KEY Details About Canada's Government Pensions: CPP, OAS & GIS | Retirement in Canada

Today we discuss the main features of the three Canadian Public Pension Plans: Canada Pension Plan, Old Age Security and Guaranteed Income Supplement.
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Well Built Wealth: www.wellbuiltwealth.ca/
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Intro (00:00)
CPP Management (1:11)
CPP Contributions (1:54)
CPP Yearly Maximum Pensionable Earnings (2:21)
CPP Enhancement (3:11)
How Much Will You Get from CPP? (3:33)
When to Start Taking CPP (4:49)
CPP Indexing (7:23)
Getting CPP Estimates (7:42)
CPP Child-Rearing Provision (8:15)
CPP Post-Retirement Benefit (8:37)
Additional CPP Benefits (9:05)
OAS: How Much Will You Get? (9:50)
10% OAS Increase at Age 75 (11:04)
OAS Taxability and Indexing (11:20)
OAS Eligibility (12:18)
When to Start Taking OAS (13:08)
OAS Clawback (14:40)
GIS (17:59)
GIS Taxability (19:53)
GIS Allowance (20:00)
GIS Survivor Allowance (20:29)
Outro (20:51)
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Links:
How Stable Are OAS & CPP: • How Stable Are Canada ...
Doug Runchey Article: retirehappy.ca/social-securit...
Brandon Beavis Investing OAS, CPP & GIS Video: • EVERYTHING You Need To...
Parallel Wealth GIS Video: • What Is Guaranteed Inc...
CPP Investment Board: www.cppinvestments.com/
CPP (CRA): www.canada.ca/en/services/ben...
OAS (CRA): www.canada.ca/en/services/ben...
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DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional.

[@a.sanders4086]

You’ve quickly become my favourite financial KZbinr! Your videos are extremely informative and are presented in such a professional manner. I appreciate all the time and effort it must take for you to put them together. (I also like the font you chose - it’s aesthetically pleasing compared to regular fonts like arial 😊).

[@wellbuiltwealth]

Alison! Thank you! You’re right, this one took an especially long time. Part of that was because I learned how to write directly on the videos so that took some extra elbow grease but maybe that’s the “font” you’re referring too?? If so, it was worth the effort 🤓.

[@rickarnau]

Great information Reece. Thanks for the video. You make CPP easy to understand.

[@RC-fh2lk]

I’ve watched many videos on the different federal retirement benefits….yours is by far the easiest to follow!! Thanks

[@wellbuiltwealth]

So good to hear that! Thank you for the feedback :)

[@ilona3793]

Finally someone explained it clearly and intelligibly - thank you!

[@robertmacdonald-turnerfent2151]

Knowing the majority of people will not earn the YMPE amount. Why do retirement planners make videos based on that amount? The average Canadian earns just under $60k. While the median is slightly above $40k. Myself and the majority of Canadians will receive 60% of our CPP if we work and wait until 65. Why doesn’t retirement planners focus on low income retirees? They’re the ones who REALLY needs the help.

[@debbielockhart7762]

Well, most people who use their services are going to be higher income earners. Not much to plan with if you are low income.

[@Uraniabce]

Please do something about benefits for the Disabled. No one seems to address this.🤔

[@hugoviavita8889]

That'll be great

[@jacquelinewelch7635]

Thank you. The most informative info I have heard on the Canada 🇨🇦 pension plan. Very thorough explanation.👍👏

[@wellbuiltwealth]

Glad you like! :)

[@lourdestotanes4913]

Im just 10 yrs living here and Canada and I'm so thankful for this information that you share cause it helps us what to do, thank you

[@helifynoe9930]

Well considering the fact that I have been unemployed since mid 2002 due to health reasons, the fact that my CPP income is just a tad below average, is surprising. Apparently, 8 of those years of unemployment are disregarded when calculating the CPP. But despite being unemployed, I did get lucky and found a lovely good sized 1 bedroom apartment of which, thanks to the Rent-Geared-to-Income (RGI), has cost me only $140 per month for rent since 2004. Anyhow, these incomes all add up, meaning the CPP, the OAS, the GIS, the GST/HST, the OTB, the GAINS, and the CAI benefits. In my case of thus low income, I get max OAS and max GIS. Thank goodness for that.

