Image source: Getty Images Written by Kay Ng at The Motley Fool Canada
It’s essential for Canadians to understand what social security is and isn’t. Revolving around the topic of retirement, social security programs, including the Canada Pension Plan (CPP) (or the Quebec Pension Plan, QPP, for those who have worked in Quebec), the Old Age Security (OAS), and the Guaranteed Income Supplement (GIS), are intended to provide only a basic income for eligible Canadians.
CPP and OAS payments are both taxable income. You can reduce surprises by asking that the federal income tax be deducted from your monthly payment. Canadian […]
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