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When you retire, under current legislation, you will be entitled to receive benefits from the Canada/Quebec Pension Plan and may be entitled to benefits from Old Age Security and the Guaranteed Income Supplement.

Canada/Quebec Pension Plan (C/QPP)

  • The C/QPP pays benefits to you based on your earnings and contributions (up to the YMPE) during the time you spent in the workforce.

  • The actual amount of your C/QPP payments also depends on your age at retirement. Normally, you'll start receiving benefits at age 65; however, you can receive reduced benefits as early as age 60, or an increased benefit after age 65. Benefits are paid monthly - adjusted each January 1st to reflect increases in the cost of living.

  • You should apply for C/QPP benefits about six months in advance of the date on which you want to start receiving the benefit. You can obtain forms from the CPP or QPP web sites, or from your local Income Security Programs office (look under Human Resources Development Canada, in the blue pages of the phone book) or your local Régie des rentes du Québec office.

  • For more information, visit the CPP or QPP web sites.

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Old Age Security (OAS) and Guaranteed Income Supplement (GIS)

  • The OAS pension is a flat-rate pension you will receive, in addition to your C/QPP pension, provided you meet certain residency requirements.

  • OAS benefits are paid monthly - adjusted each quarter to reflect increases in the cost of living. As your total retirement income increases, however, the benefit is reduced. Above a certain income level, you are no longer eligible for OAS benefits.

  • Today, OAS benefits are paid to eligible Canadian residents beginning at age 65. Between 2023 and 2029, the OAS eligibility age will gradually increase to 67. Here's how it will be phased in:

    Year you were born Impact to your OAS benefit
    Before 1958 No impact (benefit will start at age 65)
    Between 1958-1962 Benefit will start between age 65 and 67
    After 1962 Benefit will start at age 67

    Beginning July 1, 2013, you can delay the start of your OAS benefits by up to five years. If you do, your OAS benefit will increase by 0.6% per month or 7.2% per year.

  • You should apply for OAS benefits about six months in advance of the date on which you want to start receiving the benefit. You can obtain the necessary forms from the OAS web site.

  • The Guaranteed Income Supplement is an additional benefit paid to lower income Canadians. When applicable, it is payable from age 65.

  • For more information, visit the OAS web site.

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