Am single, collected at 61. When I die I get squat to give to my family except $2500 for burial? What about all the money over the years I invested with CPP. Highway robbery from the crooked government!!!😳😬
Agreed! I just lost a dear friend who passed away at age 63. She had not yet retired. She was single and her and her employers paid into the pension for decades. Her family just gets $2500 to help with funeral costs. That's it. If CPP were a real pension, there would have at least been a commuted value for her heirs. CPP is a rip off for single people. Appalling.
@@stk6755 You have to make more than $23K a year to be taxed regardless of how you get the money , through pension or through employment . Why would anyone be exempt from paying taxes on income , especially if that income is large . Seniors , so called , are no different than young people in that they need to pay their fair share . Personally I am not a whining , complaining old guy . and always reject the seniors discount thing because I am in no need of any special discount. Whenever I do pull in extra money above the $23K limit then I end up paying taxes . So What ?
@@edwardmacnab354 Not correct, it is taxable. If this is your only income then likely you are not making enough to be taxed. My brother in law draws CPP and is also working, and I do his taxes and the CPP definitely increases his taxable income.
@@whiskeytango9769 yeah I know all that . What I'm trying to say is that my $23K a year government pension total is not taxed because I am considered on paper to be poor . However . I bank most of that $23K because I pay no rent , have no mortgage , own no vehicle and so have no real expenditures . If I make extra money then I do get taxed a small amount . I made sure I was in this position and quite frankly was amazed at just how much money the government pension delivered .
I AGREE with you they just stilling for your You and your husband work so hard for so many years not when one pass away they just ,,GUVERMANT,, play the thift 🤦🏾♂️🤦🏼♀️😲🤢
My wife was a homemaker and never had any CPP . I worked and still work ( I’m 77 ) , however since my father died at 62 I took my CPP at 60 . My wife passed away at 65 and CPP magnanimously donated $2500 towards her burial costs. From that time onwards I have only received half of my CPP, that I busted my a§§ for . Americans can draw social security anywhere in the world, but we can only live outside of Canada for 6 months or chance losing our OAS . So what keeps people from living elsewhere? We used to brag about our country and its healthcare being free, well that’s a giant load of BS , I’ve been waiting 2 years for a shoulder replacement surgery . Government lawyers have stacked the deck against us and we blindly follow their orders.
Something is wrong with your comment. If a person has never made any CPP contributions, then they will not receive the $2,500 death benefit. Also, CPP is contributory, so you would not lose your own CPP if your spouse dies. You would lose her CPP only. Perhaps you mean you are now receiving half the OAS, which would make sense as her OAS would stop when she died, while your OAS will continue. I suspect your wife worked a bit prior to marriage and did contribute to CPP during that time. OAS and CPP are not the same. You can receive both CPP and OAS if you live outside of Canada during retirement, but there are rules around this. Some countries you can receive, while some countries you cannot. It depends on the treaty which are in place with each country.
What happens? The government steal's it from your love ones. That was actually very informative, contrary to other channels who gives just enough information to have you call them and pay for the answer. THANK YOU, for having an HONEST channel.
45+yr mortgage at $3000+ a month, house never payed before retirement. Or apartment at over 2000/month. If your 55 or younger now, forget your retirement, you'll have to work till you die.
@@garth217hey, hard working folk here... I'll be working till I die unless there's some big changes. Started working at 12 and now almost 40. Consider yourself lucky to have been a hard working folk in a better time.
@@garth217 you have to be working at something that pays decent money AND be smart with what you do with your money I feel Rich on the $23K a year the government pays me because I bought my acreage with cash some 30 years ago enabling me to live rent and mortgage free and save most of my money so now I'm property AND cash rich . I save most of my pension money .
@shirleynoel916 it varies. My small house in an 8000 inhabitants town costs more in taxes than my bigger one with 60 acres of land in a 10x larger city.
Most of this is not true. I worked 2 x 8 jobs and paid CPP from each job. I get $600 in my CPP. This is highway robbery in Canada. People who worked less than me get more than me because I am paying to keep people who are on Welfare, Aish, and all the other programs. The Canadian Governemtn is not paiying these benefits out of their money, it is out of our money for all the hard work we put in.
amount of CPP depends on now much did you contrubute into CPP. You may have even 3 jobs, but if you do not make maximum pensionable earnings, you will not get maximum pension even though you worked 40 years. We have to contribute maximum as per maximum pensiobable earnings all 39 years. It's can happen that someone worked less years but was msking more money and contributed more to CPP, this is why his/her pension is higher.
My father collected 9 cheques and died suddenly. The CPP gave a $2500 death benefit, which has not changed in 2 decades. A spouse can only get a top up to the maximum CPP benefit. So basically, unlike an RRSP, which is taxable in the year of death, the CPP is a scam. Contribute for decades and the money stays with the CPP.
i find it very offensive that if a partner dies, the other spouse gets a reduced amount of the person who dies. WHY. It all still should be paid to the partner. That is marriage. That is fair. he/she paid into it. Why should the govt keep it.
