KEY Details About Canada's Government Pensions: CPP, OAS & GIS | Retirement in Canada

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Today we discuss the main features of the three Canadian Public Pension Plans: Canada Pension Plan, Old Age Security and Guaranteed Income Supplement.
Business Inquiries: info@wellbuiltwealth.ca
Well Built Wealth: www.wellbuiltwealth.ca/
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Intro (00:00)
CPP Management (1:11)
CPP Contributions (1:54)
CPP Yearly Maximum Pensionable Earnings (2:21)
CPP Enhancement (3:11)
How Much Will You Get from CPP? (3:33)
When to Start Taking CPP (4:49)
CPP Indexing (7:23)
Getting CPP Estimates (7:42)
CPP Child-Rearing Provision (8:15)
CPP Post-Retirement Benefit (8:37)
Additional CPP Benefits (9:05)
OAS: How Much Will You Get? (9:50)
10% OAS Increase at Age 75 (11:04)
OAS Taxability and Indexing (11:20)
OAS Eligibility (12:18)
When to Start Taking OAS (13:08)
OAS Clawback (14:40)
GIS (17:59)
GIS Taxability (19:53)
GIS Allowance (20:00)
GIS Survivor Allowance (20:29)
Outro (20:51)
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Links:
How Stable Are OAS & CPP: • How Stable Are Canada ...
Doug Runchey Article: retirehappy.ca/social-securit...
Brandon Beavis Investing OAS, CPP & GIS Video: • EVERYTHING You Need To...
Parallel Wealth GIS Video: • What Is Guaranteed Inc...
CPP Investment Board: www.cppinvestments.com/
CPP (CRA): www.canada.ca/en/services/ben...
OAS (CRA): www.canada.ca/en/services/ben...
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DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional.

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27 май 2024

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Комментарии : 337

@a.sanders4086 Год назад

You’ve quickly become my favourite financial RU-vidr! Your videos are extremely informative and are presented in such a professional manner. I appreciate all the time and effort it must take for you to put them together. (I also like the font you chose - it’s aesthetically pleasing compared to regular fonts like arial 😊).

@wellbuiltwealth Год назад

Alison! Thank you! You’re right, this one took an especially long time. Part of that was because I learned how to write directly on the videos so that took some extra elbow grease but maybe that’s the “font” you’re referring too?? If so, it was worth the effort 🤓.

@rickarnau 9 месяцев назад

Great information Reece. Thanks for the video. You make CPP easy to understand.

@ilona3793 20 дней назад

Finally someone explained it clearly and intelligibly - thank you!

@RC-fh2lk Год назад

I’ve watched many videos on the different federal retirement benefits….yours is by far the easiest to follow!! Thanks

@wellbuiltwealth Год назад

So good to hear that! Thank you for the feedback :)

@valveman12 11 месяцев назад

The cost of rent, Food, and Utilities does not leave much if all you have, is CPP, OAS, and GiS. Yes, in Canada, we are fortunate to have these pensions, however, it's still hard for many to live just on these.

@jancyking582 10 месяцев назад

Grateful I live in Canada!

@valveman12 10 месяцев назад

@@jancyking582 Yes, I agree. Canada is a great country to live in. In Canada, Healthcare is a right ,instead of a priviledge, as it is south of the border. I am pleased Canada approved Bill C-22 that gives those with a disability, who can't work, and on low income. This monthly payment will benefit many in Canada.

@jacquelinewelch7635 Год назад

Thank you. The most informative info I have heard on the Canada 🇨🇦 pension plan. Very thorough explanation.👍👏

@wellbuiltwealth Год назад

Glad you like! :)

@helifynoe9930 Год назад

Well considering the fact that I have been unemployed since mid 2002 due to health reasons, the fact that my CPP income is just a tad below average, is surprising. Apparently, 8 of those years of unemployment are disregarded when calculating the CPP. But despite being unemployed, I did get lucky and found a lovely good sized 1 bedroom apartment of which, thanks to the Rent-Geared-to-Income (RGI), has cost me only $140 per month for rent since 2004. Anyhow, these incomes all add up, meaning the CPP, the OAS, the GIS, the GST/HST, the OTB, the GAINS, and the CAI benefits. In my case of thus low income, I get max OAS and max GIS. Thank goodness for that.

