2025 CPP & OAS Changes EXPLAINED - Make Sure You're Ready!

[@wilcoxdaniel9825]

I'm 80 and still working ! Govts taking taxes still. I think after 65, if working there should be no tax.

[@jenniferbarrette5444]

Thought they stopped taxing your paycheck after 70

[@julietamuller2841]

I'm 79 retired and still working. I have no company pension. CPP/OAS I'm getting is not enough to survive especially cost of renting and other expenses. I'm struggling. Then, when tax time come I owe money 'cause CPP/OAS/Income/ is pass the low bracket. It's not fair for seniors who tries to make ends meet be taxed with the income they make. For our age at least we still try to find ways to worked and not depend on Guaranteed Income. Refugees even have a better life, getting more money than us who worked for 59 yrs. It's very UNFAIR TO SENIORS/RETIREES.

[@snatchhog]

Seniors deserve a raise😊

[@user-jn1ew8rs8r]

why......because they have not saved enough......no thanks

[@stellathomas5788]

@@user-jn1ew8rs8r Some seniors have no savings. If you were raising your children by yourself because of divorce and got nothing from your spouse, and worked a minimum wage job you barely made it from one paycheque to the next. Not everyone had high paying jobs. It was very different back then. Most people didn’t have money to go to university or even get student loans that had to be paid back at a high interest. For some people it took 10 years or more to pay it back. So there weren’t many options. So please stop and think before making comments like the one you made.

[@Azziondra]

@@user-jn1ew8rs8r Your parents probably paid for your uni degree and didn't put money away.

[@debbieking3442]

When someone dies after their 60 l feel that all their CPP years they worked should go to the family instead the government keeps it all! How far is that.

[@Maddie2u]

100%. CPP is sham...worldwide investment offices etc etc etc

[@ddhqj2023]

@@Maddie2u As a senior who relies on mine and my husbands CPP for 1/3 of our income, it's definitely not a sham. We were even self employed and had to put in both the employers portion and our wage portion, and it's still a great plan. And the CPP is considered by economists, to be one of the best managed in the world.

[@JosephBartalisPhotography]

Everything is triple cost in 9 years with JT, just now after Jan 1 all groceries went up $0.50 after the BS GST scam

[@ddhqj2023]

@@JosephBartalisPhotography So do you think PP will change the cost of your groceries? After all, his chief advisor Jenni Byrne is also a lobbyist for Loblaws. Do you think she's going to pressure one of her other clients, to cut his personal bonuses?

[@JosephBartalisPhotography]

@@ddhqj2023 I do not know you are talking about? Are you paid by the Liberals anti Conservative advertisement?

[@dorisevans3536]

Tell me ONE item in the grocery store that went up 2.7%....MY GOD everything has gone up at least 50%...some items have doubled. WHAT A BUNCH OF CROOKS

[@wendyhampton1075]

The only thing that stayed about the same price is Bananas.

[@rhonda1505]

Yes all the food I buy has gone up by 2-5$. Out of reach for many seniors.

[@parkerbohnn]

Who cares the only thing that matters to a retiree is what are the interest rates? Canada needs higher interest rates so all the retirees don't leave Canada.

[@paulkazulak8812]

I am on OAS, CPP, and GIS. I do not have any other income. When the CPP or OAS is increased, that increase is deducted from the GIS! So no matter how much inflation increases, I and many others will be forever capped!! Why is this not addressed? I talked to my MP, who is NDP, and she blames the Liberals. Well, if they can vote themselves a $8000.00 raise, because they need it to keep up to inflation, why are they refusing to give us a $96.00 a year raise, for 2024?

[@bettinadewoof3309]

Exactly! I live in Victoria, BC. Just two average sized grilling steaks are now costing over $40 in most grocery stores. Pre-Covid the cost was around $25.

[@brianreid8751]

Worked 2 jobs to age 70 and then the month following started CPP and OAS - now I am down to 2 meals a day and feel very insulted when I hear the low inflation rate increase.

[@outboardfixer]

YES...this is Canada now. But Ukraine and immigrants are getting OUR TAX MONEY

[@OceanFrontVilla3]

Wow, you didn't save in those 70 years?

[@DirtyDog995]

@@OceanFrontVilla3 A lot of people did not have large incomes allowing them to save any extra amount..... think people who spent their life in the service industry, had large families or did missionary work. Also he didn't start working at 1 yr. old 😅

[@outboardfixer]

@@OceanFrontVilla3 How much tax do you think I payed in???

[@patriciawarder4641]

@@OceanFrontVilla3 Crap happens. I know personally.

[@whatsupeh1]

I’m 72, retired since late 2016. I have a pretty fair, private pension, so CPP and OAS are good supplements to that income. However, I do have friends and retired co-workers who are struggling to make ends meet. Most have smallish, private pensions and they rely heavily on their government pensions to take up the slack. In the grand scheme of things, the CPP and OAS are a pittance and I think, no matter your income, should not be taxed. Sure, tax private pensions if you’re above the lower threshold, but leave the government pension alone! Leave that money in the hands of the retirees. They’re going to spend it anyway and the government will get the sales tax from those purchases. I’m sure I’m not alone with this opinion.

[@JohnBaker-x6x]

So I retired in ,,,

[@patman2468]

I'm 37 ... and I'm not interested in further subsidizing a retiree by not taxing their CPP/OAS. We have a progressive tax system. Low income folks pay little tax. Higher income, pay more. My employment earnings get taxed, and so should your pensions and transfer payments (that I am paying for btw). No wonder the country is going broke. Take take take. "I worked hard my whole life and deserve it". Guess what, nobody deserves anything - because there's a lot of people in the world that deserve better, but that's not how it works. That and Healthcare.... we're fucked.

[@jakevandermey2768]

Actually if all you receive are CPP and OAs than you are not taxed. The basic exemption plus the age exemption add up to more than the income. If you are paying tax than you have income from other sources. In fact if you only have CPP and OAS you are probably eligible for Guarantee Income Supplement.

[@whatsupeh1]

@@patman2468 Pessimism will drive you crazy. If there’s currently enough money in the pension system for the government to keep taking from it for other programs, and people like you, along with newcomers to workforce continue to contribute to the system, there should be enough in the pot to service pensioners into the distant future. I worked for 46 years before retiring at the age of 64. I’ve paid my share of taxes and continue to pay. If you consider how much the average worker has paid into the system over their work life, the pittance they receive from the government upon retirement, minus the tax they pay on that money, just how much is the return on the investment? What they giveth, they taketh away. Don’t tax that money. And have you heard the latest? CPP is going up 2.7% to account for inflation. MPPs’ salaries are increasing 4.4% to account for inflation. Where’s the justice? Don’t tax our measly government pensions. We’ve all paid our dues. I don’t have an issue with paying tax on my private pension; I can accept that.

