personal longevity, the other 75% is related to other things like lifestyle, advancement in medical treatment, and just plain luck. Family health history is one thing but you never know.
OK......so....Adam.....now my mind and head are going to Explode with a comprehensive, all in a nutshell, front end loaded, full on blast from A to Z of CPP and OAS!!!! Whoosh! This vid is a keeper to bookmark to refer to now and again. Appreciate explaining the "paper work application" tips and tricks on this one as well. Congrats on reaching over 88,000+ subscribers! What a moment it will be, EPIC, when you get to 100,000! Lets go Canada.....bring on those subscribers! Also, the email newsletter was a brilliant idea....game changer to help spread the word of your work and the legacy of your grandfather through you. Meg, chiming in...."from away person" 🙃on Prince Edward Island.
I’m give up and don’t understand anything about OAS,CPP …I’m a low income senior (also my husband),and what should we do to receive this increase? We live in Canada 48 years and became Canadian citizens from 1977. Are we eligible for this benefit? Please.anyone explain! Thanks
For a more accurate CPP estimate, call CRA and ask them to do a “retirement simulation”. They will ask you for your last date of work and when you might want to start payment. I did this for ages 60, 65 and 70.
@@murraytown4 online assumes you continue working until then. Retirement simulation does not as they ask for your last day of work. Also cannot add child rearing provision on line. Retirement simulation asks for children info.
This is a very good video and I agree with your approach. However, how would my Cpp non-contributory years affect the decision on when to start. I have read and done my homework, so I know it will impact any decision I might make. I understand that if you have 8+ years of non-contributory years, I should consider taking Cpp earlier even if I do not need it. I also have a defined pension plan with bridging that will be dropped at age 65. I also have sufficient RRSP to cover the drop in bridging for an additional 5 years. But as I said, that would push my cpp non contributory years from 8+ to 13+, which starts working against me with regards to the 17% dropout rule that would come into play. Therefore would it beneficial to take Cpp at 65 or delay it to 70 despite getting an additional 42% at age 70 as opposed to 36% at 65? Adjusting for my diminished bridging by implementing a RRSP meltdown? What's your opinion? No one covers how the non contributory years affects our CPP or OAS?
I received the letter last year and I went on line and told them I did not want to take my OAS. My 65 th birthday was in November. December I got my first oas check. After I told them I did not want it to start. Now I have a dilemma.
You should be able to call service Canada and get them to stop your OAS payments. I understand that they will require you to pay back any payments received.
Will there be an increase in both of these about now? Regarding OAS, I called a rep who told me that because I had been a regular tax filer I would have received OAS automatically.
Hello Adam, I am 67, planning to collect OAS later at 70. However, I didn't let CRA know that I would like to delay my OAS and I didn't start receiving any payments at 65 either. What should I do? Does that mean that I lost my OAS? Thank you. Great video.
No it should be fine, you would have received a tax slip by now had they started a d you have clawback. I would reach out to a Service Canada center though and inquire
Thanks for the info! Great Video. Two question's, On OAS can you tell them when you get money each month. Because Both OAS and CPP is on the same date!! Love to get OAS, say second week of each month, Plus i get 20% taken out of CPP for my the Tax's can you do the same with OAS? Not sure, that's a video on it own lol! Get tax's taken out and placed in a High Interest account, ready for the Tax Man or get it taken out each Money! Hard one too, thanks for your time Dave From Labrador Canada.
If I retire early at 57 and of course stop contributing to CPP at that age will I still receive more money waiting until 65 rather than taking it at 60?
In 1990 I received a notice from cpp that I would be eligible for approximately 100 dollars per month if I continued my contributions at the current rate for the next 35 years At that time I was receiving a professional income and paying substantial contributions By 1992 I was out of Canada and never looked back
Super video Adam... I believed you mentioned that you're welcome to take your OAS even if you are retiring in a different country, just as long as you have lived in Canada for the required amount of time. Are you able to receive your CPP if you have retired in another country?
People die early mostly due to unhealthy lifestyle habits. Carefully study those habits and choose the healthy opposite and you will hopefully live longer....but I think good luck accounts for most of longevity!
How long you live can subject to fate which is unique to each individual. Fate can't be understood. I know several people who were chain smokers since college but lived to 90 years old or more. Quite a few I know of had absolute healthy life style, no coffee, no smoke, no alcohol, all died around 75-80 years old or younger. Quite confusing to me every time I saw this.
Hi Adam You mentioned anyone who worked after 2019 would benefit from the enhanced CPP. What if you worked & where also collecting CPP after 2019 would you benefit in a higher CPP benefit. Thanks for the info 😊
Great videos and thank you. Just doing down pre planning and have a question. On pension income from a defined pension plan does one still contribute to cpp If they take the pension before collecting CPP or between 55 and 60?
What do you do if you still have a mortgage when you retire? Is it better to pay it off with your savings? I’m confused about taxes with retirement how much is deducted.