[@bornfree1888]

Is that a subsidized apartment? In what province?

[@helifynoe9930]

@@bornfree1888 Yes it is an Ontario subsidized apartment, which is partially why the rent was even below the RGI's 30% of ones income limit. Why it got stuck at $140 for two decades, is a bit of a mystery to me. But surviving those decades with less than an annual ten thousand dollar income, was not fun. So you do what you have to. You use your indoor Air TV antenna and get up to 50 free TV channels, rather than paying. You figure out how to take advantage of PC Optimum Points to the max, and cut food costs in half. Spend $100, and get $50 or so back in Optimum points value. Most folk don't know how to do this at all. When poor, things happen. Your 2004 stainless steel microwave oven dies, so you fix it with parts from another trashed oven. Oven is still working today. Your 2010 Samsung TV dies, so you just have to replace one dead electrolytic capacitor for $1.95. TV is still working today. Your 2008 Lenonvo m58p ThinkCentre backup computer dies, but you replace the PSU electrolytic capacitors for $9.95. Still working this day and can still handle 4K videos. Change the battery and fix a bug in your 2001 Palm m505 PDA. I still use this PDA on a daily basis. Repair your 1999 SCHWINN 6700.1 treadmill. Still going strong and almost looking new.

[@barbpotter3114]

Very informative video. It really helps explain OAS & CPP and only recently heard about the GIS so thanks for explaining that better. This is the first video I've watched on retirement benefits and I found it so well explained.

[@wellbuiltwealth]

Glad it was helpful!

[@garyfeser4294]

Well done, simple,direct and to the point

[@wellbuiltwealth]

Thank you Gary!

[@laed3520]

Rhys Martell is another excellent Canadian content Retirement & Investing videographer. Speaking slowly and articulately is a huge plus compared to many other KZbinrs and having a voice that is pleasing to listen to makes this my go to channel for Canadian content. And how Canadian of you eh, to showcase and mention Doug Runchey, Brandon Beavis (& his Dad) & Adam at Parallel Wealth. Thanks Rhys you are knowledgeable & a stand up guy. Keep up the Great work.

[@wellbuiltwealth]

Wow! Thank you for that bundle of kind words. That is motivation to keep on going. Totally appreciate it!!

[@laed3520]

@@wellbuiltwealth all true. You earned it. We need more excellent Canadian content. You have my vote. ( from a fellow BC chrome dome 😂 I've been shaving my head since I was 23, with no grey hair, I look 10 years younger than I am.)

[@debbielockhart7762]

Kent at K4 Financial is also a good one to watch.

[@BigJoe786]

Beautifully done. Thank you.

[@patriciapeters8232]

Yes this person is doing a very good job explaining everything for sure.

[@bennyshah4506]

you are the best of all other Financial Advisors on you tube.🌹🌹🌹

[@Bettydongliu]

Extremely clear and informative. Thank you

[@BarryFence]

That was amazing! Thanks very much for putting this excellent information together!

[@wellbuiltwealth]

Glad you enjoyed it!

[@loribehr5967]

Very helpful. This answered all the questions that I had about retirement benefits. Thank you so much! ❤😊

[@daves5623]

Excellent info, well laid out Thanks

[@indram5384]

Thank you for all your information 🙏

[@sharondube9207]

Thank you. This is a very informative video. Much appreciated.

[@rafan3422]

Amazing explanation! Thank You for your efforts😊

[@atulsoni70]

The best explanation! Thanks for sharing it.

[@spotdance]

Nice explanation of all the retirement programs. Thanks

[@ymsalem]

Excellent review .. the best I've seen on the subject. Thanks a lot!