@bornfree1888 Месяц назад

Is that a subsidized apartment? In what province?

@helifynoe9930 28 дней назад

@@bornfree1888 Yes it is an Ontario subsidized apartment, which is partially why the rent was even below the RGI's 30% of ones income limit. Why it got stuck at $140 for two decades, is a bit of a mystery to me. But surviving those decades with less than an annual ten thousand dollar income, was not fun. So you do what you have to. You use your indoor Air TV antenna and get up to 50 free TV channels, rather than paying. You figure out how to take advantage of PC Optimum Points to the max, and cut food costs in half. Spend $100, and get $50 or so back in Optimum points value. Most folk don't know how to do this at all. When poor, things happen. Your 2004 stainless steel microwave oven dies, so you fix it with parts from another trashed oven. Oven is still working today. Your 2010 Samsung TV dies, so you just have to replace one dead electrolytic capacitor for $1.95. TV is still working today. Your 2008 Lenonvo m58p ThinkCentre backup computer dies, but you replace the PSU electrolytic capacitors for $9.95. Still working this day and can still handle 4K videos. Change the battery and fix a bug in your 2001 Palm m505 PDA. I still use this PDA on a daily basis. Repair your 1999 SCHWINN 6700.1 treadmill. Still going strong and almost looking new.

@PGB54 8 месяцев назад

I was almost caught by the benefit clawback. I took CPP at age 64 but kept working (I needed the money). When I turned 65, OAS started. After a full year of receiving both and still working full time, I threw my estimated numbers into my tax software and was shocked to see the "social benefits repayment" amount. This was nearly the end of February, so I took out a $10K RRSP loan at 2% and increased my tax benefit return by about $2500. I always regarded benefit clawbacks as something that happens to rich people and earning enough to reach it never crossed my mind!

@wellbuiltwealth 8 месяцев назад

Nice catch :)

@canpin Год назад

Great info! Thank you!

@barbpotter3114 8 месяцев назад

Very informative video. It really helps explain OAS & CPP and only recently heard about the GIS so thanks for explaining that better. This is the first video I've watched on retirement benefits and I found it so well explained.

@wellbuiltwealth 8 месяцев назад

Glad it was helpful!

@BigJoe786 9 месяцев назад

Beautifully done. Thank you.

@daves5623 2 месяца назад

Excellent info, well laid out Thanks

@MariaGarcia-gv8hj 7 месяцев назад

Thanks for increasing my knowledge in personal finance and investment, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it;"

@quin5155 7 месяцев назад

Congratulations on your early retirement, Interesting indeed! Currently, I am in dire need of investment advice or tips. Earlier this year, I hesitated and failed to take any action until now. However, I am determined to try something new, as I am very receptive to various investment ideas. I want to be retired in my forties or fifties.

@MariaGarcia-gv8hj 7 месяцев назад

No problem at all! If you're seeking to earn substantial profits from your investment, I would suggest determining your investment horizon and implementing a long-term plan. I worked with Lewis James Godfrey to create a long-term investment strategy, and he assisted us in managing our investments while we focused on my jobs without any concerns.

@quin5155 7 месяцев назад

Thank you for your advice. It's challenging to find a reliable investment advisor here, and I appreciate your input. Seeing the success you've achieved through investing, I would love to have access to your investment advisor's information if you wouldn't mind sharing it.

@paulmanfred9496 7 месяцев назад

Glad to see this comment, Working with a skilled financial planner can be compared to having a mentor in the field of finance. I used to struggle to invest on my own and ended up losing money, but things changed once I started working with this same man, Lewis James Godfrey. He played a pivotal role in helping me improve my financial situation. Previously, I relied solely on my job and salary for income, but now I have found ways to generate additional income with ease, which has allowed me to leave traditional employment, thanks to Lewis. Nowadays, I believe that investing is not a choice, but a necessity for anyone who desires financial independence and a good quality of life.

