Your retirement checklist
Important terms
- CPP:
- Canada Pension Plan
- OAS:
- Old Age Security
- GIS:
- Guaranteed Income Supplement
Before retirement
Tasks to think about before you plan on retiring
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Make or update your will and/or estate plan
Your will is the easiest and most effective way to tell others how you want to distribute your property and possessions - called your estate. Make or update your will to give yourself and your loved ones peace of mind. If you don't have a will, your loved ones may have to wait longer to benefit from your estate.
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Life in retirement -
Plan for a possible loss of independence
No one wants to think about losing independence, but needing help making legal and financial decisions can happen at any time and for a wide range of reasons. If you get ill, have an accident or even if you are just away for a period of time, having someone you trust who is ready and authorized to help you can save time and trouble.
There are many ways someone can support you to apply for or manage your public pensions. To learn more, see the links below.
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Life in retirement -
Since you are feeling very unprepared about your finances, create a budget for day-to-day expenses
A budget can give you a basic idea of your spending. This helps you decide how much money you will need in order to live comfortably and how much of your savings you might need in addition to your other retirement income.
Keep track of your spending by taking notes of what you do or buy. For example, how much you spend on groceries, restaurants, clothes, activities and more. You should try and do this for at least 2 months.
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Managing finances -
Since you are feeling unprepared about your finances, create a budget for day-to-day expenses
A budget can give you a basic idea of your spending. This helps you decide how much money you will need in order to live comfortably and how much of your savings you might need in addition to your other retirement income.
Keep track of your spending by taking notes of what you do or buy. For example, how much you spend on groceries, restaurants, clothes, activities and more. You should try and do this for at least 2 months.
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Managing finances -
Since you are feeling unsure about your finances, create a budget for day-to-day expenses
A budget can give you a basic idea of your spending. This helps you decide how much money you will need in order to live comfortably and how much of your savings you might need in addition to your other retirement income.
Keep track of your spending by taking notes of what you do or buy. For example, how much you spend on groceries, restaurants, clothes, activities and more. You should try and do this for at least 2 months.
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Managing finances -
Speak with a financial advisor
If you are feeling unprepared for retirement, it might be good to speak with a financial advisor. They will help you understand your options and make you feel more confident about your retirement plan.
When speaking with a financial advisor, you may want to ask them these questions:
- Are you a fiduciary ([fi] + [dyoo] + [shee] + [uh] + [ree])? This is asking whether the advisor has a legal obligation to work in your best interests.
- What are your qualifications and credentials? Listen for up-to-date ongoing training and education.
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Managing finances -
Make a savings plan
It's never too late to start saving. Knowing you have money set aside might help you feel more prepared.
Start by setting a small, achievable goal. Celebrate when you meet that goal - every bit helps!
If you struggle to save, some financial institutions and community resources offer saving tools and tips to help.
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Managing finances -
Consider impact of your work income as you collect your public pensions
If you continue working, this may affect the amount of tax you need to pay on your income.
If you can afford to delay collecting your public pensions, the longer you wait, the higher your monthly amounts will be for life.
If you continue to work while collecting your CPP retirement pension, and are under age 70, you can continue to take part in the CPP. Your CPP contributions will go toward post-retirement benefits (PRB), which will increase your monthly pension amount.
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Public pensions -
Consider impact of your income on your public pensions
More Canadians are deciding to work or earn money in their retirement. There are some important things to keep in mind if you earn money while taking your OAS pension:
- Your eligibility for the Guaranteed Income Supplement is based on your income. If your income is higher than a certain amount, you will not qualify for this benefit.
- If your net world income exceeds the threshold amount ($81,761 for 2022), you have to repay part or your entire OAS pension. Your net world income includes all income you receive in any country, including retirement income from your pensions and RRSPs.
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Public pensions -
Since you plan to live outside of Canada for more than 6 months a year, consider impacts of where you live on your public pensions and benefits
Spending time outside Canada may change the way you collect your Old Age Security and Canada Pension Plan (CPP) payments.
