Yeah great to know for us guys who have barely worked a day in our lives (that went into any type of CPP payment) who had supportive parents now into our fifty's who have a bit of cash on the side looking at our retirement futures! cheers.
As an individual pensioner who has worked hard in Canada for my whole life and receive just enough pension money outside of OAS and CPP to completely eliminate any GIS, I feel that I have been and continue to be cheated.
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert.
A good number of people discredit the effectiveness of financial advisors in exploring new markets, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $1.2m in gains… might not be a lot but i'm financially secure.
My CFA ‘Grace Adams Cook’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I appreciate the slower talking, it’s a lot easier for it to sink in and process. Also better for the people that may be a bit older who don’t have the best hearing 😊
So what you are saying is it is better for my spouse and me to get a divorce but share a household... LOL. Good thing we will not be able to collect GIS. This is all good news for people I care about who are not in my spouse's and my position. I have already shared this with a couple of them, but I was watching it as a refresher as I have people now and again worried about old age and whether they can ever retire. While they may not eat fancy schmancy KD they can still get the off-brand. Thank you for everything you and your team do for us little guys, Kent. Cheers!
It is such a farce, cpp is considered income which is ridiculous. Every year you get a slight increase and the landlord takes it. That isn't fair on single people and widows. Not enough, worked over 45 years
New subscriber! There's is nothing wrong with how you speak. You speak in a way so that your listeners can understand. Don't get me wrong, I am a pround Canadian. Born and raised in this country. But, the way Canada is giving away money to other countries, and being irresponsible in other ways, I am concerned that these figures that are currently in place will not be the case when I am ready to retire in 15 to 17 years! I am trying my best to take care of my savings so that at 65+, I won’t have to worry about getting up early to go to a job that I don't love... like I do now. More and more, I am feeling like the rules are going to have to change at some point, and not for the betterment of Canada's citizens. Just my concern. Thank you for your very informative video! ✌🏾
Very simple solution my friend, get rid of Liberals. Spread the word in your demographic, it's not my imagination. Canada under Harper in it's best year had a $89 billion balance of trade surplus with USA, how far under water are we now? It won't do me any good to look.
Before you said anything about slow talking I wrote the friend who sent me the link and said like his slow talking no need to rewind, and I made coffee and toast while watching!! Thanks for the great info.
There’s a pretty compelling argument for young people at the age of 18 to max out their TFSA contributions and not contribute to a pension or RSP. Buying market based ETF’s (S&P, TSX60, DOW, etc), from age 18 to 65 in a TFSA will greatly put you ahead at the end of the day. All of that wealth can never be taxed and you won’t have to deal with RSP to RIF conversions and max/min withdrawals. You’ll basically have zero taxable income (obviously you convert your holdings in the TFSA at 65 to a stable dividend based ETF and/or dividend paying securities) and you’ll get maximum payments of GIS, OAS and of course your CPP.
I only get 745.00 from cpp and oas. Thats it! I qualify for the gis. But even that will be hard to live on now. I calculated taxes and utilities on my home and realized l had to sell if l wanted to eat. I considered buying a condo but l calculated dues and taxes would soon eat into my saving and my pension. I moved to the philippines. I still get my oas and cpp but l cant get GIS. I have to live a simpke life here, but its better then canada plus summer year round.
I am working in Canada only 29 years . I am 65 years old and receive only $465 federal pension and 244 from Quebec. I guess I will work till I "pass out" the rent here in Montreal is higher as $1.200 .House for senior is going to illegals and refugees. So, I can see myself living in my car. For me is ok if you speaking slowly , I can understand better.Thank you
The OP is just spouting lies he heard from the Right Wing fanatics of the Conservative Party. When will old people start using their brains? I'm 64, but I can see realty, and I don't see how people get hoodwinked by the Right Wing.
I believe it would be best if Kent did the research first about the OAS & GIS so that this video is not a guessing game...But the effort is appreciated!
Great information but frustrating to see the numbers when I've worked all my life and can't claim GIS because I get QPP which I and my employer paid into.
That’s just the minimum. Even if you get maximum CPP and OAS, you will still get some GIS. Your benefit will be higher and you can structure it to your advantage.
With the deterioration of our healthcare system - expect our lifespan to drop - as well as the standard of living - this in turn will create an overall decline in incomes - across the board… / so old age pensioners can expect a higher payout - down the road
Several years ago before I retired I went to a Service Canada office to get a better understanding of potential benefits. Their response was to go and get this information from my bank. I don't know if this has changed but it makes no sense at all.
