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You will learn about retirement savings plans and how to manage the money after stop working. Also, you can learn how to investing in individual retirement savings plan through websites, videos and images.

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This website tells about Canadian retirement pension, benefits, eligibility, how to apply and how much you could receive. People who work in Canada contribute to the Canada Pension Plan and they are eligible for CPP benefits. You can apply and receive a full CPP retirement pension at age 65. You must be 59 or older and you can apply 9 months before you retire. If you plan to take CPP at age 60, the payment has reduction. Canada Pension Plan contribution split between employee and their employers. I chose this website because it is a government website and it updated two months ago.

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The Canada Pension Plan (CPP) retirement pension is a monthly, taxable benefit that replaces part of your income when you retire. If you qualify, you'll receive the CPP retirement pension for the rest of your life. To qualify you must:

be at least 60 years old

have made at least one valid contribution to the CPP

Valid contributions can be either from work you did in Canada, or as the result of receiving credits from a former spouse or former common-law partner at the end of the relationship.

You must apply

CPP payments are not automatic. You must apply. You should apply in advance of when you want your pension to start.

Our goal is to pay your CPP retirement pension in the month of the start date you choose.

Pension amount

The amount you receive each month is based on your average earnings throughout your working life, your contributions to the CPP, and the age you decide to start your CPP retirement pension. Your contributions to the CPP are based on your earnings.

The standard age to start the pension is 65. However, you can start receiving it as early as age 60 or as late as age 70.

If you start receiving your pension earlier, the monthly amount you'll receive will be smaller. If you decide to start later, you'll receive a larger monthly amount. There's no benefit to wait after age 70 to start receiving the pension. The maximum monthly amount you can receive is reached when you turn 70.

There are different factors that can affect how much you'll receive, such as time taken off from work to care for young children. Find out more about how much you could receive. You can also work while receiving a CPP retirement pension.

How long will it take to process your application

We begin to process your application once we receive your completed application form. You should receive a notice of our decision by mail:

within 28 days for online applications

within 120 days for applications delivered at a Service Canada Centre or sent by mail

It could take longer to process your application if Service Canada does not have a complete application.

You may also qualify for other CPP benefits

In addition to the CPP retirement pension, you may also quality for other CPP benefits listed below. Like the CPP retirement pension, you will need to apply for these benefits (except for the Post-retirement benefit if you already receive the CPP retirement pension).

CPP enhancement

As of 2019, the Canada Pension Plan (CPP) is gradually being enhanced. This means that today's workers, the seniors of tomorrow, will have higher benefits and greater financial stability through a small increase in the amount they contribute to the CPP.

The CPP enhancement only affects those who work and contribute to the CPP in 2019 or after.

The enhancement adds 2 additional components to the CPP. These components are not a separate benefit, but a 'top-up' to the base CPP.

The CPP now consists of:

the base (or original CPP)

the first additional component, which was phased in between 2019 and 2023, and

the second additional component, which will be phased in between 2024 and 2025

The CPP enhancement will increase the amount working Canadians receive in the:

CPP retirement pension

Post-retirement benefit

Disability pension

Survivor's pension

It will not affect eligibility for CPP benefits. Learn more about the CPP enhancement.

Frequently asked questions

Document navigation

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Employment and Social Development Canada

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The Canada Pension Plan (CPP) provides contributors and their families with partial replacement of earnings in the case of retirement, disability or death.

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This website describes when you receiving an old age security pension, what information you need to know. I think this is important because the people have to know current information about old age security and what are the benefits and eligibilities. Your age must be 65 or older and you have been lived in Canada for certain years (more than 10 years) to receive OAS. If you are out of Canada for six month, the pension will stop. This pension is taxable income. I chose this website because it has helpful and updated information about OAS and I found that how to access and protect the personal information while receiving an old age security.

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7. While receiving an Old Age Security pension

Once you are receiving the OAS pension, you need to know the following.

Benefits

Your Old Age Security (OAS) pension benefits will begin during one of the following months, whichever is latest:

the month after you meet the residence and legal status requirements

the month after your 65th birthday

the month you asked your OAS pension to start, if you meet all eligibility requirements

For more information on benefit payments, see payment dates and payment amounts.

Direct deposit

With direct deposit, your OAS payments can be automatically deposited each month into your bank account in Canada or the United States.

Receiving benefits outside Canada

You can receive your OAS pension benefit payment outside the country if you:

resided in Canada for at least 20 years after turning 18; or

lived and worked in a country that has a social security agreement with Canada and you meet the 20-year residence requirement under the provisions of that agreement.

If you do not meet either of the above requirements, we can only send your OAS pension payments outside Canada for the month you left and for six months after that. If you decide to return to Canada after an absence of more than six months, every additional year in Canada will be counted in order for you to reach your 20 years of residence needed to receive your OAS pension outside the country.

Example: If you left Canada in January, we would send your payments until the end of July. After July, the payments would stop until you return to Canada.