Happy new year and another great video Adam. Two questions/points: Seeing as qpp’s calculator is better than cpps, why doesn’t cpp leverage that one to enhance theirs? Politics aside, it seemed like oas was in dire straits (great band btw) 10+yrs ago and had to be pushed to 67 before being pulled back to 65 by trudeau; how can canada afford the 10% bump for persons over 75? Are we just digging ourselves deeper and/or a vote buying trick by trudeau to keep his grip on power while driving the country further into the abyss?!?! Why do I see this bonus nugget vanishing as a way to shore up the country’s balance sheet.
Why CPP doesn't provide an in depth calculator is beyond me. As for the OAS - I think you may be accurate on your assumption. More allocation of assets to this program.
I think it is important to add in this video especially for immigrants who have less than 20 or 40 years of residence (after age 18), that they may still be eligible for partial OAS payments as long as they have lived in one of the countries Canada has established a social security agreement OR contributed to the social security system of one of the countries with which Canada has established a social security agreement. Has this changed from last year's different Scenarios list?? Snippet from OAS website: Partial Old Age Security pension for less than 40 years of residence (after age 18). "To receive a partial Old Age Security pension, you must have lived in Canada for at least 10 years (after age 18). The amount of the partial Old Age Security pension you receive depends on the number of years you have lived in Canada. Your partial payment amount is based on the number of years in Canada divided by 40."
I have a plan, but there’s one piece I’m missing.., I’m 60, planning to work to 70 and hold off on collecting both CPP and OAS until then. As of 65, I’ll have 20 years of max contributions. If I keep paying into CPP another 5 years max contribution, will it make that much difference? If I can stop contributing to CPP at 65 (even if I’m not collecting to 70) I can contribute that to my FHSA and RRSP so which would make more sense?
Great videos! Very informative! Question - suppose i want to work seasonally after age 65 and collect EI on the off seasons, how would that work? Would EI claw back benefits if I was collecting CPP? OAS? cashing rrsp's and TFSA's? Working seasonally might give me some health insurance and perhaps discounts on hobby items, but isxit worth it from an EI perspective?
I’ve always wondered, what would the average CPP be if everyone took it at 65. The “average”, I assume is skewed by people who took it early, and people who took it later. Would the average be higher? By how much? I wonder how many people who would get the max at 65 but find out they’ll get the average at 60 and think “ seems good enough” ?
If you delay OAS, will you get both the deferral increase and the residency increase? Example - you have 36 years residency at age 65. You start OAS at age 69. Will get the deferral increase based on age 65 (36/40 years of residency) or age 69 (40/40 years = max)?
I had a 7 year gap in employment in my late 30s-early 40s. If I work to age 70 and keep maxing my cpp will I roll off some of the zero years? 20 to 30 I was very underemployed and never maxed my cpp.
I’m on CPPD at 62. I was told that at 65 it will be changed to just CPP. How will this affect my dollar amount ? Do I need to apply or will it just happen ?
I have received only one pay check while in Canada. Am I eligible to apply CPP. Some one told me there is a provision that I can apply. Thanks for your help
Hi Adam, great videos. If my wife lived in Canada for 33 years at age 65, and we delay OAS until 70 does she know qualify 38/40th of the full payment (33 + 5 years =38)? Also will the payment continue to increase until she has reached a full 40 years in Canada at age 72?
Good question nobody talks about...looks like limited to 65 but not sure...postponing doesn't increase number of years but percentage of pay...but you shoul contact service canada or find reliable info somewhere online ..
Can I retire at 55 and be eligeble for benefits. I have worked and am still working with an automanufacturing company but now I have sever joints pain and some times I think I cant do it anymore. I have worked in a very hard , heavy and very fast pace environment because of which I am having back pain and joints pain. I am sleep on the floor for the past 3 years due to back pain. I have no other income source. Please guide me what should I do? Thanks
Hi there is this site on RUclips his been posting about increased on OAS $700 . His report seems very sketchy since he post daily and each time has different figures and i don't see you reporting anything about it. I did not see on the TV news about it either .
I am turning 65 in June of 2023. I initially received notification that OAS would start automatically, I then received a second letter saying that it would not start automatically. So it does not start automatically.
Well I’ll be 65 in 2024 and I went to Service Canada and filled in a form to receive for both CCP and OAS starting June 1 2024 include how much tax to withhold. My accountant recommended withholding 30% rate for taxes. My brother did something similar last year and ever worked out great. Service Canada people are the best. I and my wife renewed our passports last year for 10 again. Service Canada was simply awesome to deal with filling in forms, paying and when to expect to receive them. Which we did almost to the day we expected them.
i am a retired permanent resident for almost 18 yrs , already receiving a reduced oas pension. Since i have not resided in canada for 20 yrs, i won't get the OAS if i retire outside Canada. My question : will i get it if i extend my stay in canada until i gathered at least 20 yrs residency?
