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In this video, we go through the process of how to actually get a hold of your CPP & OAS payments. We’ll go through when you can apply, how you can apply, and also some certain intricacies that relate to both CPP and OAS.
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0:00 – What This Video Covers
0:30 – Investing Academy / FFS
1:19 – Qualifications for CPP / OAS
2:05 – When To Apply For CPP
3:23 – OAS Package At 65
4:31 – My Service Canada
5:07 – Decreasing/Increasing Payments For CPP
5:41 – How To Apply
6:33 – Personal Information Needed To Apply
7:21 – Social Security Agreements
8:08 – Retroactive OAS Payments
8:43 – Cancelling OAS Payments
9:22 – Cancelling CPP Payements
10:11 – Quick Recap
This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations – those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.
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A Complete Guide To The CPP & OAS Application Process
As we age and approach retirement, it is essential to understand the various benefits and programs available to help support us financially. Two of the most significant programs in Canada are the Canada Pension Plan (CPP) and the Old Age Security (OAS) program. This article aims to provide a comprehensive guide to the CPP and OAS application process, ensuring a smooth and hassle-free experience.
1. Understanding CPP and OAS:
Before delving into the application process, it is crucial to understand what CPP and OAS entail.
– Canada Pension Plan (CPP): The CPP is a contributory plan that provides a monthly payment to individuals who have contributed to the plan during their working years. It is designed to replace a portion of a person’s income when they retire or become disabled.
– Old Age Security (OAS): The OAS program provides a monthly pension to individuals who are 65 years or older and have lived in Canada for at least ten years. It is a non-contributory program funded by the Canadian government.
2. Determining Eligibility:
To determine if you are eligible for CPP and OAS benefits, consider the following criteria:
– Canada Pension Plan (CPP): You are eligible for CPP benefits if you have contributed to the plan for a minimum of one year (based on your employment history). The standard age to begin receiving CPP benefits is 65, but you can choose to receive reduced benefits as early as age 60 or delayed benefits as late as age 70.
– Old Age Security (OAS): To be eligible for OAS benefits, you must be at least 65 years old and have lived in Canada for at least ten years after turning 18. There is an option for early OAS benefits, which can begin as early as age 60, with a reduction in the monthly payment.
3. Gathering Required Documents:
To complete the CPP and OAS application process, you will need the following documents:
– Social Insurance Number (SIN)
– Birth Certificate or Proof of Citizenship/Residency
– Tax Returns and Notices of Assessment
– Marriage/Divorce Certificates (if applicable)
– Banking Information for Direct Deposit
Ensure you gather these documents before starting the application process to speed up the procedure.
4. Initiating the Application:
There are multiple ways to initiate the CPP and OAS application process:
– Online: The most convenient way is to apply online through the Service Canada website. This option provides step-by-step guidance and reduces processing time.
– Phone: Call the CPP and OAS toll-free numbers to request an application package. Contact Service Canada at 1-800-277-9914 for CPP and 1-800-277-9915 for OAS.
5. Completing the Application:
Regardless of the application method chosen, make sure to provide accurate and thorough information in your CPP and OAS application. Include all relevant details about your employment history, marital status, and residency.
6. Submitting the Application:
Once you have completed the application, submit it according to the instructions provided. This may involve mailing the application or uploading the required documents online. Ensure you double-check all documents and include any additional forms or information as requested.
7. Following up:
After submitting your CPP and OAS application, it is essential to keep track of its progress. You can check the status of your application online or contact Service Canada for updates.
8. Receiving Benefits:
Once your application is approved, you will begin receiving your CPP and OAS benefits through direct deposit to your nominated bank account. The monthly payment schedules may differ, so familiarize yourself with these dates to adequately plan your finances.
In conclusion, applying for CPP and OAS benefits is a crucial step towards securing financial stability during your retirement years. By understanding the eligibility criteria, gathering the required documents, and completing the application accurately, you can ensure a smooth and hassle-free process. Do not hesitate to seek guidance or assistance from Service Canada if needed.