[@wellbuiltwealth]

Wow, thanks!

[@canpin]

Great info! Thank you!

[@PGB54]

I was almost caught by the benefit clawback. I took CPP at age 64 but kept working (I needed the money). When I turned 65, OAS started. After a full year of receiving both and still working full time, I threw my estimated numbers into my tax software and was shocked to see the "social benefits repayment" amount. This was nearly the end of February, so I took out a $10K RRSP loan at 2% and increased my tax benefit return by about $2500. I always regarded benefit clawbacks as something that happens to rich people and earning enough to reach it never crossed my mind!

[@wellbuiltwealth]

Nice catch :)

[@valveman12]

The cost of rent, Food, and Utilities does not leave much if all you have, is CPP, OAS, and GiS. Yes, in Canada, we are fortunate to have these pensions, however, it's still hard for many to live just on these.

[@jancyking582]

Grateful I live in Canada!

[@valveman12]

@@jancyking582 Yes, I agree. Canada is a great country to live in. In Canada, Healthcare is a right ,instead of a priviledge, as it is south of the border. I am pleased Canada approved Bill C-22 that gives those with a disability, who can't work, and on low income. This monthly payment will benefit many in Canada.

[@jksurveyer]

I am retired collecting CPP and OAS, but I have a couple of affiliate websites that are making miniscule amounts of money, if however they do make any money, I know I have to pay taxes and the CPP. Very informative video, thanks much.

[@manotickgirl1701]

thanks, that really good and clear!

[@ritchietrudeau5866]

thank you so much, I am very happy that i have found you ! You made a difference in my day , maybe in my life :)

[@wellbuiltwealth]

Well, thank you for saying so :)

[@MariaGarcia-gv8hj]

Thanks for increasing my knowledge in personal finance and investment, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it;"

[@quin5155]

Congratulations on your early retirement, Interesting indeed! Currently, I am in dire need of investment advice or tips. Earlier this year, I hesitated and failed to take any action until now. However, I am determined to try something new, as I am very receptive to various investment ideas. I want to be retired in my forties or fifties.

[@MariaGarcia-gv8hj]

No problem at all! If you're seeking to earn substantial profits from your investment, I would suggest determining your investment horizon and implementing a long-term plan. I worked with Lewis James Godfrey to create a long-term investment strategy, and he assisted us in managing our investments while we focused on my jobs without any concerns.

[@quin5155]

Thank you for your advice. It's challenging to find a reliable investment advisor here, and I appreciate your input. Seeing the success you've achieved through investing, I would love to have access to your investment advisor's information if you wouldn't mind sharing it.

[@paulmanfred9496]

Glad to see this comment, Working with a skilled financial planner can be compared to having a mentor in the field of finance. I used to struggle to invest on my own and ended up losing money, but things changed once I started working with this same man, Lewis James Godfrey. He played a pivotal role in helping me improve my financial situation. Previously, I relied solely on my job and salary for income, but now I have found ways to generate additional income with ease, which has allowed me to leave traditional employment, thanks to Lewis. Nowadays, I believe that investing is not a choice, but a necessity for anyone who desires financial independence and a good quality of life.

[@MariaGarcia-gv8hj]

I work with *LEWIS JAMES GODFREY,* who is based in the United States. If you would like more information about him, you can conduct a search online. He even got featured on CNN recently:)

[@wc6975]

excellent video content for understanding the CRA pensions in Canada. Thx.

[@slabsetters]

Great knowledge. Thanks for this video.

[@saturninasepe1958]

Thank you for the empressive information,about CCP , OAS etc.

[@KM-sr9cc]

Great Presentation Thanks

[@RavinderSingh-hy7iz]

Very nicely explained. Thanks

[@matt33193]

Thanks for the info. great presentation for an otherwise boring topic

[@SJG-96]

I wished I new that information twenty years ago. Thanks for your descriptiveness.