In the 2023 budget, there was a proposal to change the age of eligibility for OAS - "Starting on April 1, 2023, the age of eligibility for OAS and GIS benefits will be gradually increased from 65 to 67, with full implementation by January 2029. Can you advise if this actually happened or if this was a budget item that was never realized? Thanks for any assistance you can give on this.
Looks like it is not ..in a transition phase...very difficult to find pure info...contacted service canada and they did not answer directly directing me to the support page ..and support page doesn't show anthing than 65...
@@rsgrsg951 I did find out that this was proposed but reversed by the Trudeau government. I did find the repeal on legisinfo but can’t recall the name of the bill to source to give you the direct link.
If you choose to delay either your CPP or OAS payment, do you have to give a firm irrevocable date you want to start collecting, or can you leave the date open.
CPP is open until 75 and OAS is automatic at 65 unless you apply for a deferral. You don't have to give them a firm date on the deferral but it will kick in at 75.
please discuss a senior couple combining income for taxes - how does it impact how each individual's pension and OAS are affected by this. Both born and raised in Canada.
Hi Adam ,can you do a video on Defind Pension ,along with CCP, OAS, + RRSP.. Should you use up your RRSP first (after 65, as the Bridge Benefit runs out.Thanks for the help..
I know someone who continued working but reduced her hours to avoid a clawback. Of course you may need help with the calculations. If you are single, you would only get the GIS if your income (which includes CPP payments) is below $21,624.00 and payments are on a scale depending on what you earn.
I was wondering does your Rrsp amount cause a claw back or just what you use from it for income .So if I have 150 thousand in RRSP .But my income from pension and Riff is 40 thousand for year .Is there a claw back because I have that much money in RRSP
I heard this with OAS mutliple times. You are not eligible if your 'net World Income' is over $81,761. Nowheres do they define Net World Income. Is that the income you receive when you retire, or is this the income you have made before you retire at 65???? Example, I will have made $125K prior to retirement, and when I retire, my pension sill pay out $72K a year. Would I be eligible for OAS retiring at age 65 with a $72K pension?
Thanks for your video,it is very informative, This year I will be 65 yrs old I am planning to retire 2026/2027 can I apply for my pension now/ ahead of time ... please let me know...Thanks
Having lived both in the US and Canada (now), I know CPP integrates with SS. There is an issue with the "windfall" element from SS in the US. Do you know of any sources or calculators that can estimate this? Thanks for a great site. Always watching for new videos.
You can request tax not be deducted on both CPP and OAS. My spouse and I have done that. Of course if you have other sources of income (pension, cashed in RRSP) you will probably owe something at tax time.
in my case Chris Ryan Stewart has assisted me in doing that effectively, I'm not an expert so I lack experience in investment strategies, I work and my consultant handles the rest.
No, OAS is funded by general taxation. While it’s not “contributory” like CPP, the prorated 40 year calculation is, in part, meant to reflect how much a taxpayer funded it.
@@James_48 was trying to find away to get 15/40 years to count without moving back to Canada. There appears to be a lot of countries with agreements with Canada so I could get 15/40. Nice little extra spending money in retirement.
Is there a site or calculator where you can enter in your retirement income, to determine how much tax you should have taken off? ie: rrsp is X, cpp is Y, oas is Z and estimated tax amount is T?
When I go on my service canada account and it tells me if I started cpp next month I could get xxx. Does this calculation include child rearing years, 8 low earning years and cpp disability years?
The government gets a copy of your T4 every year. If you are not earning income and no T4 is issued those years are factored in to your total contributions. You should your contributions from tge CPP government page
If the gov't thinks you may be entitled, they send a letter to apply (only after you are of course receiving OAS). If you were entitled for previous years, they will send a lump sum payment.
Is CPP getting to be a BS plan? Looks like $7500/yr between employee/employer to get $1300/month (indexed). Still, invest that for 35 years and you could generate $3000/month? Plus if you get hit by a bus on your 66th birthday, CPP is gone, but your investments would still be there. Should the government be offering an "opt out" along with an enhancement?
I dare say if it were optional far too many people would opt out and not save that money either. These type of DB of pension plans only work if (almost) everyone is in. Guaranteed for life indexed DB pension plans are very hard to come by and difficult to duplicate with personal savings. I look at the indexed guaranteed CPP & OAS benefits as long life insurance. It's sort of like paying for fire insurance on your house, I really don't worry that my house might not burn down and I won't collect on all the premiums I paid. Also consider if you get hit by that bus you are dead and when you are dead will how much you got from CPP really matter to you?
I think the better way to look at this is determine today, how much did a 65 year old put in since age 18? - what is their total contribution? Then compare that figure to $1365 per month, indexed for life.