@MariaGarcia-gv8hj 7 месяцев назад

I work with *LEWIS JAMES GODFREY,* who is based in the United States. If you would like more information about him, you can conduct a search online. He even got featured on CNN recently:)

@Bettydongliu Месяц назад

Extremely clear and informative. Thank you

@danielbitew4335 3 месяца назад

Excellent information! I just subscribed.

@indram5384 Год назад

Thank you for all your information 🙏

@atulsoni70 6 месяцев назад

The best explanation! Thanks for sharing it.

@manotickgirl1701 10 месяцев назад

thanks, that really good and clear!

@laed3520 Год назад

Rhys Martell is another excellent Canadian content Retirement & Investing videographer. Speaking slowly and articulately is a huge plus compared to many other RU-vidrs and having a voice that is pleasing to listen to makes this my go to channel for Canadian content. And how Canadian of you eh, to showcase and mention Doug Runchey, Brandon Beavis (& his Dad) & Adam at Parallel Wealth. Thanks Rhys you are knowledgeable & a stand up guy. Keep up the Great work.

@wellbuiltwealth Год назад

Wow! Thank you for that bundle of kind words. That is motivation to keep on going. Totally appreciate it!!

@laed3520 Год назад

@@wellbuiltwealth all true. You earned it. We need more excellent Canadian content. You have my vote. ( from a fellow BC chrome dome 😂 I've been shaving my head since I was 23, with no grey hair, I look 10 years younger than I am.)

@Uraniabce 8 месяцев назад

Please do something about benefits for the Disabled. No one seems to address this.🤔

@hugoviavita8889 7 дней назад

That'll be great

@sharondube9207 9 месяцев назад

Thank you. This is a very informative video. Much appreciated.

@danielbarr9795 11 месяцев назад

Great video!

@BarryFence 8 месяцев назад

That was amazing! Thanks very much for putting this excellent information together!

@wellbuiltwealth 8 месяцев назад

Glad you enjoyed it!

@spotdance Год назад

Nice explanation of all the retirement programs. Thanks

@patriciapeters8232 4 месяца назад

Yes this person is doing a very good job explaining everything for sure.

@loribehr5967 Месяц назад

Very helpful. This answered all the questions that I had about retirement benefits. Thank you so much! ❤😊

@wc6975 21 день назад

excellent video content for understanding the CRA pensions in Canada. Thx.

@garyfeser4294 Год назад

Well done, simple,direct and to the point

@wellbuiltwealth Год назад

Thank you Gary!

@rafan3422 4 месяца назад

Amazing explanation! Thank You for your efforts😊

@slabsetters 6 месяцев назад

Great knowledge. Thanks for this video.

@bennyshah4506 11 месяцев назад

you are the best of all other Financial Advisors on you tube.🌹🌹🌹

@KM-sr9cc 11 месяцев назад

Great Presentation Thanks

@matt33193 3 месяца назад

Thanks for the info. great presentation for an otherwise boring topic

@ymsalem 9 месяцев назад

Excellent review .. the best I've seen on the subject. Thanks a lot!

@wellbuiltwealth 9 месяцев назад

Wow, thanks!

@RavinderSingh-hy7iz 7 месяцев назад

Very nicely explained. Thanks

@user-sg5li1sw8i Год назад

Another great video!

@wellbuiltwealth Год назад

Thanks Adam :)

@user-uf9ie6lz1m 5 месяцев назад

Appreciate all the knowledge sharing

@user-kt7jn8hb1p 7 месяцев назад

I was forced on cpp disability at age 50 due to an accident and now at 65+ receive approximately $400 per month less on cpp. Also the insurance company took the amount of 15 years of cpp disability off the settlement amount so penalized twice. We should be receiving a lot more, at $ 2,ooo a month

@saturninasepe1958 7 месяцев назад

Thank you for the empressive information,about CCP , OAS etc.

@vernonpothemont4634 11 месяцев назад

Well presented.