You can continue to collect your government pensions abroad, but the Government of Canada may withhold taxes that could be up to 25%.
If you are living outside Canada for more than 6 months and collecting Guaranteed Income Supplement (GIS), you will stop collecting your benefit until you return.
You cannot collect the Allowance for the Survivor benefit if you are outside of Canada for more than 6 months.
If you plan to leave Canada for more than 6 months, you must contact Service Canada to avoid an overpayment.
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Public pensions -
Since you're unsure if you'll stay in Canada in retirement, consider impacts of where you live on your public pensions and benefits
Spending time outside Canada may change the way you collect your Old Age Security and Canada Pension Plan (CPP) payments.
You can continue to collect your government pensions abroad, but the Government of Canada may withhold taxes that could be up to 25%.
If you are living outside Canada for more than 6 months and collecting Guaranteed Income Supplement (GIS), you will stop collecting your benefit until you return.
You cannot collect the Allowance for the Survivor benefit if you are outside of Canada for more than 6 months.
If you plan to leave Canada for more than 6 months, you must contact Service Canada to avoid an overpayment.
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Public pensions -
Consider impacts of where you live on your public pensions and benefits
Spending time outside Canada may change the way you collect your Old Age Security and Canada Pension Plan (CPP) payments.
You can continue to collect your government pensions abroad, but the Government of Canada may withhold taxes that could be up to 25%.
If you are living outside Canada for more than 6 months and collecting Guaranteed Income Supplement (GIS), you will stop collecting your benefit until you return.
You cannot collect the Allowance for the Survivor benefit if you are outside of Canada for more than 6 months.
If you plan to leave Canada for more than 6 months, you must contact Service Canada to avoid an overpayment.
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Public pensions -
Since you're divorced or separated, find out if you are eligible for credit-splitting
The Canada Pension Plan (CPP) contributions you and your spouse or common-law partner made during the time you lived together can be equally divided after a divorce or separation. This is called credit splitting.
Credits can be divided even if 1 spouse or common-law partner did not make contributions to the CPP. Credit splitting may help you qualify for benefits and can affect the amount of any current or future benefits under the CPP program for both you and your former spouse or common-law partner.
Review the information at the link below to determine if you are eligible and want to apply for credit-splitting.
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Public pensions -
Determine what income or savings you will use in retirement
When you retire, your sources of income will typically come from these sources:
- The Old Age Security (OAS) pension and Guaranteed Income Supplement (GIS)
- The Canada Pension Plan (CPP) Retirement Pension
- Earnings, if you continue to work in retirement
- Workplace pension plans
- Personal savings and investments
- Foreign pensions
You will need to decide which source of income you will use at different times in your retirement. Think about what sources you will have and the benefits and drawbacks of using each.
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Managing finances -
Consider how your marital status and children might affect your public pensions
If you are married or in a common-law relationship, you may be eligible for additional benefits or provisions, such as the GIS Allowance or Pension-splitting.
If you had to take time off from work or worked less to look after your young children, you may qualify for an increased CPP retirement pension with the child-rearing provisions.
To learn more, check the links below.
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Public pensions -
Since you have been in Canada for less than 10 years, find out if and when you might become eligible for OAS
You are not eligible for OAS unless you have lived in Canada for at least 10 years after age 18. You will become eligible once you have lived in Canada long enough. Keep track of your time in Canada to know when to apply. If you lived in certain countries with social security agreements with Canada, you may be eligible sooner. Check the link below to know if your country has an agreement with Canada.
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Public pensions -
Since you are still sponsored, find out if you are eligible for the Guaranteed Income Supplement
If you are a sponsored immigrant and have lived in Canada for less than 10 years after age 18, you cannot collect the GIS while you are sponsored, unless your sponsor:
- suffers personal bankruptcy
- is imprisoned for more than 6 months
- is convicted of abusing you
- dies
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Public pensions -
Determine if your time in other countries counts towards your public pension eligibility
Canada has international social security agreements with many countries. These agreements may help you qualify for pensions or benefits. You must:
- have lived or worked in Canada and in another country; OR
- be the widow or widower of someone who has lived or worked in Canada and in another country.