Notice all these channels NEVER talk about those on disability? WCB is one of the worst, yet no one understands this. First, years ago, they discriminated against what job you had. Then the WCB only gives you 60 percent of your income. Which was 85 percent for other jobs. Then at 65 They cut you off and the government then only gives you 500 for CPP? Top off then is reduced because ooo your retired, so we are lowing your top off 15 percent. You're already deciding on paying for medication or your heating bill. Thus?
I applied for CPP, OAS..I received 4 payments , all different amounts and then it stopped. I applied for OAS and never received anything. . What the he'll is going on. I have paid this since 1983 in Nursing. I was born and raised and worked in Canada only. This is disgraceful. I have absolutely no income now at all. Wish I was Muslim..they get 2k a month tax free, jobs, places to live and free new vehicles. Us Canadians are used , abused and suckers
They are not. They are eligible to receive pension payments from the county they came from. My father received his Great Britain pension once he retired (after leaving the UK in 1953 at 23 years old).
Immigrants who are 60 and over cannot receive CPP if they did not pay into it. If they have lived in Canada for at least 10 years, they are entitled to OAS (but not necessarily the maximum). Canadians who never worked get OAS as well but not CPP, the same as immigrants. Please do not spread falsehoods.
Shame for Chinada w/this pension plan. These pensions are miserables to live in Chinada raported w/government pension plan. We are arnaques au max. in Chinada. My pension plan is miserable in Chinada because I didn't work to government. I worked to private company w/o pension plan. I payed all the taxes to Chinada for a miserable pension plan. Shime Chinada and her government.
Ridiculous that Canadians allowed the state to dictate your retirement plans without any consultation or input. So much for being free and calling your own shots. How many of you retired folks actually collect funds without some sort of headache or roadblock hindering you all?
Family health history as well as one's personal health also needs to be a MAJOR factor in deciding whether to start or delay payments. In my family, my father passed at age 56, my brother at 56 and another brother at 60. I've seen numerous situations where payments were delayed to age 65 only to be quickly terminated due to an unexpected passing. I'm 68 so delaying CPP and OAS to age 70 would have been a huge risk I was not willing to take.
I totally agree! My partner's family health history is poor, and his health isn't the greatest so he retires at 60 and started his CPP right away. My family tends to make it to 75 or 77 at most, I plan to retire at 63, however I started my CPP just before I turned 62. I work in an ICU, I've seen way to many people die before 60.
Can't disagree. Many factors need to be considered and sounds like you looked at everything. Hope you are enjoying retirement, and staying healthy!
You can never tell. A friend of mine's grandfather retired at 56 because his father died at 56 and his grandfather also died at 56, he wasn't taking any chances. He sold the farm he had worked since he inherited it from his father, his house, everything, and moved in with his son (my friend's father). Once he gave everything up he sat in that house waiting to die -- for the next 40 years, he lived into his 90s! I have heard that genetics accounts for about 25% of your personal longevity, the other 75% is related to other things like lifestyle, advancement in medical treatment, and just plain luck. Family health history is one thing but you never know.
OK......so....Adam.....now my mind and head are going to Explode with a comprehensive, all in a nutshell, front end loaded, full on blast from A to Z of CPP and OAS!!!! Whoosh! This vid is a keeper to bookmark to refer to now and again. Appreciate explaining the "paper work application" tips and tricks on this one as well. Congrats on reaching over 88,000+ subscribers! What a moment it will be, EPIC, when you get to 100,000! Lets go Canada.....bring on those subscribers! Also, the email newsletter was a brilliant idea....game changer to help spread the word of your work and the legacy of your grandfather through you. Meg, chiming in...."from away person" 🙃on Prince Edward Island.
I’m give up and don’t understand anything about OAS,CPP …I’m a low income senior (also my husband),and what should we do to receive this increase? We live in Canada 48 years and became Canadian citizens from 1977. Are we eligible for this benefit? Please.anyone explain! Thanks
For a more accurate CPP estimate, call CRA and ask them to do a “retirement simulation”. They will ask you for your last date of work and when you might want to start payment. I did this for ages 60, 65 and 70.
They will factor in the drop out years and child rearing provision if it applies and you tell them.
You can get an estimate on line with your Service Canada account.
@@murraytown4 online assumes you continue working until then. Retirement simulation does not as they ask for your last day of work. Also cannot add child rearing provision on line. Retirement simulation asks for children info.
Sign up for my services Canada acct.
Thanks Adam. Very informative as usual.
Glad you enjoyed it
This is absolutely outstanding Adam! Thanks a million! ❤🎉
You're so welcome!
Thanks this clearly outlines the shafting we get after 60 years of contributing....😅😅😅
I think if oas is larger then cpp delaying oas is an option that could result in more money plus survivor benefits of cpp would be availible.