@jagsingh507 Месяц назад

Thanks for your video. Great tips

@funghouls5498 8 месяцев назад

Thank you. Good info here

@cathiewalsh1906 3 месяца назад

Excellent excellent videos. You are doing such great work. Thank you!!

@wellbuiltwealth 3 месяца назад

Thank you!!

@ritchietrudeau5866 9 месяцев назад

thank you so much, I am very happy that i have found you ! You made a difference in my day , maybe in my life :)

@wellbuiltwealth 9 месяцев назад

Well, thank you for saying so :)

@henryhuynh9424 2 месяца назад

Your video very easy to understand ……Thanks ….

@vmancuzzo 7 месяцев назад

thank you for such important and informative information

@SJG-96 7 месяцев назад

I wished I new that information twenty years ago. Thanks for your descriptiveness.

@PhuongHuynh-lw6ui Месяц назад

RU-vidwas not popular at that time ! Sorry😅😅

@gailweatherall1215 Месяц назад

thanks so much for the info.

@pascaldelaunay4740 7 месяцев назад

The OAS is not automatic !!! You have to apply ! I spoke to them and their answer was: "until you apply, you will not get OAS.

@lesburrows8469 8 месяцев назад

Thanks for sharing this information with me 😊

@jksurveyer 10 месяцев назад

I am retired collecting CPP and OAS, but I have a couple of affiliate websites that are making miniscule amounts of money, if however they do make any money, I know I have to pay taxes and the CPP. Very informative video, thanks much.

@Firul4is 6 месяцев назад

Great vid; only one detail, if you don't have the max years for CPP and stop working just take it, as the low years grace may not work with the calculation.

@robertmacdonald-turnerfent2151 5 месяцев назад

Knowing the majority of people will not earn the YMPE amount. Why do retirement planners make videos based on that amount? The average Canadian earns just under $60k. While the median is slightly above $40k. Myself and the majority of Canadians will receive 60% of our CPP if we work and wait until 65. Why doesn’t retirement planners focus on low income retirees? They’re the ones who REALLY needs the help.

@bhindiv 10 месяцев назад

excellent info

@henrymiranda3564 11 месяцев назад

tanks for yours informatuon ,so much.

@sunnyseegobin1704 11 месяцев назад

Amazing presentation

@wellbuiltwealth 11 месяцев назад

Thank you! Cheers!

@helenkerkhof3734 Год назад

Love your RU-vid videos very knowledgeable very professional. I'm 55 setting myself for retirement. Leaning more from you then my own financial advisor.

@wellbuiltwealth Год назад

Helen, that’s a huge compliment. Gives me the juice to want to keep on making these. Bless you :)

@jeangray6863 10 месяцев назад

Thank you for you master class, so many people don't know

@jeangray6863 10 месяцев назад

Where are you located, I need a good financial advisor

@patassion 9 месяцев назад

The calculation for GIS does not include oas or 5000. Per spouse of self employment income which is good. It is the pensions, and other income that count for GIS.

@evelyncaballero7865 11 месяцев назад

Thank you very much you explain very well,you're such a good Ytuber❤😊

@wellbuiltwealth 11 месяцев назад

Thank you Evelyn :)

@editatrix1 Месяц назад

Thank you!

@donnathordarson2401 Месяц назад

Thank you so much for this information. I will be turning 60 this year and didn't know any of this! And I think I might be a bit of a Nerd-migo because I really enjoyed this video :)

@wellbuiltwealth Месяц назад

Ha! “Nerd-migo.” Love it :)

@joaquingage6752 8 месяцев назад

Great job.

@wellbuiltwealth 8 месяцев назад

Thank you! Cheers!

@joaquingage6752 8 месяцев назад

Excellent walkthrough of all your topics. Very easy to understand.

@amyhort8359 Год назад

Thank You 👍🏻👍🏻👍🏻

@haunguyen1949 28 дней назад

Thank you 🙏

@gem5858 7 месяцев назад

Thanks I don’t plan on retiring until my house 🏡 is paid off so if I need to defer my OAS a year or two I can organize that in advance.

@dawnallison6864 7 дней назад

By far the best explanation on retirement I have seen. Only one question; as a retire, Canadian citizen for 36 years does the OAS top-up to maximum as a citizen of 40 years?