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Public pensions -
Determine if you are eligible for public pensions and benefits
The OAS pension is based on how long you have lived in Canada. The OAS is a monthly pension paid to eligible Canadians or permanent residents starting at age 65.
The CPP offers benefits when you retire, if you become disabled, and to your estate and family when you die. When you work for a Canadian employer, you and your employer contribute to the CPP.
Check the eligibility criteria at the links below.
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Public pensions -
Since you have lived in Canada for 40 years or more, find out whether you need to apply for your OAS pension
From age 18, if you have lived in Canada for at least 40 years, you may not need to apply in order to get your OAS pension.
At age 64, we may send you a letter to let you know that you will start collecting the Old Age Security (OAS) pension. This means that when you turn age 65, you will automatically start collecting your OAS pension. If you want to delay, your letter will explain how to make this change.
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As an Indigenous person, you may not have contributed to CPP. Check if you contributed to CPP
As an Indigenous person, if you have worked off Reserve, you are eligible to collect a Canada Pension Plan (CPP) retirement pension.
If you have worked only on a Reserve, it's possible that you have not contributed to CPP. If you're not sure, you can request a copy of your CPP Statement of Contributions from MSCA.
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Determine if you are eligible for a higher CPP retirement pension because you raised a child
By taking time off from work or working less to look after your young children, you may qualify for an increased CPP retirement pension with the child-rearing provisions. Check the link below to learn more.
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Public pensions -
Keep track of where you have lived
Make a list of all the places you have lived since age 18. Include the following:
- The dates you lived there
- The country
- If you worked in that country
- If you applied for a benefit from that country
- Your insurance or identification number in this country
This is known as your residence history. After you apply for your public pensions, you may be asked to provide proof of this information.
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Public pensions -
Review your Canada Pension Plan (CPP) contributions
Your Canada Pension Plan (CPP) payments are based on how much and for how long you have contributed to the Plan, and on the age when you decide to start collecting your CPP retirement pension. To know how much you have contributed, you can access your “CPP Statement of Contributions” through My Service Canada Account or request it by mail.
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Consider impacts of your health on when to take your public pensions
Your health and wellbeing may affect when you want to take your public pensions. If you have a serious illness, you may want to take your pension earlier. Take a moment to think about your personal situation before you decide.
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Public pensions -
Since you plan on retiring before age 60, decide when to apply for public pensions
One of the most important decisions for retirement is knowing when to take your public pensions. Having a plan before you retire can give you peace of mind. You do not need to retire from work to receive your public pensions.
You are not eligible for public pensions until after age 60. If you choose to take your CPP retirement pension early at age 60, it will be significantly less each month for the rest of your life. You can only start OAS at 65. If you can afford to delay collecting your public pensions, the longer you wait, the higher your monthly amounts will be for life. If you are low income or in poor health, you should start when you are eligible.
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Public pensions -
Since you plan on retiring between ages 60 and 65, decide when to apply for public pensions
One of the most important decisions for retirement is knowing when to take your public pensions. Having a plan before you retire can give you peace of mind. You do not need to retire from work to collect your public pensions.
While you can choose to take your CPP retirement pension at age 60, it will be significantly less each month for the rest of your life. You can only start OAS at 65. If you can afford to delay collecting your public pensions, the longer you wait, the higher your monthly amounts will be for life. If you are low income or in poor health, you should start when you are eligible.
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Public pensions -
Since you plan on retiring at age 65, decide when to apply for public pensions
One of the most important decisions for retirement is knowing when to take your public pensions. Having a plan before you retire can give you peace of mind. You do not need to retire from work to collect your public pensions.
You can take both your OAS and CPP pensions at age 65. If you can afford to delay collecting your public pensions, the longer you wait, the higher your monthly amounts will be for life. If you are low income or in poor health, you should start when you are eligible. You may also qualify for other benefits.
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Since you plan on retiring between age 65 and 70, decide when to apply for public pensions
One of the most important decisions for retirement is knowing when to take your public pensions. Having a plan before you retire can give you peace of mind. You do not need to retire from work to collect your public pensions.
