Updated for 2023: As part of your retirement planning, consider the CPP and OAS retirement benefits as part of the equation.
Most working Canadians are eligible to contribute toward and receive benefits from the Canada Pension Plan, or CPP. Canadian citizens, aged 65 and older, who have lived in Canada may be entitled to Old Age Security, or OAS. These Canadian retirement benefits are put in place by the Canadian government to help supplement income in retirement.
Retirement Benefit Amounts Differ
The amount you will receive from these benefits will depend on a number of factors including how much you paid into your CPP, how long you lived in Canada and more. This CPP and OAS Retirement Benefits Infographic illustrates what age you are eligible to claim these benefits, what the current maximum amounts are, and other considerations about applying for benefits and taxation.
“You’ll likely be entitled to at least some federal government retirement benefits when you retire. You’ll have to apply to receive the benefits.”
FreshPlan offers several calculators relating to Retirement. Be sure to refer to the CPP & OAS Benefit calculator which illustrates current and projected CPP and OAS benefits.
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