[@PhuongHuynh-lw6ui]

KZbinwas not popular at that time ! Sorry😅😅

[@cathiewalsh1906]

Excellent excellent videos. You are doing such great work. Thank you!!

[@wellbuiltwealth]

Thank you!!

[@user-uf9ie6lz1m]

Appreciate all the knowledge sharing

[@user-sg5li1sw8i]

Another great video!

[@wellbuiltwealth]

Thanks Adam :)

[@danielbitew4335]

Excellent information! I just subscribed.

[@user-kt7jn8hb1p]

I was forced on cpp disability at age 50 due to an accident and now at 65+ receive approximately $400 per month less on cpp. Also the insurance company took the amount of 15 years of cpp disability off the settlement amount so penalized twice. We should be receiving a lot more, at $ 2,ooo a month

[@danielbarr9795]

Great video!

[@helenkerkhof3734]

Love your KZbin videos very knowledgeable very professional. I'm 55 setting myself for retirement. Leaning more from you then my own financial advisor.

[@wellbuiltwealth]

Helen, that’s a huge compliment. Gives me the juice to want to keep on making these. Bless you :)

[@vmancuzzo]

thank you for such important and informative information

[@henryhuynh9424]

Your video very easy to understand ……Thanks ….

[@jagsingh507]

Thanks for your video. Great tips

[@lesburrows8469]

Thanks for sharing this information with me 😊

[@jeangray6863]

Thank you for you master class, so many people don't know

[@jeangray6863]

Where are you located, I need a good financial advisor

[@patassion]

The calculation for GIS does not include oas or 5000. Per spouse of self employment income which is good. It is the pensions, and other income that count for GIS.

[@funghouls5498]

Thank you. Good info here

[@vernonpothemont4634]

Well presented.

[@gailweatherall1215]

thanks so much for the info.

[@evelyncaballero7865]

Thank you very much you explain very well,you're such a good Ytuber❤😊

[@wellbuiltwealth]

Thank you Evelyn :)

[@henrymiranda3564]

tanks for yours informatuon ,so much.

[@donnathordarson2401]

Thank you so much for this information. I will be turning 60 this year and didn't know any of this! And I think I might be a bit of a Nerd-migo because I really enjoyed this video :)

[@wellbuiltwealth]

Ha! “Nerd-migo.” Love it :)

[@VitalBigras]

Thank You so much !

[@sunnyseegobin1704]

Amazing presentation

[@wellbuiltwealth]

Thank you! Cheers!

[@SaadoonMaged-ck6qz]

Thanks Canada. I love your work 😗😗😗😗

[@mariapace4564]

If in the 80"s I had a homebased business, but I was not allowed to pay my CPP in my taxes each year, so, now I receive $336.30 each month, because I missed 10 whole years of CPP and I worked during this 10 year period, and did not retire till 2012, in June, while I was retired in 2010. The rules about CPP for entrepreneurs was very different then. I lost ten years of being eligible for receiving CPP during my retirement. Other people receive much mor CPP than I do now in my retirement.

[@pascaldelaunay4740]

The OAS is not automatic !!! You have to apply ! I spoke to them and their answer was: "until you apply, you will not get OAS.

[@bhindiv]

excellent info

[@amyhort8359]

Thank You 👍🏻👍🏻👍🏻

[@jocenowacki5090]

I really enjoyed your video , I wish I knew about this before .l am a single widowed parent .

[@gem5858]

Thanks I don’t plan on retiring until my house 🏡 is paid off so if I need to defer my OAS a year or two I can organize that in advance.

[@editatrix1]

Thank you!

[@izznice6969]

Could you do a video on other pension plans, such as Saskatchewan pension plan. Are there any other pension plans that anybody can join?

[@susieq1016]

Very informative info Question I just became 60 and decided to applied for CPP but still working While I was filling out the form it asked how many tax to take but no option was given how do I know what tax to put?