If you plan to be absent from Canada for more than six months, you must call us. You should also let us know when you return to Canada so that we can restart your OAS pension payments, beginning the month you return.

OAS pension payments are made anywhere in the world in the local currency where possible and, if not, in Canadian dollars. If you live in the United States and have your payment deposited directly to a US financial institution, the funds are automatically converted into US dollars. For more information, see receiving payment outside Canada.

Cost-of-living increases

The OAS pension and benefits are reviewed in January, April, July and October to reflect increases in the cost of living as measured by the Consumer Price Index. Your monthly benefit amount will not decrease if the cost of living goes down.

Income tax

OAS pension payments are considered to be taxable income.

To voluntarily request that federal income tax be deducted each month from your OAS payment, visit the My Service Canada Account (MSCA) or, complete the Request for Voluntary Federal Income Tax Deductions form (ISP 3520).

If you do not request monthly tax deductions, you may have to pay your income tax in quarterly installments. For more information, contact the Canada Revenue Agency (CRA) Tax Services Office.

Also, if your annual income is higher than the net world threshold of that year, you may be subject to the Old Age Security pension recovery tax, and you may have to repay part or your entire OAS pension.

Taxes for those living outside Canada

If you live outside Canada and are not considered to be a Canadian resident for income tax purposes, a non-resident tax is withheld from your monthly OAS pension benefit payments. The tax rate is 25 percent unless reduced or exempted by a tax treaty between Canada and your country of residence. If you have tax-related questions, contact Canada Revenue Agency's International Tax Services Office.

T4 and NR4 tax information slips

Early each year, you will receive a T4 or NR4 tax slip showing the amount of OAS pension payments you received during the previous year. You must include this slip when you file your annual income tax return.

T4 tax information slips are for residents of Canada, while NR4 tax information slips are for those living outside Canada. You can view your tax information slips online with My Service Canada Account as early as February 1 each year.

If you have not signed up to view them online, we will send your OAS pension tax slip by mail, in February of each year.

When to notify Service Canada

To keep your files up-to-date, you must contact Old Age Security when:

you need to correct inaccurate or incomplete information or provide information not previously disclosed;

you move;

your banking information changes;

your marital status changes;

you leave Canada for more than six months; or

a beneficiary dies.

Note:If you live in Canada, you can use My Service Canada Account to change your address and direct deposit information.

Can someone else contact Service Canada on my behalf

You can authorize a person to communicate with Service Canada on your behalf by signing in to My Service Canada Account (MSCA) or by completing the form Consent to Communicate Information to an Authorized Person (ISP-1603OAS), and mailing it to the Service Canada office listed on the page Returning the form.

This form does not provide authority for the person to apply for benefits on your behalf, change your payment address, or request or change the withholding of tax.

If an individual is incapable of managing his or her own affairs, another person or agency (a trustee) may be appointed to act on the individual's behalf. For information on third-party administration for homeless seniors, see Supporting Homeless Seniors Program: How to act as a third-party administrator.

Can I make a change on behalf of someone else

To make changes on behalf of another person, you must submit a Certificate of Incapability (ISP-3505OAS), completed by a medical professional. You must also complete one of the following forms:

Can my pension ever stop

Yes. Your pension will stop if:

you are out of the country for more than six months and you did not reside in Canada for at least 20 years after you turned 18;

you make a request to stop your pension;

you are incarcerated in a federal penitentiary for a sentence of two years or longer; or

you die (it is important that someone notify us about your death to avoid overpayment).

Other benefits you may be eligible for

If you have lived or worked in Canada and in another country, you may be eligible for Canadian benefits or benefits from the other country under a social security agreement.

You can also try the Benefits Finder tool to find other programs and benefits to which you may be entitled.

Cancelling or stopping an Old Age Security pension

If for any reason you would like to cancel your OAS pension, such as choosing to voluntarily defer your OAS pension, you can do so up to six months after you receive your first payment. You must request the cancellation in writing. You must also pay back the amount of OAS pension you received and related benefits you or your spouse or common-law partner received. To cancel your OAS pension, contact Old Age Security.

Also, when an OAS beneficiary dies, their OAS pension and benefits must be stopped. Find out how to stop an OAS pension and/or benefits on behalf of a deceased person.

Protecting your information

Your information is protected by the Access to Information Act and the Privacy Act.

Accessing your personal information

You can ask to see or have copies of any information about you that is in a federal government file. The Treasury Board publication "Info Source: Sources of federal government information" and the forms to request the information are available in government offices, public libraries and federal constituency offices. If you live outside Canada, these publications may be available at Canadian embassies and consulates.

View and update your Canada Pension Plan and Old Age Security information

Use My Service Canada Account to view and update your Canada Pension Plan (CPP) and Old Age Security (OAS) information.