I applied in the second week of october 2024 and i got my first cpp payment the last week of november
This is a very good video and I agree with your approach. However, how would my Cpp non-contributory years affect the decision on when to start. I have read and done my homework, so I know it will impact any decision I might make. I understand that if you have 8+ years of non-contributory years, I should consider taking Cpp earlier even if I do not need it. I also have a defined pension plan with bridging that will be dropped at age 65. I also have sufficient RRSP to cover the drop in bridging for an additional 5 years. But as I said, that would push my cpp non contributory years from 8+ to 13+, which starts working against me with regards to the 17% dropout rule that would come into play. Therefore would it beneficial to take Cpp at 65 or delay it to 70 despite getting an additional 42% at age 70 as opposed to 36% at 65? Adjusting for my diminished bridging by implementing a RRSP meltdown?
What's your opinion? No one covers how the non contributory years affects our CPP or OAS?
Great information here, Adam.
Cheers
Glad you enjoyed it
I received the letter last year and I went on line and told them I did not want to take my OAS. My 65 th birthday was in November. December I got my first oas check. After I told them I did not want it to start. Now I have a dilemma.
You should be able to call service Canada and get them to stop your OAS payments. I understand that they will require you to pay back any payments received.
Call them, it's reversible. How much advance notice did you give?
OMG. at first glance i thought you wrote Now I have dementia..... very different
Will there be an increase in both of these about now? Regarding OAS, I called a rep who told me that because I had been a regular tax filer I would have received OAS automatically.
Hello Adam, I am 67, planning to collect OAS later at 70. However, I didn't let CRA know that I would like to delay my OAS and I didn't start receiving any payments at 65 either. What should I do? Does that mean that I lost my OAS? Thank you. Great video.
No it should be fine, you would have received a tax slip by now had they started a d you have clawback. I would reach out to a Service Canada center though and inquire
Never heard of this and it is rather sneaky for them to start it automatically.
Thanks for the info! Great Video. Two question's, On OAS can you tell them when you get money each month. Because Both OAS and CPP is on the same date!! Love to get OAS, say second week of each month, Plus i get 20% taken out of CPP for my the Tax's can you do the same with OAS? Not sure, that's a video on it own lol! Get tax's taken out and placed in a High Interest account, ready for the Tax Man or get it taken out each Money! Hard one too, thanks for your time Dave From Labrador Canada.
I can't imagine all the people that reach their 60's and have no retirement plan from their workplace and rely on CPP and OAS.
It's sadly a very large number
Don't forget apply oas min 160 days, in Canada since 2002, my cpp $192.50 a month
If I retire early at 57 and of course stop contributing to CPP at that age will I still receive more money waiting until 65 rather than taking it at 60?
In 1990 I received a notice from cpp that I would be eligible for approximately 100 dollars per month if I continued my contributions at the current rate for the next 35 years
At that time I was receiving a professional income and paying substantial contributions
By 1992 I was out of Canada and never looked back
I want to retire overseas so I thought I needed to live in Canada to get it...thanks for clarifying
Super video Adam... I believed you mentioned that you're welcome to take your OAS even if you are retiring in a different country, just as long as you have lived in Canada for the required amount of time. Are you able to receive your CPP if you have retired in another country?
Yes you can.
People die early mostly due to unhealthy lifestyle habits. Carefully study those habits and choose the healthy opposite and you will hopefully live longer....but I think good luck accounts for most of longevity!
How long you live can subject to fate which is unique to each individual. Fate can't be understood. I know several people who were chain smokers since college but lived to 90 years old or more. Quite a few I know of had absolute healthy life style, no coffee, no smoke, no alcohol, all died around 75-80 years old or younger. Quite confusing to me every time I saw this.
@@el-xs4id yup....just a matter of good or bad luck. important thing is not how long you live but how good you live....live it up!! LOL
Hi Adam
You mentioned anyone who worked after 2019 would benefit from the enhanced CPP. What if you worked & where also collecting CPP after 2019 would you benefit in a higher CPP benefit. Thanks for the info 😊
As long as you paid into CPP still
Great videos and thank you. Just doing down pre planning and have a question. On pension income from a defined pension plan does one still contribute to cpp If they take the pension before collecting CPP or between 55 and 60?
No
What do you do if you still have a mortgage when you retire? Is it better to pay it off with your savings? I’m confused about taxes with retirement how much is deducted.
This was good,thank you.
You're welcome!
Happy new year and another great video Adam. Two questions/points:
Seeing as qpp’s calculator is better than cpps, why doesn’t cpp leverage that one to enhance theirs?
Politics aside, it seemed like oas was in dire straits (great band btw) 10+yrs ago and had to be pushed to 67 before being pulled back to 65 by trudeau; how can canada afford the 10% bump for persons over 75? Are we just digging ourselves deeper and/or a vote buying trick by trudeau to keep his grip on power while driving the country further into the abyss?!?! Why do I see this bonus nugget vanishing as a way to shore up the country’s balance sheet.
Why CPP doesn't provide an in depth calculator is beyond me. As for the OAS - I think you may be accurate on your assumption. More allocation of assets to this program.