@@richawoman good to hear. I shouldn’t have made such a blanket statement, but the knowledge level and helpfulness is more dependent on the person who you interact with.
As a 71 year old Canadian I receive via Scotia Bank 864 Canadian dollars per month living in Nicaragua full time. The currancy here is Cordoba. To receive them at the Atm those Canadian dollars are first converted to American dollars then into usable Cordoba. The U. S. A is taking 35 percent of my money before I can get it. What am I doing wrong.
Well this is not quite correct. Born in Canada. Worked full time until partner got very ill then worked part time on and off for 20 years then retired at age 60 was 'awarded' a pension of $189/mo. Was denied was at age 65 because husband's pension, combined with mine was over $40,000 per annum. So why I am not treated as an individual Canadian but a sub-set of my husband? Would I get better benefits if we did not combine our incomes on our taxes?
I've read about retirees getting "divorced" so that they can get a higher amount as two "singles" vs 1 "couple" - Desperate times call for desperate measures
Well. What about having 4 kids on purpose? If you are father with one minimum wage job, gets like 3,000 in child tax benefit, and momy gets to stay home raising kids. We chose that instead of my wife flipping hamburgers at night to survive.
parents never married. turn master bedroom of manufactured home into suite for stepdad (bathroom closet is kitchenette), 'discrete' door to backyard (not registered).
I appreciate your work on this, but I simply cannot believe that some lazy jobless-for-life tool will earn $1784 a month at 65 years of age while hard-working folks who spent 40 years earning minimum wage, paying CPP and other never-ending taxes, and working wretched 40 hour work weeks, will earn nowhere near that amount. Absolutely disheartening.
Exactly, this is very discouraging, to work all your life, and the system tells you you get this and that if you retire at work at 60 or 65, in the meantime someone who had never worked in their lives get even more than those who worked so hard and contributed to the economy of the country. This has to change. it is not fair for those who worked
I asked my finial advisor at RBC, how is it possible to get the max CPP amount as stated on Service Canada website? She said "if you worked 40 years and earned from day one at LEAST 60K per year, then yeah you get the maximum." My partner worked for 35yrs and receives $800/mth, he's currently collecting OAS and has a defined pension so no GIS applies here.
Not all work is paid, many jobs don't get pension. No money does not mean you didn't contribute. Not everyone whose wealthy works either. What I don't get is anyone living here 4 years over age of 18 gets a full ride.
I'm not from where you get the 40 years residence requirements. According to the official website, you need to be 10 years resident in Canada if you are living in Canada. Or 20 years resident in Canada if you live outside of Canada
@@lovecandles5672 Would you know as well if the 'minimum' a senior in Canada should be getting is around the $1700 mark? Thank you! I didn't find there was a clear answer about this in the video!
@@tamarap387 you can just google the government of Canada website, they have most of the info listed there. it depends how much money you have, how long you have been in Canada, your income before the retirement, it all depends but i think the minimum everybody should get is around $1,500
I have been a Canadian all my life as well my wife. What I would like to know in our case what is it happening? Also if I may add my wife has a better pension than what I get personaly and we are living with a certain budget and we have been mary to 49 years that would be in the 9th. of August next month. Are we in title to one like GIS and OAS both of us? Tell us please if you can which of the two are we in title are we aloud to get. We are so mixte up as you are.
my husband died I GOT MY WIDOWS PENSION but when i WAS INTITLED TO my cpp and old age pension they gave me my widows pension but they said i did not get old age and widows pension so they gave me widows pension but nothing mor when i went to get my taxes done the said i have cpp and old age pension but wher is my cpp or widow pension ?
Sounds like I'll be ok when I retire with a paid for condo and monthly fees that include property tax & water for only $500. Cellphone & internet are under $100. Electric under $50. I could survive ok on just $1200 a month. But I can live an extra great retirement if Bitcoin goes up.
I im on disability and soon I will turn 65 year old. Living in Canada for more then 20 years. How much I will can have when I will turn at 65? I have cpp disability . I am single, divorced 23 years ago. I have no house, car or other investments.Thank you
Your CPP-D will switch to CPP, which will be an amount that you can find on your service Canada portal. Then you’ll get OAS and an amount of GIS, which will be reduced by a factor related to what you get from CPP. Probably about $2,000/month
I applied for oas and gis after 65 , why do they add these two together , and I only get the minimum payments witch is 1400 .00 per month and that includes cpp . ? I thought these payments were paid separately.
