Of course you can, you can have an income of up to $70K annually before clawbacks take effect and earn up to about $110K annually before you get no OAS. That means that a senior couple will get full OAS, about $12K annually if they make less than $140K annually......does that make sense????? REALLY?
Governments spend too much on Seniors
- Thread starter tibear
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Of course you can, you can have an income of up to $70K annually before clawbacks take effect and earn up to about $110K annually before you get no OAS. That means that a senior couple will get full OAS, about $12K annually if they make less than $140K annually......does that make sense????? REALLY?
That is CPP you dumb azz.
The differences between OAS and the CPP
The Old Age Security program (OAS) provides a basic pension to almost everyone over 65 who has lived in Canada for at least 10 years. Supplements to the program - the Guaranteed Income Supplement and the Allowance - provide additional income for low-income seniors.
The Canada Pension Plan (CPP) provides retirement income to those who have worked and made contributions to the Plan. The amount of CPP pension depends on how much and for how long a person has contributed and in some cases, the age a person chooses his/her payment to begin. It also provides contributors and their families with disability benefits, survivor benefits and benefits for children.
Together, these two programs form an important part of Canada’s retirement income system.
Old Age Security (OAS) program - an important foundation
Basic pension
Old Age Security provides a basic pension to almost everyone over 65 who has lived in Canada for at least 10 years. The amount you will receive depends on how long you have lived in Canada and your current income. Old Age Security Payment Rates are adjusted quarterly to reflect any increases in the cost of living as measured by the Consumer Price Index.
Guaranteed Income Supplement
The Guaranteed Income Supplement (GIS) provides additional support for low-income OAS pensioners. It provides a modest supplement to the OAS pension. To see the current Guaranteed Income Supplement rates, visit Old Age Security Payment Rates.
Allowance
OAS pensioners’ spouses or common-law partners who are low-income and between the ages of 60 and 64 may qualify for the Allowance. The amount you receive will depend on the combined income of you and your spouse or common-law partner.
The Allowance for the survivor is a monthly allowance available to low-income survivors who are between the ages of 60 and 64. The amount you receive will depend on how much income you have at that time.
To see the current benefit rates, visit Old Age Security Payment Rates.
Canada Pension Plan – more than just retirement income
Almost all working Canadians over the age of 18 pay into the Canada Pension Plan (CPP). Your contributions to the CPP provide you and your family some financial protection.
As a CPP contributor and depending on your circumstances, you or your family may be entitled to the following benefits:
Disability benefits
If you have contributed to the Plan for a minimum number of years and if you become ill or disabled such that you cannot work at any job on a regular basis, you may be able to receive a monthly disability benefit. Learn more about how to qualify for disability benefits.
Children’s benefits
If you or your spouse or common-law partner dies or starts receiving a CPP disability benefit, your children under age 18 may also be able to receive benefits. If your children are between the ages of 18 and 25 and attend school, like college or university full time, they may also be able to receive children’s benefits. To qualify, you, the parent must have contributed to the CPP for a minimum number of years.
Survivor benefits for your surviving spouse or common-law partner
When you die, if you have contributed to the Plan for a minimum number of years, your surviving spouse or common-law partner may be able to receive a monthly survivor’s pension.
A lump-sum death benefit
Upon your death, if you have contributed to the Plan for a minimum number of years, your estate will receive a one-time, lump-sum payment of up to $2,500.
Retirement pension
You can receive a CPP retirement pension as early as age 60. The amount of your pension will depend on how much and for how long you have contributed to CPP, as well as the age you choose your pension to begin.
To get your retirement pension before age 65, you must have stopped working or at least reduced your earnings from work before your pension begins. Once you begin to receive your pension, you can return to any amount of paid work without affecting the payment. However, at that point, you would not be able to contribute to the CPP on any future earnings.
Here’s an example of a monthly retirement pension: If you have lived and worked in Canada most years between age 18 and 65 and earned about the average Canadian wage ($39,100 in 2002), at age 65 you would receive a CPP retirement pension of about $788 a month.
The minimum age for receiving a CPP retirement pension is 60. There is flexibility, but the age at which you decide to start your pension affects the amount.
For example:
My pension will not start automatically. When should I apply?
We recommend that you apply about six months before you want your pension to begin. For OAS and CPP pensions you must apply in writing. For other CPP benefits, apply as soon as the need arises. You can view or print an application form from this web site.
Important information:
The differences between OAS and the CPP
The Old Age Security program (OAS) provides a basic pension to almost everyone over 65 who has lived in Canada for at least 10 years. Supplements to the program - the Guaranteed Income Supplement and the Allowance - provide additional income for low-income seniors.