I think it is important to add in this video especially for immigrants who have less than 20 or 40 years of residence (after age 18), that they may still be eligible for partial OAS payments as long as they have lived in one of the countries Canada has established a social security agreement OR contributed to the social security system of one of the countries with which Canada has established a social security agreement. Has this changed from last year's different Scenarios list??
Snippet from OAS website: Partial Old Age Security pension for less than 40 years of residence (after age 18).
"To receive a partial Old Age Security pension, you must have lived in Canada for at least 10 years (after age 18). The amount of the partial Old Age Security pension you receive depends on the number of years you have lived in Canada. Your partial payment amount is based on the number of years in Canada divided by 40."
I assume this would apply in reverse if someone left Canada before they reached 20 years.
I searched but I couldn't find a list, do you have a link ?
I have a plan, but there’s one piece I’m missing..,
I’m 60, planning to work to 70 and hold off on collecting both CPP and OAS until then. As of 65, I’ll have 20 years of max contributions. If I keep paying into CPP another 5 years max contribution, will it make that much difference?
If I can stop contributing to CPP at 65 (even if I’m not collecting to 70) I can contribute that to my FHSA and RRSP so which would make more sense?
I retired the first time at 54.
Post 65 CPP payments tend to work out ok based on the math.
Great videos! Very informative! Question - suppose i want to work seasonally after age 65 and collect EI on the off seasons, how would that work? Would EI claw back benefits if I was collecting CPP? OAS? cashing rrsp's and TFSA's? Working seasonally might give me some health insurance and perhaps discounts on hobby items, but isxit worth it from an EI perspective?
I’ve always wondered, what would the average CPP be if everyone took it at 65. The “average”, I assume is skewed by people who took it early, and people who took it later. Would the average be higher? By how much? I wonder how many people who would get the max at 65 but find out they’ll get the average at 60 and think “ seems good enough” ?
If you delay OAS, will you get both the deferral increase and the residency increase? Example - you have 36 years residency at age 65. You start OAS at age 69. Will get the deferral increase based on age 65 (36/40 years of residency) or age 69 (40/40 years = max)?
the count stops at 65.
thanks @@rb239rtr
I had a 7 year gap in employment in my late 30s-early 40s. If I work to age 70 and keep maxing my cpp will I roll off some of the zero years? 20 to 30 I was very underemployed and never maxed my cpp.
I’m on CPPD at 62. I was told that at 65 it will be changed to just CPP. How will this affect my dollar amount ? Do I need to apply or will it just happen ?
I’m confused when you see spread sheets that show you make so much more overall, don’t break even until 86.
I have received only one pay check while in Canada. Am I eligible to apply CPP. Some one told me there is a provision that I can apply. Thanks for your help
Hi Adam, great videos. If my wife lived in Canada for 33 years at age 65, and we delay OAS until 70 does she know qualify 38/40th of the full payment (33 + 5 years =38)? Also will the payment continue to increase until she has reached a full 40 years in Canada at age 72?
Good question nobody talks about...looks like limited to 65 but not sure...postponing doesn't increase number of years but percentage of pay...but you shoul contact service canada or find reliable info somewhere online ..
Can you also just go to service canada and apply for GIS there.
Yes
Can I retire at 55 and be eligeble for benefits. I have worked and am still working with an automanufacturing company but now I have sever joints pain and some times I think I cant do it anymore. I have worked in a very hard , heavy and very fast pace environment because of which I am having back pain and joints pain. I am sleep on the floor for the past 3 years due to back pain. I have no other income source. Please guide me what should I do? Thanks
Hi there is this site on RUclips his been posting about increased on OAS $700 .
His report seems very sketchy since he post daily and each time has different figures and i don't see you reporting anything about it.
I did not see on the TV news about it either .
For the CPP, if someone has worked 8 years and contributed to the CPP can they still collect after age 60?
Can I receive CPP at 60 when I receive my pension from my company at 60? Any disadvantages if I received both
Thanks for the video
I am turning 65 in June of 2023. I initially received notification that OAS would start automatically, I then received a second letter saying that it would not start automatically. So it does not start automatically.
Well I’ll be 65 in 2024 and I went to Service Canada and filled in a form to receive for both CCP and OAS starting June 1 2024 include how much tax to withhold. My accountant recommended withholding 30% rate for taxes. My brother did something similar last year and ever worked out great. Service Canada people are the best. I and my wife renewed our passports last year for 10 again. Service Canada was simply awesome to deal with filling in forms, paying and when to expect to receive them. Which we did almost to the day we expected them.
i am a retired permanent resident for almost 18 yrs , already receiving a reduced oas pension. Since i have not resided in canada for 20 yrs, i won't get the OAS if i retire outside Canada. My question : will i get it if i extend my stay in canada until i gathered at least 20 yrs residency?