You can start both OAS and CPP pensions at age 65. If you don't need the additional money, you should not take your pensions before you retire from work. Each month that you delay increases your monthly payments. After age 70, there is no advantage in delaying your first payment. In fact, you risk losing benefits.
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Public pensions -
Since you plan on retiring after age 70, decide when to apply for public pensions
One of the most important decisions for retirement is knowing when to take your public pensions. Having a plan before you retire can give you peace of mind. Retiring from work and collecting your pensions are two different things.
Starting OAS and CPP at age 70 means you are maximizing your monthly payments. After that age, there is no advantage in delaying your first payment. In fact, you risk losing benefits.
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Decide when to apply for public pensions
It is okay to not know when you want to retire! Choosing to retire from work and taking your public pensions are two separate things. However, it is important to decide when you want to take your public pensions. Having a plan before you retire can give you peace of mind.
You do not need to stop working to apply for your pensions. If you are eligible, you can apply for your CPP retirement pension as early as age 60 but it will be significantly less each month for the rest of your life. You can apply as late as age 70 to get more each month. To collect your OAS pension, you must be at least age 65.
If you can afford to delay collecting your public pensions, the longer you wait, the higher your monthly amounts will be for life. There are no financial advantages if you delay past age 70. If you are low income or in poor health, you should start when you are eligible.
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Review what to expect at 65 when your CPP disability benefit will switch to a retirement pension
Since you are collecting a CPP disability benefit, you don't need to apply for a CPP pension. Instead, your CPP disability benefit will convert to a CPP retirement pension at age 65. Your retirement monthly pension amounts will be less than your disability benefit. You can estimate your future retirement pension amount with the following calculation: subtract the basic payment amount of the disability benefit from your monthly payments and divide the total by 0.75. The basic payment amount changes every year, so treat this as an estimate. Keep in mind you will also become eligible to apply for OAS and GIS, so your combined public pensions and benefits will go up.
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Review your monthly budget to ensure your future income is sufficient for your needs
Your retirement pension amount will be less than your disability benefit, so you may want to review your expenses and income sources. This financial change may impact your retirement budget.
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Managing finances -
Review your benefits that might change at age 65
While you may be eligible for new benefits as you reach age 65, some public and private benefits will end or change at that age. Consider the programs and benefits you have now and review their details to see if they will change.
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Other benefits -
Plan for costs of living where you will retire
Costs of living differ across the country and in other countries. Some things to consider include:
- Housing - rent, property tax, and upkeep costs
- Utilities - energy, phone, internet and other basic costs
- Healthcare - costs of prescriptions and insurance, primary and emergency care, dental care, and other health costs
- Food and other essentials, including clothing
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Managing finances -
Since you are planning on living outside Canada part time, plan for the costs of living or travelling outside of Canada when you retire
If you are planning on living abroad part-time or full-time, the basic rule is to make careful preparations. Tax laws, medical care and security quickly become a preoccupation once you live in another country or wish to return home to Canada after an extended stay.
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Managing finances -
Since you are planning on living in Canada part time, plan for the costs of living or travelling outside of Canada when you retire
If you are planning on living abroad part-time or full-time, the basic rule is to make careful preparations. Tax laws, medical care and security quickly become a preoccupation once you live in another country or wish to return home to Canada after an extended stay.
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Managing finances -
Since you are planning on living outside Canada, plan for the costs of living outside of Canada when you retire
If you are planning on living abroad part-time or full-time, the basic rule is to make careful preparations. Tax laws, medical care and security quickly become a preoccupation once you live in another country or wish to return home to Canada after an extended stay.
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Managing finances -
Consider the costs of living or travelling outside of Canada when you retire
If you are planning on living abroad part-time or full-time, the basic rule is to make careful preparations. Tax laws, medical care and security quickly become a preoccupation once you live in another country or wish to return home to Canada after an extended stay.