[@whatsupeh1]

@@jakevandermey2768; I’m aware of that and did elude to that in my post. However, considering how much most of the workforce has invested into the system before retirement and how little the return, it’s a pittance. So that minuscule return on investment should be tax free for all. How little they are actually paying after taxes. And today I heard that CPP is going up 2.7% to account for inflation while MPPs are getting a 4.4% inflationary raise. We’re all buying the same groceries and products. Low income Canadians are being hit the hardest. I’m fairly comfortable, having an earned company pension as well as the government pensions. I can afford to pay the taxes on the CPP and OAS, but what the government is doing with OUR money, ie., drawing exorbitant amounts of money out of the fund for other programs and the discrepancy between the inflation allowances, smacks of scam to me.

[@tzofiadambrosie7585]

I’m grateful for my CPP/OAS

[@MarieP1972]

So I am , without it Even with my work pension, I could not afford a decent living place, let along food.

[@cu4achat123]

So tell me Why were the MP's Given a 4.4% Inflation increase last year, while seniors will only be given a 2.7% increase in 2025???

[@ernstfischer8976]

…and their pensions are much higher to begin with. 4.4% of a much higher amount. Pensions are what $730 at 2.7% ? More than unfair.

[@strategicmedia6167]

Because they treat seniors like a second class citizens. They should get the same percentage as we do. 100% injustice!

[@outboardfixer]

You think it is bad now.....wait til Poilievre gets in and starts BALANCING the budget with the dirt poor and the old peoples money. Budgets are balanced on the backs of the poor and defenseless by the PC's...... ALWAYS.

[@jimcovell1067]

At least they don't steal like the Harpy contractors did. If only!!!!

[@monah5532]

Because we need to ensure we make it attractive for top talent to serve the public rather than go into the private sector. Of course private will pay more, but means good people with good ideas and drive are not penalized too much for choosing public over private. The US, in contrast, pays its public servants peanuts, do they get bottom barrel people looking for a way in to benefit from corruption

[@AlphaOne-b9t]

if we keep voting in politicians who do not care about seniors, veterans and vulnerable Canadians, we will continue to see these MP pensions and pay raises..

[@concerned_2023]

Pot smokers and drug users keep voting for these politicians

[@gus892]

Younger pensioner gets most , catch ! 50 years from now . Govt changes rules,so don't expect anything .

[@meagainandagain5756]

@@gus892But, haven’t they been saying that for years. Although there will be no more baby boomers making contributions.

[@paulkazulak8812]

I am on OAS, CPP, and GIS. I do not have any other income. When the CPP or OAS is increased, that increase is deducted from the GIS! So no matter how much inflation increases, I and many others will be forever capped!! Why is this not addressed? I talked to my MP, who is NDP, and she blames the Liberals. Well, if they can vote themselves a $8000.00 raise, because they need it to keep up to inflation, why are they refusing to give us a $96.00 a year raise, for 2024?

[@MikeVeracity]

And the tent cities are multiplying.

[@PeterMason-p8r]

Will definitely need both CPP and OAS

[@Prairiestorm1898]

I’m am 67 and with CPP, OAS and GIS I am below poverty line at $1800 a month. I could not survive without the help of friends and shared accommodation. I don’t know how anyone is supposed to survive on this amount. I could work small part time jobs but earning over a certain amount is like shooting myself in the foot because the next year I’ll get nothing. It’s a no win and I’m honestly tired out from working years at hard jobs trying to make ends meet.

[@DaveCoultas]

My OAS and work pension ($1800 a month ) would pay for one bedroom apt rental . So I moved to South America where my rent , heat ,light , wifi and phone are $800 a month . Would have to work for the rest of my life to stay in Canada .

[@swapshots4427]

Where in S.A.? I'm shopping around.

[@Edu16-kk4iq]

How’s the medical/health insurance?

[@DaveCoultas]

@@swapshots4427 I’m in Paraguay 🇵🇾

[@DaveCoultas]

@@Edu16-kk4iq private I’m told is better than the public . I’m a senior but hang out with people half my age and they forgo the insurance because it’s a lot cheaper to pay as u go but I have private insurance and wouldn’t think of going without it regardless of age .

[@parkerbohnn]

A one bedroom apartment is about $2,500 or $2,600 a month.

[@ac-mu2nw]

I worked for 56 years and planned as if i would never receive CPP, and saw my contributions as paying for my Mothers pension (she made it to 94) and was more than happy to contribute. Now CPP is a welcome bonus to my retirement income. Long term planning works along with a certain amount of luck.

[@jasondrummond9451]

When I became disabled, the BC Government gutted my CPP. When I turned 65, they cut me off disabililty - as I was now a 'senior' - and my CPP was gone. I had 'luck' - bad luck. When Polly takes my OAS - I'll be sick, disabled, old and on the street. No wonder the number of disabled and elderly Canadians 'choosing' MAID is skyrocketing. It's just a slow and cynical murder of the elderly.

[@joceliny2]

I’d like to know what happens to the money from mine and my husbands CPP when I got Survivor Benefits. I thinks it’s disgusting that you not only lose your spouse you lose money that was earned by them. It seems like the government does everything in their power to make sure seniors remain one of the lowest income.

[@TheCharles007777777]

Let's make it easier to understand, YOU GET LESS AND LESS, because Government waste more and more.

[@Dawna-gp1zk]

My pension increases every year.

[@LAStars-sratS]

@@Dawna-gp1zknot everyone can say that

[@MikeVeracity]

The debasement of currency is caused by limitless Canadian dollars manipulated by politicians who pander to those who don't think enough.

[@thomasdixon3574]

we live comfortably on CPP we receive, rising with inflation, as you might expect for people outside the work force.

[@TerryBotting-m9q]

@@TheCharles007777777 I believe the Word is steals not wastes ...lol 😂

[@Amberabove]

Retiring comfortably in the US these days is almost impossible. if we keep voting in politicians who do not care about seniors more and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[@Dantursi1]

The cost of living keeps going up, up and up!! Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.

[@Derekhoffman312]

I completely agree; I am 60 years old, recently retired, and have approximately $1,350,000 in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, having a portfolio-advisor for investing is genius! What I figured out years back what that with proper guidance, we can predict some of these situations and take advantage of them. Have you considered seeking the help of a financial advisor, the are vital towards retirement planning.

[@michaelwiebeck3]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@Derekhoffman312]

Annette Christine Conte is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@CindyValenti]

Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.

