💰CPP is a well-funded pension plan in Canada managed by the CPP Investment Board.
📈Contributions to CPP are mandatory for employees, and employers match their contributions.
⌛️The longer you contribute to CPP and the more you earn, the higher your benefits will be.
🔢Calculating your CPP benefits is based on how much you contributed, the duration of your contributions, and when you start taking benefits.
🌐OAS is a government-funded pension plan available to Canadian citizens and legal residents.
How much can I expect to receive from CPP?
—Your CPP benefits depend on your contributions, the duration of your contributions, and when you start taking benefits. The maximum monthly benefit in 2023 is $1,306.
Can I receive CPP if I haven't lived in Canada for 40 years?
—Yes, you can receive CPP if you've lived in Canada for at least one year and made contributions to the plan.
When should I start taking CPP benefits?
—The optimal time to start taking CPP benefits depends on various factors, including your financial situation and life expectancy. Consider consulting a financial advisor for personalized advice.
Is OAS taxable?
—Yes, OAS benefits are taxable. They are included as income on your tax return.
Who is eligible for OAS benefits?
—To be eligible for OAS, you must be a Canadian citizen or legal resident and have lived in Canada for at least 10 years after the age of 18.
00:00In this video, we provide a complete guide to the three public pension plans in Canada - CPP, OAS, and GIS.
08:32CPP benefits depend on your contributions, the duration of your contributions, and when you start taking benefits.
09:54OAS benefits are based on the number of years you've lived in Canada after the age of 18.
10:46CPP benefits are funded by contributions from employees and employers, managed by the CPP Investment Board.
11:36Calculating your CPP benefits involves understanding how much you contributed and the duration of your contributions.
17:58OAS benefits are funded through government revenues and are not based on your income or contributions.
19:09When to start taking CPP benefits depends on your financial situation and life expectancy.
21:38OAS benefits are taxable and included as income on your tax return.