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Managing finances -
Plan for bigger expenses
In addition to your living expenses in retirement, there may be other bigger expenses that come up. These could include things like:
- Household repair costs if you own your home
- Moving costs if you plan on moving or downsizing
- Costs to support your children or grandchildren, if you have any
You may want to speak with a financial professional about how to prepare for these expenses.
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Managing finances -
Plan for changes in your survivor's benefits or Allowance for the Survivor at age 65
Your benefits as a survivor will change at age 65. At age 65, you might be eligible for other benefits.
When you become eligible for your own CPP retirement pension, your CPP survivor's pension and CPP retirement pension will be combined into a single benefit.
If you are receiving the OAS Allowance for the Survivor, it will end at age 65.
To learn more about these changes, check out the links below.
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Other benefits -
Explore programs and benefits from your provincial or territorial government
Explore the supports offered by your province or territory. Use the Benefits Finder to help identify the benefits that are most relevant to you.
If you live or have worked in Quebec, you may collect the Québec Pension Plan (QPP) retirement pension.
To learn more, visit the QPP website.
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Other benefits -
Explore additional disability programs and benefits available to you in your province of residence
The province in which you live may offer additional programs or benefits for seniors with disabilities. Use the Benefits Finder to identify benefits available to you.
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Other benefits -
Check out other programs and benefits that you may be eligible for
As an Indigenous person, you may have access to additional programs and benefits. Check with your Band Council for more details.
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Other benefits -
Determine if you can receive benefits from another country
You may qualify to collect a pension from another country even if Canada does not have a social security agreement. It is up to you to apply for these pensions separately.
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Other benefits
When applying for benefits
Tasks to think about when applying for benefits
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Find out how much you will be taxed on your other income
If you earn money while collecting your public pensions, your income may be higher than you expect and you could be taxed more. You may need to set aside or withhold more money for taxes. If you do not end up working or earning money while collecting benefits, your income might be lower than you planned.
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Managing finances -
Consider how much you may be taxed if you're earning other income
If you earn money while collecting your public pensions, your income may be higher than you expect and you could be taxed more. You may need to set aside or withhold more money for taxes. If you do not end up working or earning money while collecting benefits, your income might be lower than you planned.
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Managing finances -
Gather information needed to apply for OAS/GIS
To apply for OAS and GIS, you may need to provide certain documents. To prepare, gather the following:
- Documents to prove your legal status: if you were born outside of Canada or entered Canada under a Sponsorship Agreement, you will have to provide proof of your status in Canada, such as a certified true copy of your permanent residence card.
- Documents to prove your marital status: you must provide your marriage certificate or a Statutory Declaration of Common-Law Union. If you are divorced or separated, you may need to provide a divorce certificate or a Statutory Declaration of Separation.
- Banking information: you may provide banking information or a void cheque to collect your pension payments by direct deposit.
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File your taxes to ensure you can be considered for the GIS benefit
The Guaranteed Income Supplement is a monthly payment you can get if you are collecting OAS and are low-income. Your eligibility is based on your income from the past year, so you must make sure you have filed your taxes to ensure your income is accurate.
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Apply for credit-split provision, if desired
If you decide to apply for credit-splitting, you should apply as soon as possible to ensure the split can affect your CPP benefits.
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Since you plan on living in Canada more than 6 months a year, decide if you would like to withhold tax on your pension(s)
Both the CPP retirement pension and OAS pensions are taxable income. You are not required to have income tax deducted from your monthly payments, but you may choose to have an amount withheld to reduce your tax payable when you file your annual income tax return. Think about your expected income in retirement and decide if you want to withhold that tax upfront.
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Gather materials to apply for child-rearing provision (if eligible)
If you meet the eligibility criteria for the child-rearing provision, you can apply for it as part of applying for CPP or separately. You will need to have the following information:
- Name(s), date(s) of birth, and social insurance number(s) for each child you were rearing
- Date of child's entry to Canada, if they were born outside Canada. You must also provide documentation to show that child's date of entry into Canada
- Whether you or your spouse collected the Family Allowance or were eligible for the Canada Child Benefit
- Periods of time when you were not the primary caregiver for each child
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Make sure your mailing address is up to date
When you apply for public pensions, it is important to make sure your mailing address is up to date. You can update your mailing address online using your “My Service Canada Account” (MSCA) or in-person at a Service Canada Centre.