I'm so confused if I am turning 65 and applying for CPP do I choose the month after my birthday as start date or the month of my birthday? Can anyone help? It says it starts the month after you turn 65.
Other than the eligibility, does the CPP depend on how much income the applicant currently has?
Does the amount of pension depend on family income?
Thanks for the informative video. I have a question. Does the husband and wife need to apply OAS individually? What about the threshold on the form? Does it refer to the combined husband and wife income? Or we have to determine each one income?
To be eligible for OAS, one should have lived in Canada for 20 years. Is this correct?
3:53 If you actually read the document, it ASKS “when” would you like to start receiving your benefits, but not everyone reads these, I guess.
Hi parallel wealth, my mom is a new immigrant to canada at the age of 67…. she has filed her tax for the 1st time and has filed an income of $15k as self employed and contributed max cpp.
What will be the best strategy to apply for cpp and when.?? Please guide
I’m a bit confused. My OAS did not start automatically, my application was lost and when I called I was told that they could not help me until 150 business days past my birthdate had passed and after that they could mark it as urgent, but it would take another 15 business days to process. After that I should expect to receive notification in the mail to indicate whether my application had been accepted or denied. When I inquired what would cause a denied application the service rep said that he didn’t know. I have lived in Canada my entire life, submitted my taxes every year…. It seemed odd to me that my application would be denied and that it took so long for it to be processed, if It’s not even necessary to apply. I am now receiving my payment, so it’s all good, just off to a slow start.
Just wanted to ask about CPP. When your applying date and start date are 4 months. does that mean the 4 months you're waiting calculates the 0.7% increase per month? Hope that makes sense.
Is OAS no given at 65?
Is there a benefit to collecting OAS and putting it directly to an RRSP? Will that keep you out of a clawback situation?
Once again, you are a wealth of knowledge. Did not realize you could cancel both CPP and OAS, pay it back, and defer it.
No one on any of these tutorials nor the government site ever explains the process to draw cpp and keep contributing to cpp. What do i need to do to continue making cpp payments while collecting cpp?
Hi Adam. Great video as usual. I know that you posted 9 months ago but I received recently information that is interesting. I was told by an agent at Service Canada that the OAS payments will not start automatically at 65 if you have not been in Canada for 40 years. I have been in Canada for 34 years; so if I was applying now I would get 85% of the maximum. However, it seems I have two options: I could wait another six years to get the maximum, the increase being 2.5% per year or I could apply now and defer my payments, the latest been more advantageous as the amount would increase by 0.6% per month or 7.2% per year postponed.
Oas starts even if you don't apply but you say they need to know your personal Infomation if you were not born in Canada? So I don't have to know about when I arrive and day and city if I'm just going to get it.
A quick question about CPP application online. I'm now 65+ and planning to apply for my CPP benefit ONLINE. I know that deferring your CPP will increase the CPP benefit by 0.6% per month. Do they determine how many months you have deferred by the date of your application (online), or the payment date – usually the last few days of each month?
For those thinking deferring their OAS, be warned that when you'll want to start earning it, the delay for treating your demand is unacceptably long. My father is 170 + days in and his demand is still not processed. It was climbed to the 3rd and last level of "customer service" to no avail. Service Canada is a complete joke.
Hi Adam thanks for all the Information it was great right on time. I just received my application and didnot know what to do with it. Thanks alot
is this correct, that your cpp and survivor cpp from your spouse is no more tham cpp max amount?
Hello Adam,
Very nice video for both CPP & OAS.
One question:
Moving from England, I will be age 63 when I settle down in Canada next 2 years by marriage. Regarding the OAS, I will only get 2 years of residency.
Will I qualify after a further 8 years of residency beyond age 65 ? ( when I will be age 73 ) However, OAS has to be claimed by age 70, right ?
CPP is a benefit? OAS IS automatic but they send an application. CPP is not automatic but you have to download an application ? What's wrong with this picture? Only in Canada do they call this Service.