[@mazenismaiel8452]

Thank you

[@jimmychan8238]

Very good job easy understanding.u should make more videos on tax too thanks uou

[@KensHobbies409]

I have one thing to say over Your video about this as I am on all 3. You did mention about the GIS that did give Me an answer as why Mine went down this Year. HOWEVER, It was a big shock when come to pay My monthly bills only to find out that there was $125.00 a month lower than last moths deposit & Yes, You get a notice about change, but after it's happened! It should be at least 1 Month before so that You know. This now has put Me in the hole & having to rob from Peter to Pay Paul, & Paul to pay Mary. Not happy about that. Another thing too. I have been on Disability since 1998 after My Doctor Signed the papers as I was on Welfare at the time & ended up with No say as when retirement age came as was automatically at 65. BUT, when come to the disability part, YEA, RIGHT! Only if You had very high expense's to put out & having the Doctor filling out the form. Proves on How God wants Us to be Successful but Stain doesn't. One more reason the "Homeless" rate is on the increase! Just like God has His Angels but Satin has His Demons & certainly applies to the Government. Sorry to say that, but it's the truth! Brings to Me another thing.."GREED OF MONEY!" The Bible is very clear about this matter & I have a saying for every Strike I hear. Quit the striking, quit the hiking" Only the Government wins with this.

[@sjbutler2330]

Not every one lives past the age of 70 and onwards. I have known 2 coworkers I didn't even get to retire. She had a heart attack and died. The other who was male Had cancer just before retiring, and died 2 months later. Both did not get to enjoy. Any money from the Government or otherwise. Working at the same place I retired at 61 and am now 66. Don't wait to collect Later. You May Not Be Here!!!

[@osql8]

if you pass away and you're "not here" you don't need any money.

[@mikemarchand7766]

Great vid and thanks!! Question in regards to GIS. When applying for gis they say to take total income line from your tax return. This amount includes your OAS. However OAS amount is not supposed to be included in determining how much you will be receiving in GIS. So how can they accurately determine your GIS if using the total income line on ur tax return? Many thanks if you can clear this issue for me :)

[@haunguyen1949]

Thank you 🙏

[@wilmaosorio6641]

thanks

[@joaquingageK4Financial]

Great job.

[@wellbuiltwealth]

Thank you! Cheers!

[@joaquingageK4Financial]

Excellent walkthrough of all your topics. Very easy to understand.

[@rjr7752]

One thing I don’t think he touched on is if you delay taking your cpp and or your oas till 66-70 yrs of age than your income thresh hold will increase accordingly before claw back. I’m surprised how many accountants don’t know this.

[@lunalove2222]

Thank~You!💚

[@wellbuiltwealth]

You're welcome 😊

[@tsehaykenfat4862]

Thanks for sharing.I am one of this people I don’t understand how it works

[@wellbuiltwealth]

You are so welcome!

[@dawnallison6864]

By far the best explanation on retirement I have seen. Only one question; as a retire, Canadian citizen for 36 years does the OAS top-up to maximum as a citizen of 40 years?

[@VP-nz6ok]

Pls do a segment on what would happen if Alberta leaves with their portion. Of the CPP

[@RouRoro]

Please, I need a video for public service pension!

[@jimbryce2498]

Good presentation, it would even be better if you presented some example of OAS split between years of living in Canada and in a country that has a reciprocal social and tax agreement with Canada. Say Equal split 20 years in Canada and 20 years in the other country like Germany for example. 22:12

[@wellbuiltwealth]

That’s pretty much the topic of the most recent video I released: kzbin.info/www/bejne/bpCZqmuCm5uCr5Ysi=s2uJWVqE284OWEjA

[@andrewlazlak8483]

Only if you get max benefits or it's amount are very Operated for most of us

[@landsea7332]

Thank you for providing such a good explanation of OAS . 14:42 Question : Just to confirm , if a person is collecting OAS , but then have a large capital gain in a taxation year , which puts their taxable income over the claw back amount ( $82,192 ) , please tell me that in the next taxation year , regular OAS payments will continue . .

