CPP is tax free when you pay into it. Just like with an RRSP contribution. OAS required absolutely no contributions in the first place, and so it is tax free in that sense.
Just spoke with my wife , you just made our day with your video. We thought is was looking like things were not going to be well. Huge thanks , yes we should be on it sooner but glad to be Canadian 🇨🇦 Take care
You can survive on this if you no longer have a mortgage or car payments. By the time you're 65 you should also have RRSP. Hopefully your job also has a pension plan.
thats great as long as you think you will live for 10 years after age 70. I know many friends who thought they would live until 95, but only made it to 72.
This really depends on how good you budget your money, i did read some people say after 30% tax, which is not true, if you make 50,000 your tax table is 15%, that`s a big difference. You should look up your own tax table.
Would like to ask YOU if I work in my country before emigrating to Canada maybe barely 10 years ,do I absolutely have to apply for polish pension? Does Canadian government require that?
Why are you talking about the best case scenario of 39years of CPP contribution when the reality is the average Canadian gets $700 a month. Ridiculous statement to say we get a substantial amount of money. Lets say you are making 100k annually as a salaried employee, you will contribute monthly ~$350 to then make on average ~$700 a month at the age of 65?? Additionally, you are using gross numbers and fail to even mention that we pay tax on our CPP distributions - who knows what that will look like for us in 30yrs with the way this government is being run be the Liberal & NDP coalition
I have a private pension. So whatever amounts I get would be subdued I think. So there isn't much of a benefit to returing late. I will of course crunch the numbers to make sure. I love your channel. Good work.
Very good video. First time I've seen one of yours. I'm not sure if you cover this elsewhere, but an often overlooked issue is "lost opportunity", by which I mean that waiting beyond 65 for either CPP or OAS comes with a price. Since we don't live forever, there is a cut-off point at which it doesn't pay to wait, since you'll never get back the portion you've forfeited by waiting, as you'll run out of racetrack. For example, if I forfeit the maximum amount from 65 to 70, I've "lost" about $78K in 2023 dollars. It would take me several years to "earn" that back.
Thanks for the feedback Pierre! And I haven’t done this yet but I absolutely will. I plan on doing a number of vids about this topic so I can hit it from a few angles as there are so many different factors at play. Cheers
The CRA site gives you estimate assuming you retire at 65. What if you want to retire early - say 55? This means no contributions for last 10 yrs. Is there a way to scale the amount back to arrive at a calculated estimate of the cpp in this case?
i lived in canada for 25 years in total, but i was visisting my family out of 25 i think around 5 years i lived in my country..but i paid taxes all the time and ususaly i lived abroad out of canada like more then six months each time i visited my country of birth///so i was in canada for 25 years, and 20 years physically ,, so 20 years are counted or 25?
@well built wealth i want to know approx how much cpp will vary if i and my company pay for 20 years vs 30 years. After retirement if someone dies after coule of years what will happen yo his/her cpp benefits?
How about those who have 3 jobs for 28 years and 55 years of age? When is the best time to get CPP? And have RRSP. Is it okay to take CPP at the age of 60? Or just withdraw the RRSP until its gone? Thank you!
I applied for my CPP last month. (to start when I'm a bit over 65) The website says if I start collecting now (at 64) I will get 'say' 1200/month . If I wait til I'm 71 I'll get 1800 / month (roughly) But, if I start collecting when I am 65 I will get $0.00. So I called the helpline. They said, "Don't worry about it" well, guess what? I'm worried. What the hell is going on? Have you heard of this?
There is way too much negativity posted here on CPP. 1.) “don’t wait till 70 to take your CPP” 2.) barely anyone gets the max 3.) there won’t be anything left by the time I retire. Blah blah. All are un-informed comments. Please read up on your specific situation if you want to know the details. They vary significantly person to person. #glasshalffull
What a bunch of bullshit i was talking to the federal government and they told me to egnore all of those ads on y tube, I said how come you let them do this the agent said no comment HUH
Anything left? If you contribute to cpp you will receive your calculated benefits. It’s not going to run out. It’s not a gift. It’s yours. Whoever is feeding you this rhetoric has a political agenda.
Just spoke with CPP folks today. They really don't have the info at-hand to properly fully answer questions. This includes future prediction of expected monthly payments based on any given contribution amount. The good news is the new legislation is supercharging contributions since 2019. Not sure if they are fair for those contributing, but anything to make our pension system stronger is fine by me.
Yeah. And sometimes it just depends on who you get on the phone. Same with CRA. Sometimes we get different answers for the same question…
6 месяцев назад
Really - Who are Canada Benefits Hub? The Canadian Pension Department knows nothing about what they are peddling on RU-vid? Hope I'm wrong at 83 years young we can all use the Help! God Bless.😂😂
It seem funny to me that my OAS was less by 18.00 this month. Is this what the Government will do to seniors? Take a little amount off each month in hopes we wouldn't notice. 18.00 is a lot to seniors who can't afford rent, food etc. All Trudeau's promises to take care of seniors is lies. Check your OAS to see if there is less there.
🐝I enjoy your straight to the point explanations.👏 Can you do a video explaining the "Survivor Benefit," specifically for spouses not children. I enjoy doing income taxes for friends, and I was told by one of my clients that the "Survivor Benefit" of her husband had been stopped.🙄 Was there new legislation where this benefit can be terminated after a certain threshold is reached in combined income due to his current marriage?🐝
I'm actually not 100% sure about that. Your best bet is to contact the OAS department: www.canada.ca/en/employment-social-development/corporate/contact/oas.html
The minimum benefit for these is $0. If you never contributed to the CPP, you would not qualify for any benefit. Further, if you didn't live enough time in Canada since age 18, you would not qualify for OAS. This question made me wonder, is it "lived in Canada?", or "were a Canadian citizen?". I'm sure there is info on the OAS site.
