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Guide to Government of Canada Services for SeniorsFinances and Pension Canada's public pension system provides seniors with a secure, modest base of retirement income. The two main programs are Old Age Security and the Canada Pension Plan. Benefits offered by these programs do not start automatically - you must apply for them.
Old Age Security (OAS) ProgramThe Old Age Security program offers three types of benefits: Old Age Security PensionIf you are 65 or older and meet the Canadian residence requirements, you are entitled to the Old Age Security pension. You should apply at least six months before you turn 65. If you lived in Canada, but now live in another country, you may still be eligible. Guaranteed Income Supplement (GIS)The Guaranteed Income Supplement is an additional monthly benefit available to seniors who receive an Old Age Security pension and have a low income. Allowance and Allowance for the Survivor
You must apply for the Old Age Security pension and each related benefit. If you are eligible for the Guaranteed Income Supplement, you may also be entitled to benefits and services from your province or territory. Contact your provincial or territorial government for more information. For information on Old Age Security benefits and how to apply: 1 800 277-9914 www.servicecanada.gc.ca/en/audiences/seniors/index.shtml Canada Pension Plan (CPP)About the Canada Pension PlanMost working Canadians contribute to the Canada Pension Plan. If you have contributed to the Plan, you are entitled to a retirement pension. Historically, people have taken their pension at the age of 65, but you can apply as early as 60. If you take your pension before the age of 65, your benefits will be reduced. If you apply between the ages of 65 and 70, your benefits will be increased. You must apply for these benefits. You should apply at least six months before you want to receive them.People who work in the province of Quebec contribute to the Quebec Pension Plan (QPP). For information on the QPP, call 1 800 463-5185 (TTY: 1 800 603-3540) or click on www.rrq.gouv.qc.ca/en. Other Canada Pension Plan BenefitsIf you have contributed enough to the Canada Pension Plan, you or your family may be eligible for the following benefits.
Making Things EasierDirect DepositEliminate the worry. Sign up for OAS and CPP direct deposit service.
Sign up for direct deposit when you apply for your OAS or CPP benefits. If you already receive OAS or CPP benefits: 1 800 277-9914 We will need the account and branch number of your financial institution. Direct deposit is available only in Canada and the United States.
CPP and OAS Services OnlineLook what you can do online!
http://www.servicecanada.gc.ca/en/online/index.shtml Check out these helpful online tools as well:
For more information about CPP and OAS and how to apply: 1 800 277-9914 From outside North America, call (613) 957-1954 http://www.servicecanada.gc.ca/en/audiences/seniors/index.shtml Federal Income Tax and Benefit ReturnBenefits of Filing Your Tax ReturnTo ensure that you get all of your benefits, you must file an income tax and benefit return every year, even if you have little or no income. Here are some possible benefits that depend on your tax return:
The Government of Canada may use the information in your tax return to determine whether you qualify for these Old Age Security benefits. You still have to apply for them. If you are already receiveing these benefits, filing your tax return by April 30 counts as reapplying for them for the following year. However, if Service Canada sends you a renewal application form, you must complete it and return it, even if you file a tax return.