In the 2023 budget, there was a proposal to change the age of eligibility for OAS - "Starting on April 1, 2023, the age of eligibility for OAS and GIS benefits will be gradually increased from 65 to 67, with full implementation by January 2029. Can you advise if this actually happened or if this was a budget item that was never realized? Thanks for any assistance you can give on this.
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Looks like it is not ..in a transition phase...very difficult to find pure info...contacted service canada and they did not answer directly directing me to the support page ..and support page doesn't show anthing than 65...
@@rsgrsg951 I did find out that this was proposed but reversed by the Trudeau government. I did find the repeal on legisinfo but can’t recall the name of the bill to source to give you the direct link.
I will be living overseas just after my 63 rd birthday, I hope it will be automatically done
Adam do you still keep your medical benefits if you live abroad
If you choose to delay either your CPP or OAS payment, do you have to give a firm irrevocable date you want to start collecting, or can you leave the date open.
CPP is open until 75 and OAS is automatic at 65 unless you apply for a deferral. You don't have to give them a firm date on the deferral but it will kick in at 75.
@@Roof_Pizza Thanks for the info.
Open date - but don't wait til 75 for CPP as noted in the comments as there is no benefit to wait past 70
What about the GIS?
please discuss a senior couple combining income for taxes - how does it impact how each individual's pension and OAS are affected by this. Both born and raised in Canada.
What is the percentage that is deducted for each year you did not live in Canada. Say if you’ve been here 20 years how much of the oas is withheld?
It will be however many years your were in Canada divided by 40
Thank you
Hi Adam ,can you do a video on Defind Pension ,along with CCP, OAS, + RRSP.. Should you use up your RRSP first (after 65, as the Bridge Benefit runs out.Thanks for the help..
Yes I can
..Thank you@@ParallelWealth
Collecting cpp and osp and collecting supplement is it worth working? I heard I would lose 500.00 a month?
I know someone who continued working but reduced her hours to avoid a clawback. Of course you may need help with the calculations. If you are single, you would only get the GIS if your income (which includes CPP payments) is below $21,624.00 and payments are on a scale depending on what you earn.
I was wondering does your Rrsp amount cause a claw back or just what you use from it for income .So if I have 150 thousand in RRSP .But my income from pension and Riff is 40 thousand for year .Is there a claw back because I have that much money in RRSP
If you have RRSP's that you are not cashing in, it does not count as income for clawback purposes.
@@plantbasedsenior4240 thanks for reply
I heard this with OAS mutliple times. You are not eligible if your 'net World Income' is over $81,761. Nowheres do they define Net World Income. Is that the income you receive when you retire, or is this the income you have made before you retire at 65???? Example, I will have made $125K prior to retirement, and when I retire, my pension sill pay out $72K a year. Would I be eligible for OAS retiring at age 65 with a $72K pension?
yes
Thank you so much
You're most welcome
What's the point to apply 11 months before you turn to 65? Do Service Canada needs 11 months to process and approve your OAS application?
Unionized government workers. They have zero incentive to move any faster than "snail".
Thanks for your video,it is very informative, This year I will be 65 yrs old I am planning to retire 2026/2027 can I apply for my pension now/ ahead of time ... please let me know...Thanks
Yes, you can fill out the forms and list a future date to start
Having lived both in the US and Canada (now), I know CPP integrates with SS. There is an issue with the "windfall" element from SS in the US. Do you know of any sources or calculators that can estimate this? Thanks for a great site. Always watching for new videos.
Yes I’d like to know also. I only worked maybe 8 yrs in 🇨🇦 and worked almost 26 yrs in 🇺🇸. What documentation do I need to show Services Canada?
Is it going to be tax deduction on that 758 dollars average payment or oas payment????
You can request tax not be deducted on both CPP and OAS. My spouse and I have done that.
Of course if you have other sources of income (pension, cashed in RRSP) you will probably owe something at tax time.
@@plantbasedsenior4240thank you very much
My husband is currently 66, he never receive any letter about CPP, nor OAS.
Contact Service Canada
You're going to need an updated show when Alberta leaves the CPP.
I suspect this is mostly bluster and will never happen.
I only have 15 years working in Canada after age 18, is there anyway to make up the years without moving back ?
I don't believe so
in my case Chris Ryan Stewart has assisted me in doing that effectively, I'm not an expert so I lack experience in investment strategies, I work and my consultant handles the rest.
No, OAS is funded by general taxation. While it’s not “contributory” like CPP, the prorated 40 year calculation is, in part, meant to reflect how much a taxpayer funded it.
@@James_48 was trying to find away to get 15/40 years to count without moving back to Canada. There appears to be a lot of countries with agreements with Canada so I could get 15/40. Nice little extra spending money in retirement.
@@jasonmedhurst4725 yes, definitely you should be entitled to your OAS because you have the minimum 10 years.
Is there a site or calculator where you can enter in your retirement income, to determine how much tax you should have taken off? ie: rrsp is X, cpp is Y, oas is Z and estimated tax amount is T?
ernst and young has a tax calculator... i can't put link here
I use the "tax tips" online tax calculator. Great source of information on all taxation topics.