Only a spouse or the estate of the deceased is eligible to receive your cpp not dependent. That's why you need to make it a point to save money by either taking a life insurance that pays deagh benefit or save with a discipline where you do not have access to take out the money (UL)
Absolutely ridiculous!!! Both my parents paid into their CPP their lives and neither them or their estate were able to withdraw a penny from what they paid into (they passed away before 65) Ps, it should not be capped if I or my wife dies and one of us are maximum eligible 🤬
Yeah we don't get that much. basically under 500/month for him and under 400 for me. You have to work until you draw your last breath. I'm glad that our house will be paid for in less than 10 years because we are going to have to live somewhere and the streets are not an option. They don't take into account the years you raised kids at home and had no job. They don't believe women work when at home and it is not valued or paid labour. I took in two of my son's friends who had nowhere to go. I got no money for that and no thanks. This is where I'm at.
The maximum contribution to CPP is around $3,500 per year. Let's say you start at 18 and you worked non stop until 65. That's 47 years. 47 * $3,500 is $164,500. Let's assume you're eligible for the full amount, $1,254. It would take approximately 11 years for you to get your $164,500 back. If you live past 76, you will start getting free money. Instead, if you invest that $3,500 into a 5% investment account every single year until 65, in 47 years, you'll have around $650,000. So when people criticize Conservatives for wanting to scrap retirement security, this is why. Instead of relying on government to secure your retirement, you can instead learn how to put away the money you would otherwise pay to CPP into an investment. Note that this is only 5%. There are others like GIC, stocks, life insurance, etc. that pays way more. This is not even taking things like dividends into account.
CPP is a great program to ensure that people save for their retirement. Left to their own devices, many people wouldn't save anything. It is in everyone's best interest that everyone have some money put aside for their latter years. Every first world country has a similar program.
absolutely. there is a vast majority of people who do not save, work under the table, do not pay taxes, whine about this country and when they get sick, they are always the first ones in the hospital sucking free medical from our system that they didn't pay a cent into. The government needs the money to keep our country going.
@@AWalkWithWhizzy So many people have an input, but reality is far different. I have always worked, except for 7 yrs raising my kids, always was paid above table, always paid taxes, I can count the number of times on one hand that I had to utilize any hospital, personally, I hate hospitals. With all that said, I was very lucky to have money enough to pay bills, as well as food. Save money? No idea where that would come from. So many paydays, $10 was what I had left to figure out what was more important, eat or gas so I didnt have to walk the 2 miles to work in the morning, and I know I wasnt alone in this. Lets see how many argue with me about this, but this was a fact of MY life.
No one in their right mind would voluntarily give money to a plan like this if it was offered by a private organization either a bank or an insurance company
CPP should be optional because I’d sure as heck not make contributions, I’d be investing my own money for me and my family. I don’t need or want the government for anything.
No your children will not unless they are a dependent, if you have no dependents then you will get a one time payout of 2,500.00 and it will be taxed so , it will be much less. I have gone through this.
We singles always get the short end of the stick on financial matters. Even with RRSP contributions there are all sorts of benefits that married couples have in terms of being able to save taxes. We singles are screwed LOL
I went to Service Canada to apply for my pension in my native country. The girl from the office instead to give me the right paper form to send my proof of work to Edmonton where they are processing the paper work ,she give me the paper erly retire in Canada. I was in totally shock when I receive a check of 297$. I am 62,currently on unemployment and I still want to work. How can I cancel this ? In my former country I am eleigible to retire at 62.
Very well explained. My question is if one spouse never worked so no CPP contribution therefore no CPP. What happens when the spouse who is getting CPP and dies
My contribution to CPP max almost for last 34 years. Before that i contributed regular amount. My CPP is even less than 1000. It is way less than you mentioned. Why is that?
Due to the simple fact the money i earn today will be worthless in 50 years due to inflation, no matter what they may tell you, your CPP goes to the elderly of now, it isnt saved directly for you. That would be stupid.
Well said. A lot of people think it's a personal bank account of sorts, they don't understand that it's paying the elderly now, and if you never worked much, you don't get anything but old age security.
Rule 1 says Surviving spouse receives 60% of dead’s spouse’s CPP. In sample cases 2 of both spouses receive $1000. Why does the surviving spouse receives only extra $254 instead of $600(=$1000x60%) when other spouse passes away ? Just need to understand HOW you come up $254 which happen to be the Max CPP $1254-$1000 which is NOT 60% of surviving spouse’s CPP. PS: At end Spouse would regardless still receives only the max CPP $1254.
CPP is a very poor investment. If a person would contribute the same amount in an RRSP, the return would be exponentially greater and you don’t lose the estate doesn’t lose the funds when the person passes away.
The govn. Is doing cpp cause they don't think that the majority of people can handle their own money wisely or invest for themself. Some can and would, but some would spend it all then would be on the streets...
I have a question? My husband passed away in June 2023. I hab applied for survival benefits but I did get any because my husband did not work in Canada 10 years at least. Also I did applied for ODSP still did not any because of my assets. I work minimum wage. Can you explain why?
I wish I could opt out. I’d rather take the $4,000 a year and put it into my own retirement savings fund. Right now I’m getting 20% returns through my work group plan. CPP is a scam.