@SaadoonMaged-ck6qz 4 месяца назад

Thanks Canada. I love your work 😗😗😗😗

@jimmychan8238 8 месяцев назад

Very good job easy understanding.u should make more videos on tax too thanks uou

@jocenowacki5090 11 месяцев назад

I really enjoyed your video , I wish I knew about this before .l am a single widowed parent .

@KensHobbies409 9 месяцев назад

I have one thing to say over Your video about this as I am on all 3. You did mention about the GIS that did give Me an answer as why Mine went down this Year. HOWEVER, It was a big shock when come to pay My monthly bills only to find out that there was $125.00 a month lower than last moths deposit & Yes, You get a notice about change, but after it's happened! It should be at least 1 Month before so that You know. This now has put Me in the hole & having to rob from Peter to Pay Paul, & Paul to pay Mary. Not happy about that. Another thing too. I have been on Disability since 1998 after My Doctor Signed the papers as I was on Welfare at the time & ended up with No say as when retirement age came as was automatically at 65. BUT, when come to the disability part, YEA, RIGHT! Only if You had very high expense's to put out & having the Doctor filling out the form. Proves on How God wants Us to be Successful but Stain doesn't. One more reason the "Homeless" rate is on the increase! Just like God has His Angels but Satin has His Demons & certainly applies to the Government. Sorry to say that, but it's the truth! Brings to Me another thing.."GREED OF MONEY!" The Bible is very clear about this matter & I have a saying for every Strike I hear. Quit the striking, quit the hiking" Only the Government wins with this.

@izznice6969 7 месяцев назад

Could you do a video on other pension plans, such as Saskatchewan pension plan. Are there any other pension plans that anybody can join?

@mazenismaiel8452 8 месяцев назад

Thank you

@mikemarchand7766 7 месяцев назад

Great vid and thanks!! Question in regards to GIS. When applying for gis they say to take total income line from your tax return. This amount includes your OAS. However OAS amount is not supposed to be included in determining how much you will be receiving in GIS. So how can they accurately determine your GIS if using the total income line on ur tax return? Many thanks if you can clear this issue for me :)

@lunalove2222 Месяц назад

Thank~You!💚

@wellbuiltwealth Месяц назад

You're welcome 😊

@rjr7752 8 месяцев назад

One thing I don’t think he touched on is if you delay taking your cpp and or your oas till 66-70 yrs of age than your income thresh hold will increase accordingly before claw back. I’m surprised how many accountants don’t know this.

@sjbutler2330 9 месяцев назад

Not every one lives past the age of 70 and onwards. I have known 2 coworkers I didn't even get to retire. She had a heart attack and died. The other who was male Had cancer just before retiring, and died 2 months later. Both did not get to enjoy. Any money from the Government or otherwise. Working at the same place I retired at 61 and am now 66. Don't wait to collect Later. You May Not Be Here!!!

@osql8 2 месяца назад

if you pass away and you're "not here" you don't need any money.

@davefair2969 Год назад

I took CPP at 60, my thinking being that I have a house that will likely become a part of a development in the near future and I'll make a lot of money, so take CPP now and use it to put towards the mortgage payments and as I'm self employed and in construction I'll take it a bit easier. When I got my statement from Service Canada I looked at my employment history that they have on file. Some of my employment is missing from when I was a young guy and employed. Also my 20 plus years of making self employed contributions seems to be missing. And also watching your video I see that also there's the child rearing provision and I'm the only parent of my now adult child and I did have reduced income due to child rearing in my child's younger years. I'll have to give them a call and see what's going on.

@wellbuiltwealth Год назад

Absolutely, Dave. Give ‘em a call.

@dianetownsend9813 11 месяцев назад

Rev Can can go back in microfiche to get those numbers for you.

@wellbuiltwealth 11 месяцев назад

@@dianetownsend9813 😂

@wilmaosorio6641 8 месяцев назад

thanks

@tsehaykenfat4862 9 месяцев назад

Thanks for sharing.I am one of this people I don’t understand how it works

@wellbuiltwealth 9 месяцев назад

You are so welcome!