Many out there. Some mentioned in comments or Google. Wealthsimple has a decent one too
So a person that's smart and has invested and makes over 100 K after 60,..gets penalized after paying these pension plans all their life ?
Is the government changing the required OAS age to 67?
No
As a married couple , your income is already combined.
When I go on my service canada account and it tells me if I started cpp next month I could get xxx. Does this calculation include child rearing years, 8 low earning years and cpp disability years?
I would recommend contacting service Canada support around that. My guess would be no it doesnt include that but I could be wrong.
I'd say it's imperfect but does include those years. Next year you could make tonnes or zero so how can they calculate that?
The government gets a copy of your T4 every year. If you are not earning income and no T4 is issued those years are factored in to your total contributions. You should your contributions from tge CPP government page
The CPP number online will NOT include child rearing, but does the 8 year drop out.
Good question
What about GIS?
JGI - just google it
If the gov't thinks you may be entitled, they send a letter to apply (only after you are of course receiving OAS). If you were entitled for previous years, they will send a lump sum payment.
Oas should keep with inflation
It will.
Is CPP getting to be a BS plan? Looks like $7500/yr between employee/employer to get $1300/month (indexed). Still, invest that for 35 years and you could generate $3000/month? Plus if you get hit by a bus on your 66th birthday, CPP is gone, but your investments would still be there. Should the government be offering an "opt out" along with an enhancement?
If they did offer an opt out how would Guaranteed Income, CPP etc. be funded?
@@joyousjohnson7358 just CPP, which is supposed to be funded by contributions. Self-employed can opt out of it now.
I dare say if it were optional far too many people would opt out and not save that money either. These type of DB of pension plans only work if (almost) everyone is in. Guaranteed for life indexed DB pension plans are very hard to come by and difficult to duplicate with personal savings.
I look at the indexed guaranteed CPP & OAS benefits as long life insurance. It's sort of like paying for fire insurance on your house, I really don't worry that my house might not burn down and I won't collect on all the premiums I paid.
Also consider if you get hit by that bus you are dead and when you are dead will how much you got from CPP really matter to you?
I think the better way to look at this is determine today, how much did a 65 year old put in since age 18? - what is their total contribution? Then compare that figure to $1365 per month, indexed for life.
My husband has passed away. I am collecting a portion of his CPP. Can I collect his CPP and my CPP at the same time.
You will receive a survivor benefit, and you can collect yours at the same time. There is a maximum amount you can received combined.
Notice all these channels NEVER talk about those on disability? WCB is one of the worst, yet no one understands this. First, years ago, they discriminated against what job you had. Then the WCB only gives you 60 percent of your income. Which was 85 percent for other jobs. Then at 65 They cut you off and the government then only gives you 500 for CPP? Top off then is reduced because ooo your retired, so we are lowing your top off 15 percent. You're already deciding on paying for medication or your heating bill. Thus?
20 Years in Canada 🇨🇦 online he is not a government oine takes 18 months Service Canada is free
I applied for CPP, OAS..I received 4 payments , all different amounts and then it stopped. I applied for OAS and never received anything. .
What the he'll is going on. I have paid this since 1983 in Nursing. I was born and raised and worked in Canada only. This is disgraceful. I have absolutely no income now at all. Wish I was Muslim..they get 2k a month tax free, jobs, places to live and free new vehicles. Us Canadians are used , abused and suckers
IF ?? That is the case W H Y are immigrants new to the country in Canada receiving pension payments when they never contributed into it ???
Are they? Do you have proof?
They are not. They are eligible to receive pension payments from the county they came from. My father received his Great Britain pension once he retired (after leaving the UK in 1953 at 23 years old).
Immigrants who are 60 and over cannot receive CPP if they did not pay into it. If they have lived in Canada for at least 10 years, they are entitled to OAS (but not necessarily the maximum). Canadians who never worked get OAS as well but not CPP, the same as immigrants. Please do not spread falsehoods.
Deplorable how CPP actually works & laws cannot live on cpp -
The CPP payment per month is a complete joke. Even EI is a joke paying 2k/month.
The amount of CPP is based on what each individual person has contributed. Did you mean OAS?
😂
Service Canada is a joke I can’t even gain access online.
The service Canada web site is a joke. Not even accurate!!
It's not great
Shame for Chinada w/this pension plan. These pensions are miserables to live in Chinada raported w/government pension plan. We are arnaques au max. in Chinada. My pension plan is miserable in Chinada because I didn't work to government. I worked to private company w/o pension plan. I payed all the taxes to Chinada for a miserable pension plan. Shime Chinada and her government.
Ridiculous that Canadians allowed the state to dictate your retirement plans without any consultation or input. So much for being free and calling your own shots. How many of you retired folks actually collect funds without some sort of headache or roadblock hindering you all?