The Canada Pension Plan (CPP) provides retirement income to those who have worked and made contributions to the Plan. The amount of CPP pension depends on how much and for how long a person has contributed and in some cases, the age a person chooses his/her payment to begin. It also provides contributors and their families with disability benefits, survivor benefits and benefits for children.
Together, these two programs form an important part of Canada’s retirement income system.
Old Age Security (OAS) program - an important foundation
Basic pension
Old Age Security provides a basic pension to almost everyone over 65 who has lived in Canada for at least 10 years. The amount you will receive depends on how long you have lived in Canada and your current income. Old Age Security Payment Rates are adjusted quarterly to reflect any increases in the cost of living as measured by the Consumer Price Index.
Guaranteed Income Supplement
The Guaranteed Income Supplement (GIS) provides additional support for low-income OAS pensioners. It provides a modest supplement to the OAS pension. To see the current Guaranteed Income Supplement rates, visit Old Age Security Payment Rates.
Allowance
OAS pensioners’ spouses or common-law partners who are low-income and between the ages of 60 and 64 may qualify for the Allowance. The amount you receive will depend on the combined income of you and your spouse or common-law partner.
The Allowance for the survivor is a monthly allowance available to low-income survivors who are between the ages of 60 and 64. The amount you receive will depend on how much income you have at that time.
To see the current benefit rates, visit Old Age Security Payment Rates.
Canada Pension Plan – more than just retirement income
Almost all working Canadians over the age of 18 pay into the Canada Pension Plan (CPP). Your contributions to the CPP provide you and your family some financial protection.
As a CPP contributor and depending on your circumstances, you or your family may be entitled to the following benefits:
Disability benefits
If you have contributed to the Plan for a minimum number of years and if you become ill or disabled such that you cannot work at any job on a regular basis, you may be able to receive a monthly disability benefit. Learn more about how to qualify for disability benefits.
Children’s benefits
If you or your spouse or common-law partner dies or starts receiving a CPP disability benefit, your children under age 18 may also be able to receive benefits. If your children are between the ages of 18 and 25 and attend school, like college or university full time, they may also be able to receive children’s benefits. To qualify, you, the parent must have contributed to the CPP for a minimum number of years.
Survivor benefits for your surviving spouse or common-law partner
When you die, if you have contributed to the Plan for a minimum number of years, your surviving spouse or common-law partner may be able to receive a monthly survivor’s pension.
A lump-sum death benefit
Upon your death, if you have contributed to the Plan for a minimum number of years, your estate will receive a one-time, lump-sum payment of up to $2,500.
Retirement pension
You can receive a CPP retirement pension as early as age 60. The amount of your pension will depend on how much and for how long you have contributed to CPP, as well as the age you choose your pension to begin.
To get your retirement pension before age 65, you must have stopped working or at least reduced your earnings from work before your pension begins. Once you begin to receive your pension, you can return to any amount of paid work without affecting the payment. However, at that point, you would not be able to contribute to the CPP on any future earnings.
Here’s an example of a monthly retirement pension: If you have lived and worked in Canada most years between age 18 and 65 and earned about the average Canadian wage ($39,100 in 2002), at age 65 you would receive a CPP retirement pension of about $788 a month.
The minimum age for receiving a CPP retirement pension is 60. There is flexibility, but the age at which you decide to start your pension affects the amount.
For example:
- If you apply before age 65, your pension will be reduced by 0.5% per month, up to a maximum of 30%.
- If you start your pension after age 65, it will be increased by 0.5% per month, up to a maximum of 30%.
My pension will not start automatically. When should I apply?
We recommend that you apply about six months before you want your pension to begin. For OAS and CPP pensions you must apply in writing. For other CPP benefits, apply as soon as the need arises. You can view or print an application form from this web site.
Important information:
- The differences between OAS and the CPP
- Old Age Security – what you need to know
- Canada Pension Plan – what you need to know
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No, this is OAS. perhaps some reading at the canadian website is needed: Old Age Security Pension - Service Canada
Petros, I believe you are confused. Ignore CPP, guaranteed income supplement, etc we aren't talking about that.
This is a conversation about OAS and it does have clawback requirements for income levels. Look it up. Minimizing Old Age Security clawback
Please look at the website....
This is a conversation about OAS and it does have clawback requirements for income levels. Look it up. Minimizing Old Age Security clawback
Please look at the website....
petros, did you bother to look at the website? I doubt it because it clearly shows the income levels and the clawback amounts for OAS. Don't know how to better explain it to you.
