– Want To Learn More With Thomas? –
■ 💸Not sure If you are on the right path in saving?
💪 Download this FREE Financial Clarity Checklist:
–
■ 💰Want to have a chat with Thomas?
🕵
#cpp #oas #gis
3 Retirement Benefits in Canada | CPP OAS GIS, How Do They Work? | Retirement in Canada
For today’s remaster project,
I’ll go over Canada’s top 3 pension plans
CPP, Canada Pension Plan,
OAS, Old Age Security,
and the GIS, Guaranteed Income Supplement.
how do they work?
I will go over the details again and share
how you can get up to $1800 per month for your retirement in canada
What benefits you can get from the Canadian Government when you are retired and how are they different from each other?
CPP – Canada Pension Plan
OAS – Old Age Security
GIS – Guaranteed Income Supplement
All CPP, OAS, and GIS are designed to replace a certain amount of your income up to a certain limit each year.
In today’s video, I will go over what the benefits are, how they work, and how much they might payout
Enjoy!
DISCLAIMER: These videos are for educational purposes only. Please talk to professionals for your own tax plans.
👍 SUBSCRIBE TO THOMAS YOUTUBE CHANNEL TODAY!💪
🗣 Feeling stressed regards to your current finance?
Learn 5 EFFECTIVE ways to Boost your Financial Immune System
Download this FREE, EASY, Step-by-Step checklist
🔊
_______
Looking for Mortgage, Accounting, Legal Advice?
Connect with Thomas:
Want to know how Insurance works in Canada?
Insurance 101 in Canada:
Is Your Saving On track with your financial goal?
Investment 101 in Canada:
The secrets all wealthy people know:
Financial Freedom 101:
Our Right and Duty in Canada:
Taxes and Benefits in Canada:
———–
In the past 10 years, Thomas C Chan been focus on helping Canadians to develop for their financial success, with advice about investments and insurance, such as life insurance, critical illness insurance, and disability insurance.
Whether you want to know more about tax saving, retirement planning, or financial growth, Thomas can bring clarity on your retirement, wealth, and insurance. He understands the life stages and challenges that people are going through.
In Canada, you have many options for savings and investment vehicles, such as the RRSP and TFSA. To figure out how to take advantage of your options, Thomas can help you figure out what best suits YOUR financial needs. If you are interested in learning about how money works, and how to work with money, check out his videos!
Facebook｜
Mail｜thomaschan@novellawealth.com…(read more)
LEARN MORE ABOUT: Qualified Retirement Plans
REVEALED: How To Invest During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
Retirement is a significant phase in a person’s life, where they bid farewell to their working years and embark on a new journey of relaxation and leisure. In Canada, individuals are fortunate to have access to three major retirement benefits: the Canada Pension Plan (CPP), Old Age Security (OAS), and the Guaranteed Income Supplement (GIS). These programs provide financial support to retired individuals and ensure a comfortable retirement. Let’s delve into how these benefits work and what they mean for retirees in Canada.
Firstly, the Canada Pension Plan (CPP) serves as a pillar of retirement income for Canadians. CPP is a mandatory contributory program that most workers and employers in Canada pay into. The amount contributed throughout one’s working years depends on their income level, as a percentage of income up to a specified maximum. This makes CPP a progressive program, where those with higher incomes pay more.
To be eligible for CPP benefits, individuals must have worked and made CPP contributions for at least one-quarter of their adult lives, which is roughly over 10 years. The amount of CPP received is based on the contributions made during one’s working years and the age at which they decide to start receiving the benefits.
The CPP offers various options for receiving benefits. One can choose to start receiving their CPP as early as age 60, albeit at a reduced rate. Conversely, delaying the benefits until age 70 increases the monthly amount received. The standard age to begin receiving CPP is 65. However, it’s important to remember that CPP is taxable income, and the amount received is adjusted annually based on inflation rates.
Secondly, the Old Age Security (OAS) program is available to almost all Canadians aged 65 and above, irrespective of their work history. OAS provides a basic monthly pension that serves as a foundation of income for retired individuals. Similar to CPP, the OAS amount is adjusted annually for inflation.
To qualify for the full OAS pension, individuals must have lived in Canada for at least 40 years after turning 18. Partial pensions are available to those who have resided in Canada for less than 40 years, but at least 10 years. It’s worth noting that OAS is considered taxable income as well.
Lastly, the Guaranteed Income Supplement (GIS) serves as additional financial support for low-income retirees. It is a non-taxable benefit provided to eligible individuals who are already receiving the OAS pension. GIS is income-tested, meaning the amount received depends on one’s income level. The lower the income, the higher the GIS payment.
To qualify for GIS, individuals must be 65 or older and receive the OAS pension. The amount of GIS received is determined by one’s marital status, income, and whether they have a spouse or common-law partner who also receives the OAS pension.