[@PaulHaviland]

I am retired. As a youth, I was of the opinion that CPP/OAS would either be bankrupt or worthless due to inflation by the time I retired. Therefore, I took my retirement planning into my own hands and ensured that I had the resources to retire without any government contribution. Once I did retire and finally investigated it and applied, I was surprised to see that my CPP/OAS income accounted for 1/3 to 1/2 of my monthly expenses. It helps and allows my personal investments to last longer. However, I would not advise anyone to rely on CPP/OAS as their only retirement income in their planning.

[@wilsonykkwok647]

I have retired almost three years now, I retired at 68 years of age. To respond to your question, the CPP and OAS are needed for my retirement, this means it is a big part of my retirement fund, they make my own retirement savings last a lot longer. Although my personal investment account will provide enough money for living expenses, but my CPP and OAS income provides a safe buffer for my monthly expenses. It's all good for me. I'm now 70+ old. Has been on CPP and OAS for close to three years. Thx for your video, it is well done. Very informative and especially with the pictures of all the age group of people.

[@arniewilliamson1767]

Yea and MP’s get nearly a 5% increase. How about senior’s pension rises at the same rate as MPs

[@winston9971]

The only thing is 5% of low income is still low. They make big bucks

[@paulkazulak8812]

I am on OAS, CPP, and GIS. I do not have any other income. When the CPP or OAS is increased, that increase is deducted from the GIS! So no matter how much inflation increases, I and many others will be forever capped!! Why is this not addressed? I talked to my MP, who is NDP, and she blames the Liberals. Well, if they can vote themselves a $8000.00 raise, because they need it to keep up to inflation, why are they refusing to give us a $96.00 a year raise, for 2024 ?

[@LinhLe-cc9of]

I wonder if the Conservative and Bloc Québécois voted against the increase of their salary ?

[@paulkazulak8812]

Not the same "rate", how about the same "amount"!!

[@dalestewart-j7n]

fucking true

[@jessie-pm1ji]

Thank you. As a new retired person I appreciate information I can trust in a brief but proper use of time

[@glitzy4895]

We just got a new staff at my work place who is 65. Retirement is a luxury these days

[@nicolesturges5367]

and good for your company for hiring them! I am 56, never had a career, had to give up university, have several college diplomas, but have no job to speak of, and do not qualify for CPP. Sigh.

[@evelynedwards-mw2xq]

Yes the our Government is paying OAS to some who have never contributed to the development of this country. They come as seniors, wait for 10 years then start collecting OAS.

[@cathleenhandel6536]

Its not enough to live on and grocerys are too much in the UK seniors are treated better Smarten up Canada we should be stress free in our golden years not worried about money to live.

[@patrickchubey3127]

CPP up by 2.7% and meanwhile the 4 dollar box of rice is now 12 dollars. Inflation has gone up a hell of a lot more than 2.7% in fact, the prices are higher ever dam time I go to the grocery store. I'm living on a pension designed for life in Canada maybe 20 years ago before hyper inflation and justinflation hit us. 2.7% is a joke. If you double the current pension, that would come close to giving seniors a normal life. I've already given up beef in favour of chicken and I'm using my disposable income to pay for utilities, I've given up on going out to pubs, restaurants, social events, buying new clothing, brand name anything, and a lot of other things, how much more more must I give up before the government starts giving a crap about seniors? All political parties regard seniors as financial liabilities and NOBODY is discussing any meaningful rises in pension amounts. I welcome ANY politician to try and survive on the amount of money that I survive on per month.

[@parkerbohnn]

Almost every food item priced at one dollar or less doubled in price.

[@paulkazulak8812]

I am on OAS, CPP, and GIS. I do not have any other income. When the CPP or OAS is increased, that increase is deducted from the GIS! So no matter how much inflation increases, I and many others will be forever capped!! Why is this not addressed? I talked to my MP, who is NDP, and she blames the Liberals. Well, if they can vote themselves a $8000.00 raise, because they need it to keep up to inflation, why are they refusing to give us a $96.00 a year raise, for 2024?

[@patrickchubey3127]

Like other parties, the ndp considers seniors to be a financial liability and they will continue to treat us as such unless we create a vocal senior advocate organization. We used to have " Grey Power " a number of years ago, I wonder what ever happened to those guys?

[@jasondrummond9451]

They are trying to push seniors into 'requesting' MAID. That's what it's all about - getting rid of seniors and the disabled. It's how H-man got his start. Don't expect things to get better if Polly gets in, in fact, expect him to eliminate OAS. Remember he was in Harper's government, and Harper tried to eliminate the cost of living increase for seniors. All politicians want us to do is d*e.

[@MikeVeracity]

All prices are plunging in terms of Bitcoin.

[@daytriker]

Now as a retiree the O.A.S. & CPP actually raised my standard of living. Being a single parent & self employed during 20 or so of my working years, I had the mis-fortune like many of having the computer age eliminate my Business & income which of course meant minimal pension contributions for many of those years.

[@paulkazulak8812]

I am on OAS, CPP, and GIS. I do not have any other income. When the CPP or OAS is increased, that increase is deducted from the GIS! So no matter how much inflation increases, I and many others will be forever capped!! Why is this not addressed? I talked to my MP, who is NDP, and she blames the Liberals. Well, if they can vote themselves a $8000.00 raise, because they need it to keep up to inflation, why are they refusing to give us a $96.00 a year raise, for 2024?

[@JeffreyHahn-h4p]

I took my CPP at 61 and planned on cruising to at least 65 and continuing to pay into cpp until I retired, but fell ill and collected short and long term disability until 65. So I fell short of my continued contributions into CPP by 4 years and wasn’t able to save as much because of reduced income. Sure have enjoyed my life after our public health care fixed my issue. Love retirement!

[@aguptill1]

Five years ago, I would have said that we really wouldn’t depend on our CPP and OAS for our retirement. NOW we definitely will need them to fill in the gaps due to the extremely high inflation. We sold our home in 2019, moved into an apartment to see how we would like condo style living. Unfortunately that backfired on us as our earnings from our house sale will not even buy a simple condo in our area anymore. We’d have to take out a mortgage again in our mid-sixties. It’s so sad… we are actually building a tiny house to live in . Our house was about 3,000 square feet, our retirement home is going to be just under 600 square feet. Our dream retirement is no longer.

[@paulkazulak8812]

I am on OAS, CPP, and GIS. I do not have any other income. When the CPP or OAS is increased, that increase is deducted from the GIS! So no matter how much inflation increases, I and many others will be forever capped!! Why is this not addressed? I talked to my MP, who is NDP, and she blames the Liberals. Well, if they can vote themselves a $8000.00 raise, because they need it to keep up to inflation, why are they refusing to give us a $96.00 a year raise, for 2024?

[@Ottee2]

I believe tiny homes are a good option for seniors. I'm sorry you got whipsawed by the housing market, but maybe you'll find that you can get along just fine with less space. I would love to have a tiny home with enough space on the lot for gardening and a patio.