@landsea7332 8 месяцев назад

Thank you for providing such a good explanation of OAS . 14:42 Question : Just to confirm , if a person is collecting OAS , but then have a large capital gain in a taxation year , which puts their taxable income over the claw back amount ( $82,192 ) , please tell me that in the next taxation year , regular OAS payments will continue . .

@wellbuiltwealth 8 месяцев назад

Thanks! Clawback is not permanent. If that’s what you’re asking. It’s year by year depending on income :)

@jimbryce2498 8 месяцев назад

Good presentation, it would even be better if you presented some example of OAS split between years of living in Canada and in a country that has a reciprocal social and tax agreement with Canada. Say Equal split 20 years in Canada and 20 years in the other country like Germany for example. 22:12

@wellbuiltwealth 8 месяцев назад

That’s pretty much the topic of the most recent video I released: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-8_6y8Lf6Oy4.htmlsi=s2uJWVqE284OWEjA

@VP-nz6ok 6 месяцев назад

Pls do a segment on what would happen if Alberta leaves with their portion. Of the CPP

@tomdearie5165 8 месяцев назад

Great info clearly presented. 👍 One question: Is CPP affected by spousal income?

@wellbuiltwealth 8 месяцев назад

Thank you! And no, it’s not :)

@tomdearie5165 8 месяцев назад

Thanks!

@lindablack2206 10 месяцев назад

I do not receive any raises at all on the CPP. I only had one 1 small raise since I started collecting CPP at the of 6o and now at the age of 68. Plus I qualified for the GIS as my income was below 1,500 and at the age of 65 when I started collecting it. As of this month they cut me off because I made too much income so it has to be taxable because at this point my income was too high to get the GIS and now puts be back where I started from in the yr. of 2017 yup you got it going backwards.

@landsea7332 8 месяцев назад

To point out , you can declare not to have tax deduced on you CPP payments . However , this of course means that you will have to pay this tax when filing you income tax return . But this means you get to hold this money all year , instead of the federal gov having it in their pocket . Also , suggest being aware of the withholding tax when you withdraw amounts from your RRSP account . If you reside outside of Quebec , the with holding tax is 10% for amounts up to $5,000 . If you have stock investments in an RRSP that are down right now , considering selling $4,980 of them and transferring this amount to your TFSA , and buying them back in your TFSA . .

@wellbuiltwealth 8 месяцев назад

Yup. Yup. And yup :)

@bethhasilo1536 9 месяцев назад

Awesome video. Wish I knew more about the CPP info before I retired as I was always told to take it as soon as you can. Question about the deferral of the OAS as I turn 65 next year... can you defer in 1 year increments & adjust that annually ie: defer for 1 year at time & assess your needs annually if you wish to keep defering OR is defering to 70 the only option...so 65 or 70 years old are the only options? Thanks so much.

@wellbuiltwealth 9 месяцев назад

Good question. You can actually defer month by month. You just let them know that you want to defer and then let them know when you want to take it.

@bethhasilo1536 9 месяцев назад

@@wellbuiltwealth awesome & thanks for the quick reply (even though I turned 64 yesterday & have a bit of time to decide. Haha!). I just Subscribed to your Channel.

@RouRoro 8 месяцев назад

Please, I need a video for public service pension!

@user-wb5bx8ec4l 6 месяцев назад

Thank you for this informtaive video. Question regarding OAS... I am 65 and have lived in Canada for 10 years. Will I get the full OAS benefit if I worked for more than 30 years from a country where Canada has an agreement with? Thank you.

@jayzee316 11 месяцев назад

My wife and I retired early (couple years ago), I'm 42 and she's 33, we know we're not the normal demographic and have rental and dividend income to carry us fairly soundly. But always interested in seeing/learning new ways to build other passive income streams, options for passive income outside RE/Div, or tax planning that helps us keep more of our income.

@wellbuiltwealth 11 месяцев назад

Well done!!

@ghoster3078 8 месяцев назад

@@wellbuiltwealthbull shit!