My cpp is 533/month and oas and gis combined are 957/ month so it is about 1500 per. Month . No exe does not get any and this is all I have for income.
Problem is if you are working and collecting OAS you are taxed on the total income so that will reduce your actual OAS and if you are collecting a job pension and RRSPs they are all also a txeable income. One of those incomes or more will definetly go to taxes alone.
My wife will be 65 soon been in Canada for 43 years. We just got he cpp gis. Etc assessment. She is entitled to $8. A month. Is what the letter says. Right from gov of Canada He has not worked as she raised the children. Etc
And who can live o n $1764.69? I get the max and I have self employed income under the limit and I barely make it month to month. I'm single and live in my shop, but I could never make it if I had to pay two rents (shop and home). I don't have $500 to pay an analyst . I have to pay a pediatrist for my buggered up foot, drugs that I used to get free on AISH I now have to pay for. Dental was also covered under Aish, but because I turned 65 they took away my AISH! Tell me anyone on AISH that can retire at 65? CPP?? That's a joke!
Love your videos and find it very helpful as I start my retirement planning. Just being picky.... can you clean your video camera lens (both front and rear element) as well as the camera sensor? There are many dust spots in the video that is characteristic of sensor dust.
I came to Canada in 1978 when I was turning 18...Went to University, worked my whole adult life here in Canada, have bought properties etc. What does someone add into the economy before the age of 18 really?
We have to accept it....afterall we must provide our political leaders with bulletproof retirement pensions and salary increases to overcome inflation and more. It's a sacrifice but we have no choice.
Greetings from suddenly crappy London Ont. Thank you so much for your efforts . I really appreciate all the great information. Also I really dig that you talk so slow... Between all the xanax that I need to eat just too deal with this place after 8 years of Justin's ridiculous nonsense & the brain damage from all that hash in the 80s... Totally works for me ! Cheers !!!
So, working my whole life never been on unemployment I'm getting maybe 20K in a year while I was ripped off for more than half of my income in taxes and other crap?
I believe you can only be outside the country for 6 months (not necessarily needs to be consecutive)...to still receive the GIS. OAS you just have to apply for that to be received outside the country. (At least that's my understanding from reading).
So my is 22 years in Canada since 2009 citizen my CPP since 2 years now 65 old and get $189.50 a month 😢😢😢when I applied 2 years ago during pandemic, agent advise to wait for to be 70 old, I answered then I am dead 😢😢
WTF so i have worked all my life and paid through the nose for pension now you are telling me that i was foolish for working is that not giving our money to people that sat around getting fat off of the workers WTF
If you geting max OAS it mean you are born in Canada or came as child if you geting max GIS it mean you are single and newer work in Canada($750+$1050=$1700) but say you came to Canada 35 yers old with family, work for 35 years for $2000-$4000 per month pay taxes you will get avrige Canadian pension of$750, OAS$530 and GIS $500 (since you have working pension you can't get maximum GIS) so total $1780😮.So it seams it is better don't work in Canada since after 65 yers most persons working or not will have almos same pensions. I ❤ Canada country of opportunity.
Anyone over 50 is being medically and financially targeted for early termination. No country for old men, families are too fractured and or stressed to make time to care. I think the verdicts in on modern dystopia, it's inhumane and humiliating.
I know retirees can delay their CPP until 70 and collect GIS along with their OAS until the CPP kicks in. Can someone over 65 delay both CPP and OAS and collect strictly GIS while reaping the benefits later on for the CPP/OAS delay?
But CPP introduced by Libs in 1966 was paid by employee, employer was never vested to grow over and above the base investment until Preston Manning was the official opposition. But CPP was a ripoff because you paid for it whereas someone who never paid any tax gets to collect OAS & GIS. Also when your income reaches a threshhold there is no GIS. Likewise if you have an additional pension your OAS will diminish to zero based on your 13:24 gross retirement income. This is a typical Liberal vote grabbing move paid for by taxpayers.😊
How long do you physically have to be in Canada to get credit for a year? Example. If I work in Mexico for 3 months a year do I still get credit for a year?
Good explanation Kent. I haven't heard anyone mention it yet but what a great country we live in. So many like to bitch and whine about everything the government does but take a look at what other countries do for their retired. WE HAVE IT GOOD HERE!