[@patoliver5585]

poor planning.

[@davemagrel3349]

My age is 83 and I retired at age 59. I started my CPP at age 60 and have an indexed (2,9% increase every Jan 1st) defined benefit pension plan. I am satisfied that I sstarted CPP at age 60 ...it helped me through the leaner years of early retirement....provided some extra funds for travel while I still had my health.....financially overall I am happy ...as well I had contributed to RRSP's and converted to a RRIF at age 70....probably harder to do now but I had my mortgage paid off by age 50 .. contributed to RRSP starting about age 40.....life is good, I just wish I could trade-in my old body for a new one 😄

[@parkerbohnn]

It's 2.7 percent this year.

[@davemagrel3349]

@@parkerbohnnyou are referring to the CPP...I am referring to my company pension plan which increases every year by a fixed 2.9% as it is a defined benefit pension plan which is indexed forever

[@marcperreault8440]

​@@davemagrel3349 that is an amazing pension plan. Private, or public sector?

[@soulanicolaou3453]

Well said brother, u done great for ur self, enjoy what’s left, and take good care of the body 😂

[@Cairnite1]

I'm 87 and retired at 60. I have to say that between 60 and 80 life was good; my RRSP and RRIF converted from my company pension lasted up to more or less 80 but inflation has caught up to me. RRSPs were not introduced until I was 40 and back then contributing the maximum wasn't doable. It's just CPP, OAS and a small private pension. I do not understand why I still pay income tax on this pittance.

[@AdaLocke]

Single seniors aren’t getting enough to live on . Why are they taking back GIS because you are getting CPP ? Rent and utilities doesn’t get cheaper because you’re a single pensioner . This country was built on the backs of our seniors and when we retire and end up being single , we can’t have the basics of life.

[@OceanFrontVilla3]

You had decades to save. Why didn't you?

[@sajanim]

@@OceanFrontVilla3 Have YOU every tried saving on $1.30 per hour?

[@carleenjohnson9063]

@@OceanFrontVilla3 read up where you replied to someone else who commented on this thread. Your a troll, unless you have nothing else to contribute but negativity to those who helped build this country, go away, pls. My parents raised me to have respect, to bad yours didnt.

[@jennifermarlow.]

@@carleenjohnson9063 They are probably 12. :)

[@SaintMartins]

@@OceanFrontVilla3 wait till you move out of mommy & daddy's home & live on your own. You'll see how fast your savings disappear especially when you lose your spouse & their funeral is $14 thousand + taxes.

[@trillian2669]

Im turning 65 this year and am retiring. I always anticipated that i would need CCPP and OAS.

[@Confused_Philosopher]

I live in Ontario and there are 3 components to my retirement cheque. CPP, OAS and GIS. The CPP= $485 and the OAS+GIS= $1455 giving a total of $1940. Everyone knows the cost of living is a BS % that is always much lower than what the actual cost of living has increased because the basket of goods they choose to measure the increase is idiotic.

[@zdenekkindl2778]

You get more than I do. But I don’t complain about the sum of the money. Senior like me got $300 extra during covid and city of Calgary increased our property tax by……you guessed it: $300. Lake fee up 11%. New yearly fee for parking a car in front of our house. This winter I drive on summer tires. First time in my adult life. I canceled tv cable ten months ago. I do not smoke, social drinker, in fairly good health and I have never been to Las Vegas, Mexico, Hawaii or ( being Canadian ) Cuba. What did I spent all my money on? Mortgage, car with all associated expenses, food, bicycle, wife ( in that order ), dentist, optometrist etc. Every Canadian ought to win lottery!

[@paulkazulak8812]

I am on OAS, CPP, and GIS. I do not have any other income. When the CPP or OAS is increased, that increase is deducted from the GIS! So no matter how much inflation increases, I and many others will be forever capped!! Why is this not addressed? I talked to my MP, who is NDP, and she blames the Liberals. Well, if they can vote themselves a $8000.00 raise, because they need it to keep up to inflation, why are they refusing to give us a $96.00 a year raise, for 2024?

[@patoliver5585]

If your CPP is $485, it means you did not work long enough nor contributed maximum earnings. OAS is a freebee, and GIS should bring your income up to what they call manageable poor....$24k a year.

[@Confused_Philosopher]

@@patoliver5585 i worked since i was 18 years old. I am divorced and if you know about the CPP you know that also get's divided.

[@patoliver5585]

@@Confused_Philosopher that is true, but the division should have been made up to and at the time of divorce. To do this when you retire means she benefits from contributions you made after the divorce. If that is what happened, your lawyer failed you. Sue him.

[@robertpatterson6823]

As a young person I didn't have a clue about CPP. Let alone the pension I got from being in the military. Time simply flew by and now I am looking at CPP and Pension as my income.

[@ChrisPelletier73]

Thank goodness for my pension ❤🇨🇦

[@PatriciaReid]

The problem is when your CPP and old age pension go up your supplement is cut back. So there is no net increase at all for seniors that are receiving the supplement

[@lakyAMT]

fyi RBC ' will ' apply probate to a bank account(s)

[@S.L.S-407]

@PatrciiaReid- Yup. In July 2024 the gov increased the OAS and then reduced the GIS supplement by more than double what they increased the OAS by. Giveth with one hand and taketh with the other.

[@parkerbohnn]

I'm looking to retire in Mexico so I can get full OAS there instead of getting all of it clawed back in Canada. At the same time my money will double in value about every seven years there thanks to 10 percent interest rates.

[@paulkazulak8812]

I am on OAS, CPP, and GIS. I do not have any other income. When the CPP or OAS is increased, that increase is deducted from the GIS! So no matter how much inflation increases, I and many others will be forever capped!! Why is this not addressed? I talked to my MP, who is NDP, and she blames the Liberals. Well, if they can vote themselves a $8000.00 raise, because they need it to keep up to inflation, why are they refusing to give us a $96.00 a year raise, for 2024?

[@patoliver5585]

@@S.L.S-407 both the OAS and GIS are free money.

[@carleenjohnson9063]

As most of the jobs I had were lower paying, compared to todays wages, and taking CPP at 62, I am on the lower end of the scale. I was never lucky enough to have a job that offered a pension, or paid me enough to be able to save after paying out every month your normal living costs, so I live solely on CPP, OAS and GIS. To be honest, I recieved a small increase in GIS, which basically brought me, with adding up all three pensions, to the amount I was bringing home each month, when I retired. I do have taxes taken off each month, so far, I basically get it all back when I do my taxes. Is it enough to live on, no, but then again, neither would I have had enough if I was still working, as there was really no raises, we all recieved a 2 or 4% increase each yr. I averaged it out when I was working and realized I would have had to keep working till I was 80 to start earning 25 an hr, lol. I thank God my sister and I are able to share a place.

