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tideout
Joined: 12 Dec 2010
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 Posted: Fri Aug 10, 2012 4:39 pm Post subject: Canadian Social Security question |
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| Just curious how long someone has to work in the Canadian system to be eligible for retirement benefits (at any level)? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Aug 10, 2012 5:04 pm Post subject: Re: Canadian Social Security question |
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| tideout wrote: |
| Just curious how long someone has to work in the Canadian system to be eligible for retirement benefits (at any level)? |
http://www.servicecanada.gc.ca/eng/home.shtml
Retirement Pension
How do I qualify? http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/cppretirement/when.shtml
You qualify for a CPP retirement pension if you worked, you have made at least one valid contribution (payment) to the Canada Pension Plan, and you are at least 60 years old.
The amount of the entitlement varies with the accumulated pension contributions and period of contribution.
For those whose combined pensions, upon retirement, are below certain levels there are supplements to Canada Pension and old age security that are also available.
Seniors
Old Age Security (OAS) Pension
Canada Pension Plan (CPP) Retirement
Guaranteed Income Supplement (GIS)
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tideout
Joined: 12 Dec 2010
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| Posted: Fri Aug 10, 2012 5:51 pm Post subject: Thanks |
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ttompatz - thanks as always, I'll check out the link.
I know an individual here who's returning to Canada as they are "aging out" for lack of a better term. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun Aug 26, 2012 10:46 pm Post subject: |
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| Tell them not to cash out their pension from here. The government of Korea will give them retirement money too. When they apply to for their pension in Canada, they should mention they paid into the Korean system and they will apply on your behalf. It'll top you up for whatever you're lacking. As for getting Canada Pension Plan, I think you have to pay into it for a few years, otherwise, you'll just get back the amount you paid and that's it. But, everyone gets the Old Age Suppliment and Income support if they make too little money. It's this Income suppliment that gives better drug coverage to people. I called the Canada Pension Office and had a faily lengthy conversation with them about these topics. |
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12ax7
Joined: 07 Nov 2009
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| Posted: Tue Sep 04, 2012 8:20 am Post subject: Re: Canadian Social Security question |
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| ttompatz wrote: |
| tideout wrote: |
| Just curious how long someone has to work in the Canadian system to be eligible for retirement benefits (at any level)? |
http://www.servicecanada.gc.ca/eng/home.shtml
Retirement Pension
How do I qualify? http://www.servicecanada.gc.ca/eng/isp/pub/factsheets/cppretirement/when.shtml
You qualify for a CPP retirement pension if you worked, you have made at least one valid contribution (payment) to the Canada Pension Plan, and you are at least 60 years old.
The amount of the entitlement varies with the accumulated pension contributions and period of contribution.
For those whose combined pensions, upon retirement, are below certain levels there are supplements to Canada Pension and old age security that are also available.
Seniors
Old Age Security (OAS) Pension
Canada Pension Plan (CPP) Retirement
Guaranteed Income Supplement (GIS)
. |
They take it all away if you live in a retirement home, except for about 135$ per month to pay for your basic personal expenses. If your total pension is more than 2500$, you're a private payer, which means you have to pay the full rent by yourself, which is set at about 2300$ in my home province. You also don't get government subsidies on prescriptions since your income is deemed too high. So, it's possible to be worse off financially if you've worked your butt off all your life than if you've been jumping from one dead end job to the next. |
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