I’ve never actually met anyone who hasn’t, so I’m not entirely sure, but here’s a few possibilities: - mental or physical disabilities - rich family - non-earning spouse (but this video wouldn’t apply). It was more to just discuss the absolute minimum
The GIS is another form of welfare for people who didn't secure enough money for their future. If I work hard my whole life, to ensure my own future prosperity, now I am made to subsidized people who didn’t.
My wife and I are both 84 years of age, and we’re have no received any of these cheques that other retired folks are getting. Ans we would like to know…WHY! Is it that were too OLD? And there is a “cut off age”? We would like an answer to why we haven’t received any of these cheques! So WHY haven’t we?
not true ,I 'm 68 have OAS ,GIS and for OAS don't get anything ,before have $ ........75 now $73 so ,question is how get more money when take from me then give me more ,my pension for 3 years the same but not increase ,my wife not working ,is 60 years old disabled ,we have Daughter and only myself have pension ,so how people from government talking about increase or get extra money when is not true this is fake ,Don't listening them
I worked professional from 1975 to 1994, staying at home to raise my children. In those days, unless you were a wages weren’t the greatest for administrative positions. My pension is $436 & old age about $650. My home does not have a mortgage. If I wasn’t married I COULD NOT afford to stay in my home, or would have to keep working until I die. I know there are veterans & seniors living on much less, & our government DOES NOT CARE! Instead of sending foreign aid, the government SHOULD ensure that pensions support the REAL WORLD!
@@-Ordinary-Average-Guy I’m not saying the government owes me or anyone else a living. My point is with the policies of the IDIOT at the helm, retirees & veterans whose pension doesn’t go very far are having a very tough time & many have lost their homes.
Women everywhere suffer after divorce. Good news If you divorce your husband you can apply to split his CPP with you. I worked about the same as you and get $1172.00 on CPPD which I would not have without his income. I will be 65 in September and get a reduction of CPP and increase in OAS
I agree! I worked full time in Canada and paid taxes 25 year. My cpp is 474. Clearly I can’t retire here. I would’ve have more not working a day in Canada. Shameful.
I was born in Canada. I am 78 years old. I get CPP 205.46 and GIS $1754.14 I contributed to CPP for 14 years. I have been alone for the past 25 years, so no other income. So, the total amount I get is $1959.60 per month and it is not nearly enough to actually pay basic living expenses here on Vancouver Island... I can't live on this and I have no money to buy clothing or to eat well as I struggled all my life and have little to no savings. I have to make this income work so I have had to start selling my own personal jewelry and other personal items just to be able to buy food.
Are you not getting OAS? If not, why? I suggest you move to a country that has pension agreement with Canada government so you will still get every cent you supposed to get for your retirement benefits. Look at the Canada government's list of foreign countries with Canada pension agreement, there are many such countries with much lower cost of living, in some of those countries you can live like a queen or king on less than Canadian $1,500! If you like warm countries then you have even more choices, if you like Europe then it has a few countries that may be ideal options because of their lower cost of living for Europe. In any country, just need to becareful not to trust anyone you don't truly know. Be smart and always on alert. I wish you the best.
@@Anonymous------ Yes. that is my OAS... I have researched many countries, but I will be 80 years old next year and it is not feasible to move. It costs a lot of money just to move down the street, never mind to another Country. Also I live on an Island. I don't want to move where I don't know anyone at all, and could not find any place that is truly cheap to live. I even looked into Mexico but I could not get a home there for the price I could get for my home here. I looked at a lot of places in Mexico. I used to live for nine years in Spain, but now it is even more costly to live there, I could never afford to move to Europe.
@@Dakiniwoman I agree, you must not risk your personal safety; Mexico is dangerous especially for an old person, unless you know people there who are 100% reliable you can fully trust. I am not sure if Mexico has a pension agreement with Canada, if it does and you have no problem living in Mexico then there are a few comparatively safe towns you may live at. You should be able to find a place in Mexico to rent for less than C$500/month. You shouldn't worry about buying a place, renting is much more flexible. If you have too many things that prevent you from moving, maybe think about getting rid of most that you don't really need, sell or give them away. I heard Cristobal town in Mexico is decent, cheap and has a cooler climate, check it out. If you want to stay in Canada, there are some remote little towns with cheap rent, some towns are decent and are close to nature. If food cost is too high for you, try replacing meats partially with beans. You can get 10 lb bags of beans cheap from Walmart, this is how I save money on meat. Amazon has a large selection of canned foods, nuts, toiletries, shampoo, toothpaste, etc; most prices are about 25% lower than at supermarkets. If Amazon doesn't have company delivery in your area, it offers free shipping if the order is over $25, usually deliver by Canada Post.