[@APICSKH]

Nice to hear siblings getting along to support each other ❤

[@Sylvie_M]

@carleenjohnson9063 Too bad you couldn't wait until age 65. Taking it early reduces your CPP benefits by 1/3 monthly.

[@carleenjohnson9063]

@ I wished I could have, but my jobs have all been physically demanding, and the job I left, meant emptying 53' trailers by myself, as well as ship out orders, cut roofing orders, which were days worth of work and keep the warehouse going, by myself. I couldnt do it anymore.

[@Sylvie_M]

@@carleenjohnson9063 I understand, really I do. My brother at 63 has not been able to find another job since a big flood. We are just trying to keep him afloat until he gets to 65. It is so hard if you have not been able to save any money over your lifetime. Good luck.

[@APICSKH]

@@Sylvie_M Delayed CPP helps only if you are above the GIS qualification threshold, I can understand his decision is perfect for his situation.

[@tamarap387]

I'm already collecting early CPP due to needing to stay home with my aging mom...so, quite necessary and appreciated. I'm coming up on 65 this next Oct. and the OAS added in will definitely help a great deal.

[@francisbriggs76]

Absolutely need the CPP and OAS payments!

[@Honeybee-tz1ee]

I took my CPP at 60 but continued to work until age 65. I do not have a private pension plan. I still work part time to support my income but declined to continue to pay in to CPP. The little bit extra I earn working attracts income tax! I rely on my CPP and OAS.

[@DollardPoirier-bv5io]

I depend greatly on my cpp and oas and get no supplement and with a little savings I get by. The cost of living as you know is more than what it was when my parents lived and now things are a lot worse. If I were young people put as much into investing your money now because that will allow you to travel and whatever else you want to do in retirement.

[@robertturner5848]

Glad that it is evolving. It is important to all Canadians, thanks.

[@kellykuczak636]

CPP AND OAS is my husband’s only plan . He is still working as a result of low pension payout. He worked in manufacturing and 1990 ended his employment due to free trade deals in automotive. Since then he has primarily been under employed , unemployed , student / second career attempt. Graduated age 55 and agism became a factor.

[@luckyPiston]

I'm more thankful than surprised , i pull a company pension as well and CPP & OAS make up half my pension income , i retired at 60 , my comp pen bridged me till 65 and when i lost the bridge and whent to cpp/oas the transision was semless and my income accually whent up a bit . When i look at peeps who only have OPP/OAS i dont know how they get by , im very furtionate to hav a third pention

[@brexit9279]

2.7% is a fucking joke! 😂

[@malbrandow7382]

WSIB 2.6% FKN Criminal!!!!!!

[@Scarlet-Bonez]

It's a slap in the face considering what MPs will make and even their outrageous wages now.

[@winston9971]

2.7 % of very low. Is really low. Thanks for fk all.

[@redwoodforest3572]

Yes it is. It's all optics. Politicians who talk the talk and then don't walk the walk. Cook the books and then pat themselves on the back for a job well done. While collecting their gold plated pensions.

[@zdenekkindl2778]

@@redwoodforest3572 It is not only politicians. I personaly don’t like the money paid to police officers. They do nothing regarding traffic law enforcement, investigations etc. at least here in Calgary. It seams everybody on public dime has an extraordinary salary…..in Canada.

[@georgeschmidt7812]

I’m 67 with no private pension, have some savings but not enough if we get real old. So I’ll keep working some for as long as I can. Last year I ended up with a clawback on OAS which isn’t much of an incentive to try too hard, but I’ll still try to stay above the GIS as long as I can.

[@phyllisshand6183]

Thank you for this video. We couldn’t survive without CPP and OAS.

[@gracebalkowski4902]

💯 Precent seniors need to update CPP👍👍👍👍👌👌🙏🙏🙏

[@larryskeggs9497]

Brother in-law had Turetts problem finding jobs with lower education finally got on odsp when 65 found out he had total of 8yrs employment didn’t qualify for CPP because must have 10yrs of employment sucked when he gets less with old age pension and less benefits than ODSP

[@irenerau]

I retired about 12 years ago at age 60 with a company pension, some savings from a small inheritance and my CPP/OAS. I would say my company pension provides for 2/3 of my needs and CPP/OAS provides 1/3 with my savings helping out with capital expenditures. This is how I had expected it would turn out when I was doing my retirement planning years before I actually retired. I was surprised to finally see that it is actually working out the way that I had been planning.

[@tinatrofimova8554]

I am 71. And my CPP and OAS totaling to 960.00 . To survive, i rented part of my house so i can efort to pay my mortgage. I paid taxes on income. The government cut my OAS to a minimum. I did call, but unfortunately, i got only one piece of advice to approach the community center or food bank for help. Some countries don't tax retirees if they still get income or work . They have free TTC service. No increases on property taxes so retired people can afford to live in their homes and not become homeless. Another thing is lots of people would still work after retirement, and Canada will have a big army of people working and no need to bring emigrants to work i thing Canada would profit from that.

[@Sylvie_M]

@tinatrofimova8554 You did not pay tax on the CPP when it was deducted from your paycheque. Everyone gets the same OAS until you reach something like $80,000 in annual income. So you might be mistaken that it was "cut". We need immigration in Canada because we do not have enough babies to keep our population stable.

[@howbigisyourlove]

how do you have a mortgage at 70 .. ? what were you doing for 50 years or so ..

[@Sylvie_M]

@ Shame on you! You know nothing about that person! Having a handle with "howbigisyourlove" and saying something like that reveals exactly how much you have.

[@paulaxiuk7609]

I had great service at the passport office recently ! What a pleasant surprise !

[@JohnAvery-b3t]

I worked and contributed from age 16 until 65. My government pension. 2038.00on oas and cpp.

[@DavidBurr-ed9nn]

Thanks for the phone # for people to phone ! I have called it the last 3 years to see how much CPP I will get every year !

[@victoriafediuk954]

Thank you for explaining and now I understand how it works. I'm receiving my both pension and I'm happy. Thanks again.

[@georgetamburri7685]

I'm 68 and have received these pensions and even though I ve done financially pretty good in my working life I 'm happy that I have contributed and now receive this assistance and it is a big part of my retirement.

[@JS-jh4cy]

Wow 2.7 percent, maybe some of us get lucky that's one extra cup of coffee ☕️ each month...

[@NG-mv9we]

😂🤣

[@redwoodforest3572]

Ah but you're still taxed on that 2.7%. So maybe 1/2 a cup

[@LinhLe-cc9of]

When you’re on CPP and OAS and think it’s not enough then I guess we need to make coffee at home 😮

[@dalestewart-j7n]

Very True as Specaly if your A Disabled Senior.