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Apply for CPP retirement pension (if eligible)
You can apply for your CPP retirement pension as early as age 59, no matter what age you want to start collecting. You should apply when you are confident about when you want to start.
The CPP lets you choose when to start your retirement pension, and each month you delay increases your monthly amount. The highest monthly amount you can receive happens at age 70, after which there is no benefit to waiting. If you need money sooner, you can start collecting your pension as early as age 60, but with a permanent reduction.
When you apply, you will need to choose when you want your pension to start.
- As soon as you qualify (the month after you turn 60)
- At a specific date that you choose (after age 60)
You can apply on paper in-person or by mail. For a faster reply, apply online. For more details, see the links below.
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Apply for CPP retirement pension (if eligible)
The CPP lets you choose when to start your retirement pension, and each month you delay increases your monthly amount. The highest monthly amount you can receive happens at age 70, after which there is no benefit to waiting. If you need money sooner, you can start collecting your pension as early as age 60, but with a permanent reduction.
When you apply, you will need to choose when you want your pension to start.
- As soon as you qualify (the month after you turn 60)
- At a specific date that you choose (after age 60)
You can apply on paper in-person or by mail. For a faster reply, apply online. For more details, see the links below.
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Apply for CPP retirement pension (if eligible)
You do not need to stop working to take your CPP retirement pension. You can start taking your CPP pension between age 60 and age 70. You can apply as early as age 59, no matter what age you want to start taking your pension. You should apply when you are confident about when you want to start.
The CPP lets you choose when to start your retirement pension, and each month you delay increases your monthly amount. The highest monthly amount you can receive happens at age 70, after which there is no benefit to waiting. If you need money sooner, you can start collecting your pension as early as age 60, but with a permanent reduction.
When you apply, you will need to choose when you want your pension to start.
- As soon as you qualify (the month after you turn 60)
- At a specific date that you choose (after age 60)
You can apply on paper in-person or by mail. For a faster reply, apply online. For more details, see the links below.
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Apply for CPP retirement pension (if eligible)
You do not need to stop working to take your CPP retirement pension. You can apply as early as age 59, no matter what age you want to start taking your pension. You should apply when you are confident about when you want to start.
The CPP lets you choose when to start your retirement pension, and each month you delay increases your monthly amount. The highest monthly amount you can receive happens at age 70, after which there is no benefit to waiting. If you need money sooner, you can start collecting your pension as early as age 60, but with a permanent reduction. If you are low income or in poor health, consider starting when you are eligible.
When you apply, you will need to choose when you want your pension to start.
- As soon as you qualify (the month after you turn 60)
- At a specific date that you choose (after age 60)
You can apply on paper in-person or by mail. For a faster reply, apply online. For more details, see the links below.
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Apply for child-rearing provision (if eligible)
If you are eligible for the child-rearing provision, make sure to fill out that section on your CPP application. You will need to provide the information you gathered, so make sure you have it handy. If you have already applied for your CPP retirement pension, you can apply for the child-rearing provision separately. See the links below for more details.
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Apply for Old Age Security (if applicable)
You will need to wait until at least age 64 to apply for your OAS pension. You can start collecting your OAS pension at age 65 but you can also delay up to age 70. If you are low income or in poor health, you should consider starting when you are eligible. You may qualify for the GIS benefit.
Keep in mind, the longer you wait, the higher your monthly amounts will be for life. After age 70, there is no benefit in delaying your first payment.
If you are eligible for auto-enrolment, you will receive a letter notifying you of your enrolment at age 64. If you want to delay taking your pension, you must contact Service Canada.
When you apply, you will need to choose when you want your pension to start.
- As soon as you qualify (the month after you turn 65)
- At a specific date that you choose (after age 65)
You can apply on paper or online. Apply at least 2 months before you want to start receiving your OAS pension. Check the links below to apply.
