Part 2: Government Benefits
Government benefits are part of Canada’s three-pillar retirement income system, and programs such as the Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) and Old Age Security (OAS) are key components in the retirement planning of many Canadians. You may be wondering: What are they? Who is eligible? How much will I get? How do I apply? The chart below summarizes facts about these programs.
Our government benefits in Canada are designed to provide us with income during our retirement years. Ensuring that you are up to date on the benefits that you are eligible for can help you plan for how much you will have, and how much more you might need, at retirement. Stay on top of the upcoming CPP/QPP enhancements beginning 2019, and know when and how to start the process for applying for your government benefits, so they are ready for you when you need them.
Part 2 of our 5-part series provided a brief overview of government benefits designed for retirement.
Stay tuned for the next installment of our 5-part series on personal savings.