[@mauricedoucet75]

My age is 71 and have a private pension, cpp and oas. All three give us sufficient income to pay the bills, however my wife still works which helps in a big way. Inflationary prices on cars &trucks are still overpriced ..we’re driving our old vehicles till they need to be replaced..inflation is the biggest problem plus unfair tariffs

[@mahanarasimhan1867]

I think we all need the CPP and OAS

[@dinvsl]

They are a f**king joke, I’m glad I have my own investments.

[@Cairnite1]

Beware of Polievere who is not in favour of those pensions.

[@user-et1jn7iu5p]

they also include senior benefits like, food cards, rental waivers, and some transportation.. thanks for caring about seniors...

[@Scarlet-Bonez]

If I had of known that working was more important than raising a family, I might've done things very differently. And the times I did work while raising a family, added incomes together to file taxes, definitely would've done things differently.

[@Mr77pro]

I retired May 1, 2024. I receive max CPP and OAS. The 2 combined make up about 40% of my guaranteed retirement income. Not bad, as I don't have as much personal savings/investments as I would have liked to have. I just wish retirees got a bigger tax break!

[@kerrykap]

I will be 63 next month and will get my first meager pension cheque at the end of this month. I have never planned on getting a pension for retirement, I have always planned on building up my net worth and not needing to rely on the government (since they have always been unreliable) for my senior years. My wife and I run a successful business that will be handed down to our son progressively as we age. We also have invested in real estate and we have done some good things in that arena. We will continue to work not because we have to, but we want to stay active and healthy for our senior years. We have four children and nine grandchildren to enjoy for our retirement. The only reason I am taking the pension is my accountant said it makes good sense to draw out my share before the government destroys the country completely. Pray for heavenly intervention we need it….

[@TT-fq7pl]

Heavenly intervention? Oh good grief. It's 2025. Enough with the supernatural nonsense.

[@neilascott9941]

Yes, I am surprised as to how much I am relying on the CPP and OAS, wish it was a larger amount

[@SheilaMilligan-g9d]

Products are small and prices doubled.. for most it is rent, utilities or food. OAS and CPP, up it like Government officials.

[@ardbegrules3973]

Online they tell you 3 amounts, what you get at 65, but also if taken early at 60 or later at 70. I hope they would also provide the same over the phone. This number will change for every extra year you work but also by inflation changes and thus estimates. Even if stop working, people should still check annually because it won't necessary go up due to these changes.

[@MurraysColemans]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@MurraysColemans]

@ThamaraSchlossarek Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. *MARGARET MOLLI ALVEY* ..

[@MurraysColemans]

*MARGARET MOLLI ALVEY*

[@MurraysColemans]

Lookup with her name on the webpage.

[@klondikechris]

I am 65, and the CPP, and OAS together are not nearly enough for me to live on. I have a military pension after 25 years of service, and all three combined are not great but enough. I also work part time which helps us lot as well!

[@brl6219]

I just checked on my service Canada account for the January 2025 payments. My cpp is 2.6% higher than December and there is no change in OAS (it was last increased in October). I have found these two income streams to be a critical part of my retirement income, and they ease the pressure on the amounts saved over the years. I was curious if you have any thoughts if one should continue contributing to cpp past age 65 when already collecting cpp but having a pat time job ( to get an increased post retirement benefit)

[@stewartsorel4610]

I definitely need it. I’m living still paycheck to paycheck. My savings go to property taxes and insurances. Which I really DONT believe in BUT. I continue to hope it will pay out if needed

[@kenbarthSimAV8tor]

I had to 'retire' early due to my stroke. Subsequently I started CPP Disabilty at age 59; not the maxiimumCPP benefit but pretty close. Once I turn 65 will change to regular CPP; and then will Apply for OAS. Thankfully we bought a home in 2014; which has increased in value; so when we sell soon; money for a new home with small mortgage and some 'extra to cover condo fees; utilities; food etc. Thankfully I am considered disabled by revenue Canada and therefore get the disabilty income tax credit so I owe no income tax and transfer my ;unused' disability credit can be used by my partner/wife when she does her income tax return; ashe also receives the 'caregiver credit; thanks for the video eh :)

[@mikeohagan2206]

Careful buying a condo. Fees have no limit and you never know when a surprise lump sum payment will pop up. All the people i know that bought condos are regretting it.

[@kenbarthSimAV8tor]

@@mikeohagan2206 With the proceeds from the sale of our house I'll be able to buy a small condo which was built in 2019 (most listings are for 20-35 year old condos) With a relatively small 50- 100 k mortgage and strata and maitenance fees of $500 a month; it will be cheaper than renting an apartment here in the Comox Valley; plus my condo is an solid asset for stepdaughter when I 'leave' the planet eh :)

[@mikeohagan2206]

@@kenbarthSimAV8tor with a newer one you have a chance. my sister bought an older one outright and pays over 1500. and got a bill for 7,000 to fix the roof. and has bad neighbors to boot. good luck.

[@winston9971]

Once you start cpp I’m pretty sure you don’t get anymore at 65

[@user-oldblindguyD]

@@mikeohagan2206 , Although the topic here, is CPP,OAS & the GIS, this talk about buying a condo & it's comparison to owning a house, prompted me to dispel some of the negative comments. Why did your sister have to pay for that roof? Doesn't she pay strata fees? Doesn't her Strata have a Contingency Fund to pay for unexpected expenses, as they come up? We did a re-roof of both of our buildings 10 years ago for about $80,000, which increased our strata fees by about $50/month, until we paid our Contingency Fund back that money. We have 72 units paying into our expenses. We later did a $2.2 Million renovation, which we took out a loan for, which we are paying back at around $110 per unit/per month. You do not mention what Province you are in, but in BC, The Strata Property Act pretty much spells out our pathways to achieve a workable, living situation that is equitable for all. Each year,we employ a Lawyer & an Accounting firm to ensure that we are proceeding properly & legally. We also have a Management Company(Coldwell Banker), that attends our monthly Council Meetings, writes up our Minutes & distributes them to we owners. They also keep on top of the Laws & Regulations, so that we are always aware of our duties & our liabilities. BC Strata Corporations, enlist a compulsory, yearly program called a Depreciation Report, which tells us how long certain items will last, before they are in need of replacement or repair, to enable us to make plans to incorporate the replacement or repair of such things as elevators, roofs, swimming pools, water heaters, furnaces, etc.. We are not rich, but we are not pinching pennies. Our individual properties & our strata, have realized steady increases in our property values, which means that when/if we want to sell our units, they sell quickly, at a good price. .

[@danwb5916]

67 here…definitely relying on it to subsidize my savings.