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Apply for Old Age Security (if applicable)
You do not need to stop working in order to collect your OAS pension.
If you are low income or in poor health, you should consider starting when you are eligible. You may qualify for the GIS benefit.
If you can afford to delay receiving your OAS pension, the longer you wait, the higher your monthly amounts will be for life. After age 70, there is no benefit in delaying your first payment.
You can apply any time at least 1 month past your 64th birthday for your OAS pension. You can start collecting your OAS pension at age 65 but you can also delay up to age 70.
If you are eligible for auto-enrolment, you will receive a letter notifying you of your enrolment at age 64. If you want to delay taking your pension, you must contact Service Canada.
When you apply, you will need to choose when you want your pension to start.
- As soon as you qualify (the month after you turn 65)
- At a specific date that you choose (after age 65)
You can apply on paper or online. Apply at least 2 months before you want to start receiving your OAS pension. Check the links below to apply.
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Apply for Old Age Security (if applicable)
You can apply at age 64 for your OAS pension. You can start collecting your OAS pension at age 65 but you can also delay up to age 70. If you are low income or in poor health, you should consider starting when you are eligible. You may qualify for the GIS benefit.
Keep in mind, the longer you wait, the higher your monthly amounts will be for life. After age 70, there is no benefit in delaying your first payment.
If you are eligible for auto-enrolment, you will receive a letter notifying you of your enrolment at age 64. If you want to delay taking your pension, you must contact Service Canada.
When you apply, you will need to choose when you want your pension to start.
- As soon as you qualify (the month after you turn 65)
- At a specific date that you choose (after age 65)
You can apply on paper or online. Apply at least 2 months before you want to start receiving your OAS pension. Check the links below to apply.
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Apply for Old Age Security (if applicable)
You do not need to stop working in order to collect your OAS pension.
If you are low income or in poor health, you should consider starting when you are eligible. You may qualify for the GIS benefit.
If you can afford to delay collecting your OAS pension, the longer you wait, the higher your monthly amounts will be for life. After age 70, there is no benefit in delaying your first payment.
You can apply any time at least 1 month past your 64th birthday for your OAS pension. You can start collecting your OAS pension at age 65 but you can also delay up to age 70.
If you are eligible for auto-enrolment, you will receive a letter notifying you of your enrolment at age 64. If you want to delay taking your pension, you must contact Service Canada.
When you apply, you will need to choose when you want your pension to start.
- As soon as you qualify (the month after you turn 65)
- At a specific date that you choose (after age 65)
You can apply on paper or online. Apply at least 2 months before you want to start receiving your OAS pension. Check the links below to apply.
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Public pensions -
Wait for your CPP retirement pension notice of decision if you applied
After you apply for your CPP retirement pension, you should receive a notice of our decision by mail. If you apply online, this will arrive between 7 and 14 days. If you submit a paper application, it normally can take up to 120 days to get your written notice of decision.
This notice will let you know if you are approved for the CPP retirement pension and will confirm your payment start date (called the “effective date”) and monthly amount. You can see the amount of your first payment as well, in case you are entitled to a retroactive payment.
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Public pensions -
Wait for your OAS pension notice of decision
After you apply, Service Canada will contact you by mail once a decision has been made, or to request additional information or documents. If you are approved, the letter will confirm:
- your OAS payment start date (called the “effective date”)
- the portion of the full OAS pension you are entitled to (based on how long you have lived in Canada since age 18)
- your monthly OAS payments at your start date
- your first month's OAS payment amount (this may be different from your future monthly payments if you are receiving a retroactive payment)
If you qualify for GIS, the letter will also confirm:
- your GIS payment start date (called the “effective date”)
- your monthly GIS payments at your start date
- your first month's GIS payment amount (this may be different from your future monthly payments if you are receiving a retroactive payment)
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Public pensions -
Decide how much to take from your private pension(s) or other savings each month
Your public pensions are designed to cover some but not all of your retirement income. You will need to decide how much you will take from your private pension(s) or other savings each month. For a Registered Retirement Income Fund, there is a minimum monthly amount you must take. Keep in mind, withdrawals from private pensions are taxable. You may want to speak with a financial professional to understand your options.