OAS only commences automatically for born in Canada individuals. For those who immigrated to Canada, you need to apply to start OAS> As an immigrant you do NOT get an OAS estimate through your MSCA.
I'm confused with the part where you say that oas starts automatically if you don't defer it, if this is the case then I would think that the package you mentioned doesn't really need to be filled out if you want to start collecting oas.
I know two people who didn't fill out the form and it never started.
Thank you very much for all good informations !!
Thanks Adam , well done . I worked more then 20 years in Québec can i get CPP and ( La regie des rentes du Québec ) in the same time , or they will automaticaly mix and included in CPP ?
This is not a guide on the questions they ask on the application(s). The title is not quite right.
Thanks for the heads up for the OAS being automatic and my need to officially inform gov’t I am deferring. Can you tell me if for CPP, which I plan to defer to 68 or 69, do I need to apply at 65 and indicate I am deferring? Or do I just apply when I’m ready with the appropriate lead time and my payments will have the appropriate increase due to having deferred? As usual, great info. Thanks for the videos
Would be nice to see a step by step on how to apply for a RRIF and begin withdrawing pensions funds via a RRIF vs RRSP withdrawal.
You are speaking way too fast and jumping from point to point. Slow down and don't try to cover so much information in the small amount of time you alloted yourself.
Good job – keep them coming …..
I just read a discussion on the Personal Finance Canada Reddit where a low-income immigrant couple ages 75 and 79 hadn't applied for OAS.
Their son was looking into their taxes and found this out. Apparently there was another person filing their taxes for them in the past and never mentioned this source of income to them.
They will only get 12 months of OAS retroactively.
So, the 75 yr old, let 74K slip away, and the one who is 79 let 103K slip away. Conservative estimates.
Hi ADAM, I got a partial answer to my question last month Regarding my CPP AND OAS.I am receiving both and yes Lived in Canada much longer than 20 years ….. Living Full time in Lower mainland with my level of income seems like permanent Hardship and it is not feasible anymore should I move to Vietnam as a 67 years old senior citizen…How long am I eligible to live there in a year Calendar , and i am not sure about tax treaty between the two Countries if you know about that please Let me know thanks again for all your informative Videos I am sure thousands of Canadian learning something new from your knowledge ,
great tips!
One of the best summaries of the process! Thanks Adam!
Hello Adam
Thank you for the video. I’m supposed to start my CPP and OAS in June, but recently I came to a conclusion that I would be better off delaying them till 70. Do I have to visit Canada Service Centre to do that, because it doesn’t look you can do it on line ? Also I’m not sure what my OAS is going to be at 70 because starting next year the government is gradually going to be increasing the OAS starting age to 67 by 2029.
Can I defer OAS past 70? I realize there is no benefit to extending it past 70 in terms of additional payment. I am trying to minimize clawback as I am still working.
Adam great info much appreciated. Do you have any info for saveing tax for Native aboriginal people in Canada. Such as places to put your saving or invest so to not have to pay tax. Thanks
I'm considering deferring OAS until 66. The reason is that I plan on taking CPP at 60. The CPP plus my DB pension and the minimum RRSP withdrawals will put me into a clawback position. If I understand it correctly your OAS clawback is based on the previous years income, hence I'd like to reduce that income in my 65th year as my bridge finance dropped off from my pension ( replaced by CPP). Am I correct in my clawback position??
Thank you for this video Adam. This is the first time this has been explained so succinctly to me, and it being such an important step to retirement.
All well and good, but expect to wait a long time after application before OAS shows up. My service Canada is almost non functional as far as I can tell. 120 days… really. My wife applied 8 months ago and still nothing showed up, not even a recognition that application was received. Trudeau has been shoving out so much money the clerks are over run it seems.
My service Canada is not accessible lately.
Great tips. Any info on QPP?
Geish! You know, this is a really good presentation. Thanks for thinking about putting this together.