Retirement
If you are thinking of retiring there are some options you may want to consider and benefits for which you may be eligible. Service Canada has prepared a checklist of the most popular federal programs that you may want to apply for to support your retirement.
1. Apply for the Canada Pension Plan Retirement Pension
The Canada Pension Plan (CPP) Retirement Pension provides a monthly taxable benefit to retired contributors.
The application kit is available on-line or you may pick one up at any Service Canada Centre. You can also contact Service Canada and have a kit mailed to you.
Although it is not required, it is best to apply at least six months before you would like your pension to begin. Please note that there are legislative restrictions on retroactive payments. A delay in applying could result in lost benefits.
2. Apply for the Old Age Security Pension
The Old Age Security (OAS) Pension is a monthly benefit available to most Canadians 65 years of age or older who have lived in Canada for at least 10 years.
You should apply for the Old Age Security Pension six months before you turn 65. You can download an application kit or contact Service Canada to request that a kit be mailed to you.
The kit contains detailed instructions to help you apply for the Old Age Security Pension, including where to send the completed application form.
3. Apply for the Guaranteed Income Supplement
The Guaranteed Income Supplement (GIS) provides a monthly non-taxable benefit to low-income Old Age Security recipients living in Canada.
Contact Service Canada for an application form. You can re-apply for the GIS by filing your income tax return. The Seniors 55 and up section of the Canada Revenue Agency Web site contains information about filing your tax return.
If you did not qualify for the GIS benefit in the past, but you think you might be eligible now, you should apply as soon as possible.
4. Apply for the Allowance Program
The Allowance is a monthly benefit for low-income seniors (aged 60-64) whose spouse or common-law partner is eligible for, or currently receiving, the Old Age Security (OAS) Pension and the Guaranteed Income Supplement (GIS).
When our records show that you may be eligible for the Allowance, we normally send you an application kit. You should complete the application and return it to us as soon as possible. If you do not apply right away, you could lose some benefits.
If you have not received an application, but you think you may be eligible, please contact Service Canada.
5. Apply for International Benefits
The International Benefits program provides social security benefits to eligible individuals who have lived or worked in another country, or to the surviving spouse or common-law partner of eligible individuals who have lived or worked in another country.
International social security agreements that Canada has signed with other countries provide information about applying for benefits.
6. Volunteer in Your Community
Volunteers play an important role in our society. Find out more about the health and social benefits of volunteering in your community.
7. Retire Abroad
If you are considering retiring abroad, Consular Affairs provides information about immigration and citizenship, taxation, health care and real estate for both permanent and seasonal international retirements.
There is also information available to those going down south and spending time in the United States or elsewhere for health reasons or for vacation while maintaining residential ties in Canada.
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