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Managing finances -
Consider applying for pension splitting with your spouse/partner
If you want to split your eligible pension income with your spouse or partner, you will both need to complete and submit a joint election to split private pension income when you file your taxes. This does not apply to your OAS and CPP pensions.
You will need to gather the following information in order to apply for pension splitting:
- The transferring spouse's or partner's T4A slips
- The transferring spouse's or partner's T4A-RCA slips (if applicable)
- The transferring spouse's or partner's veterans benefits amounts (if applicable)
You may want to talk with a financial professional about the impact of pension splitting before applying.
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Managing finances -
Apply for provincial benefits
Make sure to apply for any provincial benefits you identified earlier that require applications.
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Other benefits -
Find your community in retirement
Retiring is a big life change. Think about your community now - what people do you want to stay connected to? Plan for ways to spend time with those people after you retire.
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Life in retirement -
Sign up for seniors programming in your community
For many people, receiving these benefits comes along with retirement. There are many organizations and community groups you can get involved with in your retirement. Take a look and see what is out there!
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Life in retirement -
Find ways to stay active in retirement
Staying physically active can help you have a healthier and more enjoyable retirement. When you retire, your activities may change. Plan new activities to stay fit.
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Life in retirement -
Keep your mind active in retirement
It is important to keep your mind active and engaged in retirement. You can do this by reading, playing brain teasers, solving puzzles, or enjoying a wide range of other hobbies.
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Life in retirement -
Get support to cope with life changes
Some life changes in retirement can be stressful. By staying socially connected, you can make adjustments with the help of others and reduce feelings of loneliness and depression.
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Life in retirement
While collecting benefits
Tasks to think about when collecting benefits in retirement
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Consider the tax credits you may be eligible for
When you retire, your income sources will change. You may be eligible for tax credits even if you're getting a public pension.
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Managing finances -
Review and update your insurance coverage
While many costs are covered by your provincial health insurance program, some are not. In some provinces or territories, you may be eligible for enhanced coverage. For uncovered costs such as prescriptions or long-term care, you may want to purchase additional private insurance.
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Life in retirement -
Understand and protect yourself against financial fraud and abuse
Sadly, there are people and organizations that try and take advantage of others, particularly older people. There are a few simple tips to keep in mind to protect yourself against fraud and abuse. Check out the resources below to learn more about how to stay safe.
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Managing finances -
Track your budget as you retire
Many people find it hard to keep track of their budget when they retire. You may find you are spending more or less than you expected. You may want to track your spending over the first few months of your retirement to make sure your long-term plans are accurate.
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Managing finances -
Review your budget based on your retirement income
You may find that your income in retirement is different from what you expected. In your first few months of retirement, you might find you spend more or less than you thought you would. Take a moment to revisit your budget and plan.
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Managing finances -
Update your address and contact information if you move
If you move, make sure to update your mailing address with Service Canada so that important updates can reach you. You can update your address online or in-person.
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Public pensions -
Let us know if you move back to Canada
If you move back to Canada or plan on spending more than 6 months a year in Canada, you may become eligible for additional benefits, including the GIS benefit. You should contact us to start or restart your payments.
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Public pensions -
Let us know if you move away from Canada
You cannot collect the Guaranteed Income Supplement if you move outside of Canada for more than 6 months or if you start living outside Canada for more than 6 months a year.
If you plan to leave Canada for more than 6 months, you must contact us to avoid an overpayment.
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Public pensions -
Make sure to file your taxes each year
Eligibility for GIS is based on your income. You need to file your taxes each year to be able to qualify for it. Even if your only income comes from public pensions, you still need to file your taxes.
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Public pensions -
Consider pension sharing
You can share your Canada Pension Plan (CPP) retirement pension with your legal spouse or common-law partner. To do so, you must be collecting your pension, or be eligible to collect it, and be living with your legal spouse or common-law partner.
Sharing your pension won't change your pension amount, but may result in tax savings.
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Public pensions
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