[@MandM_IMO]

I love those fractions of inflation numbers the government claims when the real inflation is like 25-40%!!!!!

[@APICSKH]

@@MandM_IMO That’s the world we live in, when CPP or OAS is calculated then its always going to be fractional number, but when our MPs or federal workforces get there raise then that number will always be higher than CPP and OAS increases.

[@cdh2328]

Food items don’t go up 2.7%. They go up more like 75%.

[@cdh2328]

We definitely relied on CPP, OAS and GIS as our main source of income to preserve our other investments and savings. Unfortunately due to COVID and other factors our investments and savings took big hits and I don’t know if they’ve recovered. The death benefit needs to be increased because it certainly isn’t enough to cover much of anything. Also, I had a friend who did work some but didn’t make enough to qualify for the death benefit!

[@largal47]

Learn how inflation is calculated before posting something that makes you look stupid.

[@brucknerian9664]

You can see they've come up with the percentage by dividing the real inflation percentage by a factor or ten or twenty. 2 1/2 % is an insult!!!

[@stevehaire6181]

I retired in Europe, in a city where the cost of living is decidedly cheaper than it is in a comparable city in Ontario… even after the current exchange is factored in. The hook was that although the cost to live is less the barrier to entry is higher. In other words to immigrate to some countries you must prove that you have a passive income that is considerably higher than the total of your fixed annual expenses plus staples and service costs. To meet this bar CPP and OAS were invaluable.

[@josefalawson3049]

Thank you for the great info.

[@SMRogers]

Thank you for this it was very helpful. I have been retired for over 10 years and oas/ cpp has given me an opportunity to live a life not so close to the financial bone so yes I depend on for both peace of mind and a life style above just affording food and lodging.

[@brucecollis8609]

A 50% raise may keep people in housing and food

[@normanalbert1438]

My CPP and OAS increased over 2024 by $23 and that was all OAS year to year. The last increase was in Oct. At one point my OAS decreased by $20 for 3 months. If the corporate profiteers are not gouging us the government is. How much do MPs and MLAs make?

[@randydupere7787]

I’m retired and I want to tell young people , don’t count on government pensions make your own survival plans. Invest in something. I bought land years ago just in case. My government pensions pay me about $1400 a month. I just sold that land because the pensions are not enough.

[@renskeconnell8038]

I am an 81 yr pensioner, worked F/T till I was 74. Most of my RRSP savings were stolen by my financial "adviser";he never could reimburse me and since has passed away..... I now can't afford anything, groceries, transportation, any extra is out of the question. Credit cards maxed out. I need cataract surgery, it's not fully covered and will cost me a minimum of $400 p/eye. I have to postpone it. What a life. Still I am thankful TO BE alive. Not thankful for our politicians. Especially our likely next Prime Minister who has not uttered ONE word in support of seniors.....

[@Confused_Philosopher]

Think of an item you bought 49 years ago. I chose a chocolate bar which was $0.10 in a convenience store and is now atleast $1.00 in a convenience store now. My salary at that time was $5.20/hr in the iron foundry I worked in. If that salary increased as much as that chocolate bar did then that job would be paying $52.20/hr. It pays $30/hr which shows that the cost of living increase is full of you know what.

[@katethegardener]

CPP and OAS are not enough. We are selling our home to downsize which we planned to do just to make it easier but now it is a necessity because of affordability.

[@kimlloyd1054]

CPP and OAS benefits are deplorable. People who have contributed for 50 years (such as myself) are keep at a near poverty level. Some of us had good pension plans with our company, others did not. What truly makes me irate is that we cannot take out OUR money in a lump sum to use as we please. I look at the "what if's" - what if we die 1 year after retirement and didn't get to check off anything from our bucket list because we didn't have the funds available. Whatever is left over goes back into the pot if there are no spousal survivors. It is wrong and it is robbery. Bottom line is - it is our money!!

[@parkerbohnn]

Social security in America pays nearly double.

[@paulkazulak8812]

I am on OAS, CPP, and GIS. I do not have any other income. When the CPP or OAS is increased, that increase is deducted from the GIS! So no matter how much inflation increases, I and many others will be forever capped!! Why is this not addressed? I talked to my MP, who is NDP, and she blames the Liberals. Well, if they can vote themselves a $8000.00 raise, because they need it to keep up to inflation, why are they refusing to give us a $96.00 a year raise, for 2024?

[@jasondrummond9451]

@@parkerbohnn Don't worry - Trump is going to steal the Social Security savings of all Americans.

[@TT-fq7pl]

Taking the money out in a lump sum would completely destroy the whole point of the pension providing some guaranteed security. Too many bad planners would waste that lump sum. Then the complaints and the blaming of government would get even louder. Very bad idea.

[@TT-fq7pl]

@ No public healthcare. Millions of Americans are desperately poor or sick because they can't afford private insurance.

[@susieq1111]

I'm 61 and hope to retire between 2 and 4 years. I will have a company pension, but for sure CPP and Oas will supplement that and my small savings. But I still think it'll be a struggle.

[@AaronWealthManagement]

Thanks for sharing Susie

[@Sylvie_M]

@ I am shocked by how many people don't understand their CPP/OAS/GIS. I guess you need to keep doing videos.

[@Gillian-h2t]

I am grateful for my CPP and OAS payments

[@Dawna-gp1zk]

Same here! I think we are fortunate indeed! (No complaints from me,)

[@Wtfizdat]

CPP/OAS not needed for my retirement. I never count on the government. This will be a bonus more me. Plan to take at 65

[@dougelliott5191]

Thanks for the Video. Started working in 1970 till 2015. They may give us 2.7% but they will find a way to tax us 4.7 % more somewhere. Just would love to see JT expense report for a month. Good luck to all in their tax returns.

[@donnabarnes7879]

I am 57 due to health issues, and I am hoping to retire at 60. If not before, CPP is the only reason I can even think about doing this. It will still be hard no other pension, but I may have no other option.

[@Chap17]

Great info thank you.

[@mannycordeiro1035]

I just retired at 55 December 1, 2024. And won’t be collecting any CPP or or OAS until 65. I hope they increase by the time I start collecting.

[@hughcoutts4020]

My wife and I rely on our CPPs and OASs pensions, though we looked ahead years ago and KNEW retirement was coming, and we prepared for it by putting aside some of our disposable income into mutual funds that did rather well. We then sold our home in Ontario and moved to a modest home in Central Alberta. We put the surplus into GICs, which also give us a decent return. We are frugal and are able to live quite comfortably on the incomes we have. We grow a decent size garden and buy our meat straight from the farmers who raise the animals, plus we are now raising ducks to supplement what we have to buy. We do not travel to exotic places, Canada has plenty for us to see. I believe the secret to our comfortable lifestyle was forgoing the lifestyle of the rich and famous when we were younger, so now we can live quite comfortably. I believe that's known as delayed gratification. More people ought to try it.