Why can't we pensioners get a $500.00 visa card to spend every month and the Government pay for it. It is true that refuges get a visa card that they could spend $500.00 which is paid by this Government? Is there a truth about that.
It’s been a long time about this benefit that never happens 1:59 , seniors have been waiting since last year but never happen….all hear says! Why advertise, if government doesn’t want to give, HOPELESS
You were always better off not paying into the CPP and saving that money yourself in a savings investment at 8 % for 2 years that is likely 2.5 Million saved for retirement, instead or ok with trusting the government to give you your CPP back at retirement, yet its way less than what you put into it, and its not even garenteed that you get it but you have to pay into it, yet everyone is ok with this, just like mandatory EI which if you need it they give you a hard time, and again eveyone is ok wih this, that EI savings would have been another 1 million plus saved, so you said no to 3.5 million.
Really. This fake news. Another pie in the sky. I am 74 in 2024 and I only get 50.50 great increase but that can only buy me a tank of gas every month.
CRA estimates are nuts. I checked in Sept of 2022 then May 2023 Na then Aug 2023. Each time my monthly amount has decreased at age 65 and 70 but gone up a small amount if I took it now at age 62( not as high as 65 0r 70 but still higher then when I checked 3 months ago. I don't understand how I can be getting less at age 65 every time I check and I am still contributing and working?
I paid into CPP for 40 years. The income tax is so high that I have to save all my CPP to return each tax year. I’m not a rich man with a hard earned military pension and a police pension. The federal government gives with one and takes from the other.
Yeah well....making top dollar doesn't mean much when you're in the nursing home or dead. Do you honestly think you'll be dancing the night away or globe trotting at 85?
At 65 I will receive the max cpp $1307.oo, also the oas max also. I also receive $505.oo widowers cpp. Why does the government get to reduce my cpp that I worked for to accommodate the 505.oo as to my understanding. My wife also worked hard for her benefits, so in my opinion I should receive all. I'm wondering if maybe someone should challenge the government in court. If my wife and I invested everything we put into cpp in an investment account we would be way better off today. I will be interesting if Alberta leaves, don't you think.
I’m First Nation individual. I’m 69 year old heading toward 70 year old I recent retire from CSC. I got CSC and CCP and OAP and supplement guarantee it seem ccp and oap and Supplementary guarantee seem to decrees. Questions is I’m sure tax our processes
Cpp and oas should not pay taxes because retirement has no income in case no income and cpp not good enough if only $200! Cpp per month not not max oas
Some pension plans have bridging amounts that give you a higher pension payment until you can take CPP and/or OAS. So basically they're propping UP your income because you retire early. Interesting that you think this feature sucks. This silver spoon applies to only the most generous pension plans.
@@neilbertram1922 I served in the Military, and having your pension clawed back when you're eligible for OAS, does suck! The RCMP also gets clawed back, but you know who does not get clawed back, politicians. Your comment is uninformed!
If you don't take it at 60 you lose allot of money if you wait until 65 and how long would you have to catch up on all the money you lost between 60-65 for example 500 x 12 x5 you lose out have you ever did a calculation on how long it would take to re coop those 5 years of money? Thanks for doing simple to understand videos.
It’s definitely something to consider. And there are well-established breakeven ages. I haven’t done a video on the specific calculations but it is in my queue! But in the meantime, I have done a video on the top 8 reasons to take it at age 60, which does address this to some degree: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-gRraNQcsQDk.html And thanks for the compliment :)
@@wellbuiltwealth thank you watched the video is is great and to be honest I don't think you can re coop the money you would lost in the 5 years by not taking it I could be wrong but would be interesting if you do such a video thanks for all your work
Feds want you to take it at 70, if life expectancy is 82, CPP you paid into it, take it at 60, have income tax taken off it, if you were smart and started saving when you were 18-20 for when you will be 60-65
yes take it asap your money to re coop the 5 years of lost money by not taking it at 60 would take a while to catch up if you decide at 60. The key is pay off debt and live simple.
Thank you for your high quality and educational videos ! They are focused and easy to understand. I am glad to learn them now waaaaay before my planned retirement.
I did a spreadsheet back in 2018 and if I was able to put my pension funds into GLD I would have had 1.7 million vice the 450K 🙄 Buy Gold every month and do absolutely nothing, or pay teams of Government economists and lawyers to make less than 1/3 🤦♂️🤡
Quite a bit still well below the poverty line in Canada and if I move to foreign country well then the Canadian government will charge a 25% holding tax on my pension moneys almost guaranteed me to live on the poverty line in another even though I will not be accessing any Canadian service’s because I’m living in another country ! Holding off get pension till older might be good for they live in average at least four years longer than men and your reasoning safes money for less pay outs for men with a average shorter life so unless one owns there own home and lives a modest like then ride out close to the poverty if they have other pensions and hopefully not renter and what about inflation!
@@wellbuiltwealth Too many folks are planning on CPP and OAS as their retirement income... they arent. They are meant to supplement your retirement . If a person hasnt saved ANYTHING , or doesnt have assets they can sell to support their retirement years they are quite honestly POOCHED . I may have empathy for them, but not sympathy. They had an entire lifetime to save SOMETHING.
55 in 2 months, retiring in approx 4051 days ( 1 yr after turn 65 for max benefits through work)- thankyou for straight forward info, of course in the next number of 1000's of days im sure there is going to be some sort of recalc necessary !
@@billyrock8305 I don’t have one. We have a progressive tax system in Canada so it always just depends on total taxable income in the year and which province you live in.
Regarding waiting 5 years to take your pension(and OAS) @ 70 years, it is important to note the follow "loss of benefits" from 65-70: $1990×12×5=$119,400