Paying Tax by InstalmentsMost people pay their taxes by having tax withheld from their income throughout the year. However, if you receive income that has no tax withheld or does not have enough tax withheld, you may have to pay tax by instalments. This can happen if you receive rental, investment, or self-employment income, certain pension payments, or income from more than one job. Instalments are periodic payments of income tax that individuals have to pay the Canada Revenue Agency to cover tax they would otherwise have to pay in a lump sum on April 30 of the following year. For more information: 1 800 959-8281 http://www.cra.gc.ca Select "Forms and publications" on the top menu bar. Then select "Topic" and "Instalments". Making Things EasierUse Direct DepositHave your refund and your GST/HST credit payments deposited directly into your bank account. To sign up for direct deposit, simply complete the direct deposit instructions on the last page of your tax return. Or ask for the Direct Deposit Request - Individuals form. It's available from the Canada Revenue Agency (CRA): 1 800 959-2221 http://www.cra.gc.ca Click on "Individuals" then on "Direct Deposit" under the Topics for Individuals. File Online Get your refund faster. File your tax return using NETFILE, the Internet filing service. File by Phone You may be able to file your return by touch-tone telephone using the TELEFILE service. If you are eligible, you will receive information about this service in your personal tax package. 1 800 714-7257 TTY: 1 800 665-0354 Get a Publication You may find the following publications by the Canada Revenue Agency helpful:
1 800 959-2221 Need assistance with your tax return? We can help. People with disabilities who use a teletypewriter: 1 800 665-0354 (TTY) for general tax information. If you have a visual impairment, you can get publications in Braille, in large print, in etext (computer diskette) or on audiocassette. 1 800 959-2221 weekdays from 8:15 am to 5:00 pm Eastern Time The Community Volunteer Income Tax Program of the Canada Revenue Agency provides a tax return preparation service to low- and modest-income Canadians who have a simple tax situation. For more information on the program: 1 800 959-8281 Second CareerMany seniors - through choice or necessity - embark on a second career. Starting a BusinessIf you are thinking of starting a business, contact Canada Business. Canada Business provides entrepreneurs with information, advice and support. Information officers will help you locate services, research rules and regulations, find forms and applications, and seek out sources of funding and support. For more information on starting a business or to find the Canada Business Centre nearest to you: 1 888 576-4444 Finding a JobWant to find a job? Help is available. Visit the Government of Canada's Jobs, Workers, Training and Careers site for a variety of tools and helpful information. You can:
For more information on Government of Canada employment programs, services and resources: 1 800 O-Canada Planning for RetirementThe Government of Canada provides tools and information to help you plan for retirement. Statement of ContributionsIf you earn a salary or are self-employed, you must pay into the Canada Pension Plan (or the Quebec Pension Plan if you work in Quebec). The CPP records your contributions and reports them to you on a personal Statement of Contributions. Your Statement of Contributions is an important financial document. It provides you with the figures you need to plan for retirement. Your Statement tells you how much your monthly retirement pension could be at age 65 if you contributed at the same level until then. It also gives you personal estimates of disability and survivors' benefits. http://www1.servicecanada.gc.ca/en/isp/common/proceed/socinfo.shtml Canadian Retirement Income CalculatorThe Government of Canada has developed this online calculator to help you plan for retirement. The calculator takes you step by step through an estimate of your retirement income from:
The Old Age Security program and the Canada Pension Plan (or the Quebec Pension Plan) provide a modest, secure base on which to build your private savings. The calculator lets you assess your personal financial situation so that you can decide what additional steps you need to take to reach your retirement goals. https://srv111.services.gc.ca/(dgfqvv55r5vbrhept3rdvq2l)/index.aspx Registered Retirement Savings Plan (RRSP)A Registered Retirement Savings Plan helps individuals, including the self-employed, save for retirement. RRSPs are federally registered and must meet the requirements of Canada's Income Tax Act. You can make tax-deductible contributions to your RRSP based on the amount of income you earn. When you retire, your RRSP will provide retirement income based on your contributions and the return on your RRSP investments. The year you turn 69 is the last year you can contribute to your RRSP. By the end of that year, you have to choose one of the following options for your RRSPs:
If you want more information on RRSPs, you can get a copy of the guide RRSPs and Other Registered Plans for Retirement: Canada Revenue Agency at Retiring AbroadIf you are planning to spend your retirement abroad, there are details you should consider. The publication Retirement Abroad: Seeing the Sunsets answers many questions about seasonal and permanent retirement abroad. For your copy: 1 800 267-8376 (in Canada) or 613 944-4000 www.voyage.gc.ca Click on "Publications" in the menu on the left and then on "Living Abroad".
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