Together, the CPP, OAS, and GIS programs ensure that retirees in Canada have a financial safety net during their golden years. These benefits are designed to provide a basic income and help individuals maintain a decent standard of living after retirement. While they may not cover all expenses, especially for those with higher incomes, they serve as an essential source of retirement income.
It is essential for individuals to understand these benefits and plan accordingly for retirement. By making informed decisions about when to start receiving CPP, individuals can maximize their monthly payments. Additionally, staying informed about the eligibility criteria and income thresholds for OAS and GIS will enable retirees to optimize their finances and ensure they receive their entitled benefits.
Retirement should be a time to relax, enjoy hobbies, and spend time with loved ones. The retirement benefits provided by the Canadian government aim to support individuals in achieving these goals. It is crucial for all Canadians to familiarize themselves with these retirement programs to make the most of their retirement years.
I am single, my only income is cpp and employment, is it the case that to get full gis, without any clawback, my combined income of cpp and employment after deductions can't exceed $5000.
I've come to realize as an investor that instead of letting my money sit idle in my savings account it is more productive to invest the little available and build a portfolio from the accumulated profit of investment
Great video Thomas. Thanks for sharing this content, explained very clearly
THANKS. Just what I needed to watch. My husband and I are administrators of our farming business and our own properties, as well as small pensions. I am almost 46, my Husband is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn passive income online and retire comfortably let's say 1 million bucks.
WOW – THANK YOU.
I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45.
Close to IMPOSSIBLE
yeah but how much will 1800 be worth when you are retired?
Great research in easy to understand
IF I WANT TO GO HOME FOR GOOD, CAN I TAKE HOME MY CPP , OAS AND GIS??
I am living on ~$900 a month in Canada. The figures listed here blow my mind.
I think your video on cpp oas and gis was excellent
Hi Thomas, is it possible to retire at 60 and use the RRSP? Is there a minimun age to start using the money in the RRSP? I mean, what happen if someone wants to retire at age 55? Can he use the RRSP for 5 years and then apply for CCP?
The music is VERY DISTRACTING
Grest video
Kindly let me know if the pension amount is taxable? If so how much do I have to pay as tax?
Thanks
The only problem here is most of the people collecting these benefits are foreign nationals not even living in Canada!!
$1800 is just to pay for your appartment.
Buy XRP
Never give govt money
The fund is broke soon . Let's jail Justin first
I found that the background music is so annoying and distracting….
That killed the effort put to educate the public….
In Vietnam Retire bester than Canada
Eat like the dog go like the animal
Nice vid nice to see how our tax dollars are returned in our older yrs.
There is no mention of company pension. I understand there was no government retirement plan in Hong Kong until 2000, the people had to do all their own saving for retirement. Might explain why this video is so focused on investing for retirement. And ignores company pension plans.
Well done young man
Thx
I only get $68 per month cpp
Stop scamming the government. Be a good contributor to the Society not a parasite .
How to meet you for personal consultation ?
Fewer people are contributing to their retirement plans because its a form of gambling, and that form requires stability. Its an indicator of where people think the world is going.
Collecting max monthly benefits from government pensions is a failed strategy. ….collect CPP as soon as you qualify. Nobody has a crystal ball that will tell them of their life expectancy. The same goes for OAS. … I am 72, began collecting CPP when I was 60. If I waited till I was 65 I would have to live till I am 82 years and 7 months for the benefits from the 2 different start dates to be equal. I have saved and never spent any of my CPP or OAS. So I am even further ahead and if I needed to access those funds due to illness or some other emergency then I am able. If I waited to receive the max monthly payment, I could have died and received nothing or I would not be able to access this funds in an emergency. The government tricks you into thinking waiting is a larger benefit. Collecting when you qualify allows one access when you might need it most.
The benefit has also changed and not in your favour since I began collecting. Don’t listen to this “Advisor” on this issue.
Thank you for explaining this so thoroughly.
It is very good video. I am comfortable retired, but I was planning all my life for this. I am surprised how many people did not plan. Maybe schools should give a course on retirement and personal finances to prevent many people live in poverty at the old age.
Good vid. I liked and subbed. Cheers from Calgary.
I get 1663 (OAS+GIS) + 237 (CPP) + 107 (Ontario Trillium) on a Monthly Basis. Roughly 2008… It's still not minimum wage (14 per hour 40 hr week x 4.33 weeks = 2424) but I survive… One step over the line!!… The best advice I can give, have a spread sheet, of Income and Expenses. Work it daily, to know where you stand. A freezer helps when planning meals… Lessons learned during the 50's growing up on rationing…
How to supercharge your wealth… it's called sell your soul!!
I’m turning 65 this year, October. I’m off on LTD , CPP and company insurance. Company insurance ends in October when I turn 65. Company closed 2 years ago, but still pays benefits until I’m 65. They stated due to my injuries I would not be able to return to work. What should I be doing, to prepare for October 2023?