@@Anonymous------ Thank you for your thoughtful, advice. Yes, I did think seriously about going to a good place in Mexico, but the Mexican Government does not give a Visa if you can not prove a much bigger secure income than I have. I have looked into it quite extensively. I have been using Amazon for some purchases, especially for cat food as it is much easier to have it delivered. I have a home full of beautiful art works and personal items I inherited, so I am actually selling off some of those to be able to buy food these days. I am a survivor, so I will be okay. I have been selling my personal jewelry also to be able to meet basic living expenses. It all works out. I think for sure I have some Angels watching over me. Thanks again for all your advice. Wishing you a Blessed Easter.
@@Dakiniwoman Everything will work out, maybe not perfect but still well for good people. If you sell on platforms such as eBay then you may want to buy and sell to earn some more money, or make your own jewellery and sell them online. I used to do that over a decade ago and made very good money, in 6 digits per month with eBay, but now I don't want to do that due to the stressful work and strict rules. Regarding Mexico you may try to extend the visa or simply go to a neighboring country for a day trip and then return to Mexico, not sure how easy it will be they let you back in, but in Mexico giving some "coffee money" to some government officials can get things done for you, it's normal way of life there. From Mexico you can go to Cuba for a few months and then back to Mexico, airfare was normally very cheap, I don't know how much it is now. I flew from Mexico to Cuba and stayed there a few months, then flew back to Mexico, without any problem. I think airfare was around C$100 one way, so doing that once every few months between Mexico and Cubs is still very economical. Once you're in Cuba you can rent a place for C$100/month, eat at government restaurants for about C$2 per meal, or buy food at government outlets at extremely cheap prices, if you can find out where the outlets are. For example a kg of bananas is about 25 cents Canadian; a foot-long mackerel fish is about C$1; uncooked dried rice and beans 50 cents per half kg; good quality real cheese C$4 per kg; large mangoes in season 50 cents; large avocado 50 cents; fresh produce is mostly dirt cheap when they are in season. Life in Cuba is spartan and has little food selections and materialism, but people there are not depressing or stressful, in fact I find it too peaceful. You may find a place near the nature for C$50/month or even free. The average monthly salary in only C$50, most people don't earn over C100. Most Cubans are good people unlike people in other countries in the Caribbean and Latin America. Cuba is a very safe country, just be on alert for a few liars and scammers, but Cuban people are mostly decent and peaceful. I personally like to retire in Cuba but I want to live permanently in a country where I don't need to leave within months. Cuba has no pension agreement with Canada. By the way, as I know, medical care is free in Cuba. I went to a hospital for emergency treatment of a bee sting, it was totally free, the prescription medicine was only about 50 cents Canadian.
Welcome to the socialism. I have been in Canada for 50 years. After working and saving in all my life, now that I am retired and I’m still paying 30% of my income to CRA and have the OAS crawl back down to almost nothing.
The assumption there and the hope would be that if you are a married couple who both made above average income for their entire working lives, they would have some money saved to increase upon this amount.
Here’s a question, I live in a geared to income retirement building with many a person whom definitely are not Canadians yet they have cars which they can insure, plenty of money for shopping yet haven’t put in one day of work while in this country. How does that happen?
For the years of paying CPP and overall taxes, these government amounts are a complete joke for someone who is single or with a spouse. Time to leave Canada.
I'm 67. The GIS is not possible for some retirees, because of other pensions, etc. Since those that receive GIS do not declare it as income, it is therefore an exemption. Everyone 65 and over should have that max GIS amount as an exemption, added to the personal exemption in filing yearly income tax returns.
Try to make it as easy to understand as possible. Some people need to speed me up a bit and that’s fine. Most of this stuff is easily understandable, but there’s so much to put together and useless excess information that it makes it seem way more complex.
I have dislexa I worked at the time when I got married. Had 3 kids 1 had Autism and the other one has Scisorena. I'm a widow I'm on CPP DISABILITY GOT inherent his mom died a year later.So l wonder how would that work the CPP ,GIS,OAS? I'm 56.and I own my house out right