[@LoriKing-u7k]

May I ask how old you are? and how many years you’ve been retired?

[@davemagrel3349]

I agree with you completely!!!!

[@Georooney]

I took CPP at around age 60. I did the math, and decided the extra money I'd earn from CPP between ago 60 and 65 outweighed the penalty for early retirement. In fact, I calculated that I would need to live to 83 before I would actually lose money. The bonus was that I had 5 additional years to spend that money in my (relative) youth. Unfortunately, that doesn't work today. CPP also did the math, and increased the penalty for early retirement cancelling out the benefit.

[@rayray8687]

You didn’t need to stop working to collect your CPP at age 60. You could have put it into a RRSP until age 70, earned 10 years of tax deferred (in your case probably tax free) money and continued working, but if you preferred to whoop it up (lol) while you’re young, go for it!

[@dvdvno]

I took CPP at 60, which helped lowering my debts. I continued to work until age 65 and 11 months. One other incentive was that my divorced former wife was 5 years younger and she got part of my CPP when she turned 60. Something to think about if you're in the same situation.

[@OceanFrontVilla3]

Divorce is not a good idea. It's cheaper to keep her.

[@DirtyDog995]

Never do income splitting for tax reasons

[@zdenekkindl2778]

I think it’s good! ( signed your ex. )

[@JadeSilverhill]

I would rather have OAS and CPP non-taxable than these little increases which don't make a difference

[@wipeout-f6o]

im 66 and needed it cause im self employed and pay 3200. rent in Vancouver and will probably be working till in the ground !!!!!!!!!

[@jayantharaj6121]

I agree. A big part of our expense is housing.

[@APICSKH]

Come to Calgary. Leave Bring Cash.

[@marcelo403polo2]

@@APICSKH stop inviting NDP voters here

[@zdenekkindl2778]

You pay this much rent? Are you nutts?

[@APICSKH]

@@marcelo403polo2 😂

[@kinseydavidb]

To answer your question, YES I AM surprised at how much the CPP and OAS will be contributing to my retirement income. Even though I've made a decent professional salary all my working life, a few no and low income years mean that I'm delaying my retirement and not taking CPP/OAS until age 70. This is in order to max out my CPP contribution and take advantage of the CPP increase of 0.7% per month gained by delaying past age 65.

[@tazweld]

Definitely needed

[@joycematthys159]

I’m very grateful for both cpp and oas. Would find it challenging to live without it. I receive the minimum of both. What bothers me most is the government’s abuse of the funds we contributed. How much interest do they earn through slick investment schemes…. And we get a mere 2 % increase…

[@skillfulpeople]

I immigrated to Canada in 2003 at age 40. The way CPP works was not something that agencies helping newcomers were focusing on teaching us. There wasn't even a focus on CPP among the accountants helping us file taxes. The consequence of that was that my contributions to CPP have been exclusively those made through payroll deductions by my employers. This has a very negative impact on the estimated CPP I would receive past 65. The reason is that, every year I worked as a subcontractor I didn't contributed, I didn't know how! Instructions on how to make additional contributions to CPP as a subcontractor or expat earning abroad must be widely advertised.

[@kmilton1593]

same as us small farmers who lived here all our lives.

[@alicjap3482]

If you reported net business income over $3,500 on your tax return you had to contribute to CPP. You had no choice. The CRA would take care of that. Many self employed people write off everything they can think of and then complain about low CPP. In a few years you will qualify for 25/40 of max. OAS and based on your family income you might qualify for GIS. The only way you can increase your CPP now is to work more and/or wait till 70 to take it. Same thing with OAS. You can wait with taking it later which in your case will add another 1/40.

[@patriciawarder4641]

You would do better taking the extra and investing it privately.

[@swamprat69er]

If you still have your health, after age 65, continue to work and contribute to CPP. This is optional, but if you want more after age 70 then I would opt in if I was you.

[@mflazar]

As an 83 year old retired banker I can say without any doubt that the CPP has been a great investment. However, my wife is 18 years younger and I'm extremely disappointed that she will not continue to recieve a reasonable portion of my CPP after I am gone. That is the wa most "true" pensions work.

[@prezidon4962]

We as consumers have to fight back against prices going up by not buying some of the goods and services., whenever they raise to items without our knowledge then we dont but them.

[@jhelpj]

I'm retired, but as an Albertan, I favor pulling out of the CPP. We send 9 billion dollars yearly to the CPP and receive 6 billion back yearly. Over the last 60 years, we have transferred more wealth to Eastern Canada. We own approximately $366 billion of the plan. Many of us are sick of this. Quebec continues to get payments in subsidies and refuse to develop their natural resources. Why? Because they don't need to. I don't believe our CPP and OAS should be taxed. The political machine is well oiled. They have also unfairly raped our country. If, as they say, We have to pay them and make it worthwhile to attract the best in the country, then Why are we in such a Friggin Mess.

[@Sylvie_M]

@jhelpj You seem to have a fundamental misunderstanding of the CPP. It is not a tax as this guy says. It is a mandatory retirement plan that all workers contribute to because generally people DO NOT save enough for their retirement. There is no value in contributing to a smaller pool. We do not transfer wealth to other parts of Canada. Each worker pays tax on their wages equally across the country. Alberta's make higher salaries generally.

[@TerryBotting-m9q]

Trudeau is why we are in this mess

[@jhelpj]

@Sylvie_M are you Serious? We don't transfer wealth to the East? It's called Transfer Payment by the Billions from Alberta. I know how CPP works, and the ( smaller) fund would provide a higher pension retirees in Alberta. Workers in Alberta are younger and higher paid per Canadian worker. Ie For years, the fishing industry paid multiple weeks of ei to fisherman over other workers across the west. That's why they contributed less to CPP than working individuals. Truly this has not been a fair deal across the country.

[@Sylvie_M]

@@jhelpj No we pay income tax. The Federal Government makes transfer payments. We are a "have" province and don't get a transfer payment because we are one of the richest provinces in the country. We are considered richest because people in AB in general have higher wages than the rest of the country. Every comment you make illustrates what you don't understand.

[@joceliny2]

I’m from Alberta as well and I promise you if we let Smith pull us out of CPP we will regret it!!!

[@miramarsoledad]

how much is the maximum amount combined cpp and oas brackete allowed u can get, if u retire at 60

[@bethdrummond5763]

Unfortunately I developed MS in my late 30’s - began collecting CPP disability at 40 - just hit 65 and the ONLY income I will have for retirement will be at bit of CPP from earnings before MS - the OAS and GIS. A rather frightening prospect considering our current cost of living!