Here’s the million dollar question though… what happens to your CPP you paid into throughout your working years if you pass away in your 30’s to 50’s? Where does it go then? Say you started working at 15 years old and pass away at age 45, where would your 30 years of contributing go then? And what if you don’t have a spouse? Does it default to your next of kin like your children??
@@danag812I don’t know if that’s 100% true because there’s the death benefit which I think they calculate based off your past earnings and amounts paid (so perhaps past CPP contributions are included) and I know you can apply for it on behalf of the decedent’s children because I’ve seen the required forms before.
Want to be even more frustrated with the scheme? Your employer also pays into the fund at a dollar for dollar amount relative to your payroll deduction. If you were to max out your payment with one employer and started a job with a different company the same year, the deductions start from $0 for both, but only your portion is refunded when you file your taxes. The employers matching overpayment amount stays in the hands of the CPP. So if you were to work 2 jobs and max out contributions at both you've added 3x your annual max deduction to the CPP (1 from you, 2 from your employers) but are not afforded any additional value at your retirement relative to someone who had a sole employer and maxed their contributions but ultimately only added 2x their annual maximum (1 from them, 1 from their employer). EI is a similar situation, but the employer actually contributes at 1.4x your deductions. Now that whole scheme is an entirely different can of worms and would collapse on itself incredibly quickly if it worked like an actual insurance underwriter.
I don’t know about u but if I pay in cpp more then once a yr, cause I only work shutdowns and cpp starts over I get it back on my taxes. U only pay cpp once a yr, regardless I can’t wait till Trudeau gets out, but then polivere will be taking out cpps anyways, so that why I have a $4000 month union pension screw the governments
i been working for the last 45 years and the only thing that know is that i will continued paying taxes to our worse enemy the government until the day that died plus I working for some time one extra part time
One spouse is still working and the other is collecting CPP. If the one collecting CPP dies, will the other spouse get something even though they haven’t reached 65?
So please tell me what happens to the money one cannot claim. Does it go back to the government or where does it go. I’m very curious about this situation?
when one passes away your spouse gets topped up from your cpp, so, basically your money is gone down the toilet if you worked and studied hard and went to work each day you’re cpp is gone. Specifically if your cpp is already paying around the top amount. CPP is a rip off for the deceased who worked and paid into it and is left with NOTHING!!!! Start paying death benefits properly or loose CPP!!!!
Don’t understand why anyone would wait till 70 to collect. That why the government offers more money when you’re 70 there’s a better chance they don’t have to pay out.
How can I tell a story of People who contribute and are not receiving the maximum.. There spouses have contributed maximum but chooses to deprive some Spouse by way of Aprisals
What irritates me is that the system is so rigged in favour of couples. As a single person, all I have is my own cpp...no top up after someone dies. Not to mention that couples often have more wealth than a single person anyway. What a crock.
not true my ex. passed and still children at home with me and im disabled on my pension early..and I wasn't getting anything from the scummer or the gov't🤬
sir. cpp is contributed pension by the employee. if same employee contribute in company pension after he past away he or she will get allmost 70 percent his company pension.cpp is contributed pension why goverment refuse to pay 70 percent to the survival person.
I'm 60 and my wife is 53, i am not yet collecting cpp and wont till 65 because of some pension clawbacks i will suffer upon collecting. What will happen if i die before collecting with my cpp, will my wife get at least a credit for what i have paid? her cpp will be low as she is a new comer and her working years were not long. also what will she get if i die and she isnt collecting her cpp yet?
I am asking a question my son and I have been together all of 37 years he is basically my care giver for many of those years I have no spouse. So can my son get anything when it's my time to cross the pearly bridge . Please tell me his. Name is on my application when I filed for my pension. ? Thank you for your help !!!
If someone works for cash income no cpp and income deduction and get more income without paying any taxes when they retired why they can get the government benefits?
What a waste of investment! I’d rather not pay into it. Ccp is unliveable. My bachelors pad is $2000 a month and there is nothing available cheeper to rent.
@@sjbutler2330 thanks if I don’t have any savings the cpp only $280 per month and only live here for 30 years according to the statistics 📈 at least $3000 a month can make the living. If no dependent financial support. How can we make a living
Best to take it before 65 as government claws back old age payments anyway. Everyone plateaus around the same amount at 65 in Canada anyway. Save the CPP $ taken and 60 and you come out ahead.
What happens to your CPP when you get disabled at age 40 ? CPP is a social pension plan and a disability plan. VS What happens to your RRSP when you get disabled at age 40 and can't put any more money in it or you have to take money out of it ?
No more bull shit ,by the time lm 70 ,i will be in a care home and no quality of life, lm taking mine at 60 ,government wants you to work till u die or cant work f that,i will take mine at 60 and invest it ,as i plan on staying single
What was set out in this video is true. If you are not getting you husband's CPP, he is either not dead or, if he is, you are already collecting the maximum. That's how it works.
They've already given it to the "new Canadians" they can backdate their CPP they never paid into when they get their citizenship to the day they landed here.