@kriskafowlski4463 Год назад

Thanks. Sure wish my Wife and I had known this before applying for CPP @ 60. Our so called financial advisor said nothing when I told him my plan for taking it at 60. Unfortunately I am now 63 and my wife 62. So too late. He also mentioned nothing about GIS either. I had never heard of it. I would have been able to get it if I didn’t take CPP.

@wellbuiltwealth Год назад

Sorry to hear this Kris. You’re not alone in these frustrations…

@brendag-gj3xd Год назад

GIS eligibility cannot start until a person is 65 and eligible for OAS; then based on taxable income and marital status. If low-income and eligible for OAS at 65… definitely not too late for that.

@kriskafowlski4463 Год назад

@@brendag-gj3xd ha ha. Yes thanks. I knew that. I could only wish I wouldn’t be eligible for OAS. I would love that. Then that would mean I am making about 130 k a year in retirement. I wish!

@powerofnow73 9 месяцев назад

I’m leaning so so much I so so new at this ….so my question is turn 65 in June 2023 July they send me my OAS also GIS I only income is $16,000.. Divorced so my GIS that I’m getting is $700.00 So my question is should I apply for my CPP …and if so the application is asking them to take tax should I do dollars or percentage dollars what would be $ amount be and if is percentage what will be the percentage…..thank thank you so much for your time ….

@lailaansari7293 Месяц назад

Thank you,excellent info BUT, I as a senior, did try to plan for retirement as a single person - the thing that everything has become so expensive even my TFSA/GIC and savings will not last...frugal is my motto, but it's sad to think I have to save to just survive in this beautiful country!!!😢

@wellbuiltwealth Месяц назад

You’re welcome. And I hear you :(

@goingfreenow3297 21 день назад

I won't delay into later. As someone who has taken care old people, our bodies and mindset seem to deteriorate after 70. I want to retire early even if it means less money. The ones living after 70 are complaining about their health often.

@andrewlazlak8483 7 месяцев назад

Only if you get max benefits or it's amount are very Operated for most of us

@abetterdog 7 месяцев назад

Excellent video - thanks for important info! Question: If someone draws CPP at 60 but continues to work full time until 65, how much of the 36% loss would they be able to ‘backfill’ with the 5 additional years of contributions.

@wellbuiltwealth 7 месяцев назад

Thank you! I do plan to do a video on this exact topic :)

@DavidWilson-ps8gx 3 месяца назад

I am looking to see if you can provide a quick response to my inquiry. When my wife and I go to collect OAS, can we avoid the clawback by splitting our work defined pension plan. I know the increase in the claw back amount is $90,997 in 2024. But between our CPP, OAS, RRSP, and our company defined pension plan, we are coming close to the clawback level. If we do not slip our company defined pension, we will definitely hit the clawback level. Can we actually split our CDPP to avoid the OAS clawback?

@susieq1016 Месяц назад

Very informative info Question I just became 60 and decided to applied for CPP but still working While I was filling out the form it asked how many tax to take but no option was given how do I know what tax to put?

@martinsinclair55 8 месяцев назад

great information. u mentioned 20 yrs in Canada to get the OAS. My wife arrived in Canada at age 60. She works. Does that rule apply to CCP as well. 2nd question. 15 years ago she was a resident in Canada for about 2-3 yrs. Could this count towards the 20 yrs? Thnx.

@bjk777 9 месяцев назад

If Ottawa wanted to improve the CPP, they should allow ADDITIONAL lump sum payments into the plan by citizens.

@adu2526 5 месяцев назад

Why the bank provided the form Т5008 with only the market cost of some shares, moved IN-Kind transaction, from my Non-registered account to my TFSA account? This market cost went to my income and I had an OAS clawback. The both boxes of that form had to be filled: with a market cost of those shares and the Base Cost (ABC), so the Proceeds supposed to be a difference of those two cost. It could be a Gain or a Loss, depends which cost: the market cost of the time of the In-Kind transaction and the ABC - is more. The previous year the bank had input in the firm the Base Cost amount, but not in the last year.