Knowing which programs you can count on in old age will help you plan for retirement
As for OAS, everyone who has lived in Canada for a minimum of 20 years after the age of 18 is entitled to claim this benefit once they turn 65. But to receive the full amount, you’ll have to have lived in Canada for 40 or more years. In 2022, that full amount is $642.25 monthly.For seniors living on reduced incomes, the government provides additional support through the Guaranteed Income Supplement program.
Typically, the government will reach out to eligible seniors with a letter the month after they turn 64 to inform them when they’ll start receiving GIS payments. However, some pensioners will need to apply for this non-taxable income if the government doesn’t have enough information to automatically enroll you.Article content
In Quebec, the Quebec Pension Plan replaces CPP benefits for retirees. The programs work similarly and share the same maximum pensionable earnings and annual basic exemption, however QPP contributors pay a slightly higher rate on their contributions.Article content Quebec, on the other hand, offers a refundable tax credit for its seniors living on reduced incomes. And Nova Scotia and Prince Edward Island both offer grant programs for low-income seniors either to stay in their homes longer or to repair them.
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