Regardless, this only distracts from the discussion of whether social programs should be income based or not.
Regardless, this only distracts from the discussion of whether social programs should be income based or not.
If you're getting OAS you don't have enough CPP or 3rd party income. It's for LOW INCOME SENIORS
No Petros, that is GIS (Guaranteed Income Supplement) NOT OAS(Old Age Security)
Straight off the website that I asked to look at:
The Old Age Security (OAS) program is the cornerstone of Canada’s retirement income system. It includes a basic pension that goes to almost all people 65 or older who have lived in Canada for at least 10 years over the age of 18.
Regardless of your income, if you have reached the age of 65 and have spent at least 10 years in Canada over the age of 18 you WILL collect OAS. Period.
On average seniors collect aver $510 a month and there is a clawback once you have a annual income of $70K and get no OAS once you exceed $110K annually.
PLEASE look it up, this is getting rediculus...........
It's best if everyone gets the O.A.P. for one thing it reduces bureaucracy and second look at it as partial repayment for all the years we supported the Gov't. and thirdly, it's all money that creates employment.
PetrAss your a real dumbo, you don't know what your talking about!!
Yes you get OAS if your over 65 and your are Canadian living in Canada.
Clawback applies for certain income levels.
Your just so very stupid PetrAss if you don't know this!
1) If reducing bureaucracy is the goal than why shouldn't all social programs be done the same way? Everyone gets social assistance unless you earn a certain income.
2) If it is a repayment for the years canadians paid taxes, then why is there no requirement to ever having to pay taxes? AND, if that is the case then why are "rich" canadians excluded from receiving OAS when they have paid the most? Shouldn't the rich be the first ones to be "thanked"?
3) Your third point directly contradicts your first point. You can't reduce bureaucracy AND create employment.
If we took the $32 billion paid right now in OAS and kept even half that amount in social programs it would increase the amount of money that the poor got and wouldn't dramatically negatively affect anyone. The remaining $16 billion could go into other programs like infrastructure or new initatives that would create the job loses as a result of eliminating OAS.
Durry, there isn't even the requirement to live in Canada to collect OAS. You simply had to have lived in Canada at least 20 years in order to collect. Then you can live in the south of France, Tahiti, Maui, etc and get your monthly cheques from the Canadian tax payer.
Are you fricken nuts? My dad collects about $5500/month in company pension, CPP and investment income and still gets OAS. My mom collects CPP and still works her union job and she gets OAS. The only requirement for OAS I know of is be over 65 and alive.
Your absolutely correct!!
Actually you don't even have to be here for 20 yrs, 10 yrs will suffice as shown below.
----Quote
The Old Age Security program (external) (OAS) provides a basic pension to almost everyone over 65 who has lived in Canada for at least 10 years.
----
As usual PetrAss does not know what he is talking about!!
He should just continue to try to concentrate on his card game at the o'l folks home!!
As a further note, that's why immigrants like Canada so much, it takes them 3 yrs to get citizenship and then with a few more yrs till they have been here for a total of 10 yrs, then they can claim OAS and go back to their country with dual citizenship and our tax funded AOS!!
Good deal .. eh !!
PS
Do you know that right now over 50% of senior citizens in Vancouver are immigrants and in Toronto over 60% of seniors are immigrants!!
And in Canada, right now, only about 22% of Canadians are immigrants!!
Numbers don't add up, do they!!
Well, when looking at old age pensions and senior care programs, you have to consider that seniors are not a special interest group. They are not a minority group. They are not a 'portion of the population'. Poor people get old. Cultural minorities get old. Rich get old. Men. Women. Gays. Artists. Sports heroes. Everyone. So, it's not showing favouritism to a minority group, it is planning for the one common outcome we all face if we're lucky enough to not stroke out ahead of time. I think that alone makes it a lot easier for every single voter to be willing to invest in social funding.
i am not sure what your saying.
if you are past the $75000 a year OAS clawback threshold thus loosing OAS then your retirement income is quite high and you should talk about this with your accountant.
If on the other hand your total income is $14796 the system may be failing you.
As to where I got my figures, I knew them roughly.
see retirehappy.ca
quote"In the article I stated, “The most you will receive from the government is $24,346.44 if you have no other sources of income and only $16,684.92 with other income"
If you are only receiving $14,796 I would urge you to talk to a seniors advocate or advisor.
The GIS threshold is around $16,500 or so and if you are single you probably qualify.
For couples the GIS threshold is somewhere around $22 to $25,000.
You should check it out.
You know what, upon further consideration of your well thought out rebuttal..... yeah, no, I stand by what I said about comparing old age to other social programs.