If you currently receive payments from either CPP or OAS, or if receipt of your first payment is pending, you can use My Service Canada Account to:

Request an access code for My Service Canada Account (MSCA)

Use My Service Canada Account to:

change your direct deposit information;

change your address and telephone number(s);

print tax slips;

delay receiving your Old Age Security pension and Guaranteed Income Supplement after receiving a notification letter of automatic enrolment;

view, start, change or stop your federal voluntary tax deduction;

give consent for someone to communicate with Service Canada about your CPP/OAS account;

view the status of your application for CPP and OAS benefits; and

view details and print an official proof of payment report of your CPP and OAS benefits.

Note:
If you have an address outside of Canada, you will only be able to view your information online. It is not yet possible to change the information for foreign addresses and direct deposit online. To change your information, contact us and speak with one of our agents over the phone.

Financial affairs:

If you have authorized someone to act as power of attorney on your behalf, that person cannot use your My Service Canada Account.

If you have notified us that a registered trustee, guardian or other legal representative is taking care of your financial affairs, neither you nor your representative can use a My Service Canada Account.

If you receive a Quebec Pension Plan benefit, contact Retraite Québec.

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Employment and Social Development Canada

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Old Age Security-While on Old Age Security - Canada.ca

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Once you are receiving the OAS pension, you need to know the following. Your Old Age Security (OAS) pension benefits will begin during one of the following months, whichever is latest: the month after you meet the residence and legal status requirements the month after your 65th birthday the month you asked your OAS pension to start, if you meet all eligibility requirements For more information on benefit payments, see payment dates and payment amounts.

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Website #3 Prepare financially for retirement

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Website #3 Prepare financially for retirement

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This website explains how to prepare financially for retirement. I think this is important because this retirement checklist will help you for the successful retirement. First, we have to make a budget to saving funds for retirement.Then pay off your debt as soon as you can before you retire. Also, you can make investment plan for the future. This website gives you better understand about health insurance options, retirement income tax and best retirement investment that's why I chose this website.

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How to Prepare Financially for Retirement

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Here is a retirement checklist that provides a list of things you must do to financially prepare for retirement.

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Website #4 Retirement income calculator 

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Website #4 Retirement income calculator 

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This website reveals how to calculate your retirement income from various sources. The income calculator helps to estimate you retirement income for future and it gives better understand about your future goal income which you need after stop working. The calculator does not collect your personal information and it is easy to access any time to calculate your retirement income. I chose this website because it is useful and helpful website which helps to calculate estimate retirement income. The calculator helps you to plan and calculate your future financial security. Also, it gives you better understand about your financial contribution for your future.

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Employment and Social Development Canada

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This video describes which types of income the Canadian residents expect to receive after stop working and it will help you plan your future retirement. The people have so many goals in their life and they need money after retirement too. The people have to think how much retirement income they need to live comfortably and they have to start saving money for the future. I chose this video because it gives us overall picture of the retirement income stream in Canada. Also, this video explains Federal government benefits including CPP, OAS, and GIS

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Retirement Income in Canada | Karen Chang

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This video explains how to save the money for retirement and it discusses  about four income stream including CPP, OAS, RRSP, and TFSA draw from in retirement. If we invest money on RRSP, it will reduce the tax bucket and we can get more tax return. Also, we can put the tax return money on TFSA to save money for after you retire. I chose this video because it gives better understand about RRSP and TFSA and how to invest the money. Also, the video tells how many percentage we have to contribute in retirement plan and how much amount we can get at age 65. if we increase the saving amount now, we can get more income after retire.

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This video explains about increasing the new tax rate for Canada pension plan in the future. The CPP tax changes have positive and negative effects on Canadians. The advantage is If you contribute more money in CPP, you can receive a great amount after you retire and the benefits will help sustain your living in  the future. The disadvantage is the income will decrease due to the increase of CPP premiums and it effects the people to invest money on the investment. I think this is important video because this video gives us better ideas about the new tax rate for CPP and how to effect the people and their income.

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New Tax Rate for the Canada Pension Plan (2016)

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This video reveals about the differences between RRSP and TFSA and how they work. Both accounts known as registered accounts. Your income determines that the amount of tax you pay and the RRSP contribution limit. If you contribute RRSP by depositing money to your account, your taxable income reduces and you pay less taxes. Your saving grow tax-free as long as your money stay in the plan. Contributing money to TFSA does not lower your taxable income but when you take the benefits out, you do not need to pay taxes. In TFSA, you can save up to 5000 dollars a year and you can withdraw whenever you want. I think this video is important than other video because you can get better ideas about RRSP and TFSA contribution, so you can decide which one you contribute.

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The Differences Between an RRSP vs a TFSA - Young Guys Finance

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This picture depicts people who living in Canada happy with their retirement plan. I think the people have best benefits of retirement in Canada. If people start to saving money early for retirement, they can manage their finances in future and live happily.

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This picture depicts that we have to start saving money from now because when you start saving in younger age, it makes more money for retirement. Also, the picture shows the types of savings for the retirement including RRSP, TFSA and it helps to make a realistic budget.