Did you turn 65 this year? You have now reached the official retirement age and are eligible to collect a pension from Service Canada. There are various forms of pensions you can avail of: the government-funded Old Age Security (OAS) and Guaranteed Income Supplement (GIS), the self-funded Canada Pension Plan (CPP), and the Registered Retirement Savings Plan (RRSP).
In the first two pension plans, Service Canada calculates the payout based on various factors, including income, marital status, and the time you contributed. While the CPP payout is different for every individual, the OAS and GIS amount is fixed. What’s your […]
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