[@wellbuiltwealth]

Thanks! Clawback is not permanent. If that’s what you’re asking. It’s year by year depending on income :)

[@adu2526]

Why the bank provided the form Т5008 with only the market cost of some shares, moved IN-Kind transaction, from my Non-registered account to my TFSA account? This market cost went to my income and I had an OAS clawback. The both boxes of that form had to be filled: with a market cost of those shares and the Base Cost (ABC), so the Proceeds supposed to be a difference of those two cost. It could be a Gain or a Loss, depends which cost: the market cost of the time of the In-Kind transaction and the ABC - is more. The previous year the bank had input in the firm the Base Cost amount, but not in the last year.

[@lindablack2206]

I do not receive any raises at all on the CPP. I only had one 1 small raise since I started collecting CPP at the of 6o and now at the age of 68. Plus I qualified for the GIS as my income was below 1,500 and at the age of 65 when I started collecting it. As of this month they cut me off because I made too much income so it has to be taxable because at this point my income was too high to get the GIS and now puts be back where I started from in the yr. of 2017 yup you got it going backwards.

[@bethhasilo1536]

Awesome video. Wish I knew more about the CPP info before I retired as I was always told to take it as soon as you can. Question about the deferral of the OAS as I turn 65 next year... can you defer in 1 year increments & adjust that annually ie: defer for 1 year at time & assess your needs annually if you wish to keep defering OR is defering to 70 the only option...so 65 or 70 years old are the only options? Thanks so much.

[@wellbuiltwealth]

Good question. You can actually defer month by month. You just let them know that you want to defer and then let them know when you want to take it.

[@bethhasilo1536]

@@wellbuiltwealth awesome & thanks for the quick reply (even though I turned 64 yesterday & have a bit of time to decide. Haha!). I just Subscribed to your Channel.

[@landsea7332]

To point out , you can declare not to have tax deduced on you CPP payments . However , this of course means that you will have to pay this tax when filing you income tax return . But this means you get to hold this money all year , instead of the federal gov having it in their pocket . Also , suggest being aware of the withholding tax when you withdraw amounts from your RRSP account . If you reside outside of Quebec , the with holding tax is 10% for amounts up to $5,000 . If you have stock investments in an RRSP that are down right now , considering selling $4,980 of them and transferring this amount to your TFSA , and buying them back in your TFSA . .

[@wellbuiltwealth]

Yup. Yup. And yup :)

[@tomdearie5165]

Great info clearly presented. 👍 One question: Is CPP affected by spousal income?

[@wellbuiltwealth]

Thank you! And no, it’s not :)

[@tomdearie5165]

Thanks!

[@Firul4is]

Great vid; only one detail, if you don't have the max years for CPP and stop working just take it, as the low years grace may not work with the calculation.

[@bjk777]

If Ottawa wanted to improve the CPP, they should allow ADDITIONAL lump sum payments into the plan by citizens.

[@AlizaDasha]

Can you get the survivors benefit and the allowance for the survivor at the same time?

[@iceguy1158]

What do yoy think of alberta creating its own plan?

[@jayzee316]

My wife and I retired early (couple years ago), I'm 42 and she's 33, we know we're not the normal demographic and have rental and dividend income to carry us fairly soundly. But always interested in seeing/learning new ways to build other passive income streams, options for passive income outside RE/Div, or tax planning that helps us keep more of our income.

[@wellbuiltwealth]

Well done!!

[@ghoster3078]

@@wellbuiltwealthbull shit!

[@josephisaac3603]

I top up my cpp payment and started over and I tot I would get that back but no just because I lived in Quebec it went to Quebec Revene

[@lailaansari7293]

Thank you,excellent info BUT, I as a senior, did try to plan for retirement as a single person - the thing that everything has become so expensive even my TFSA/GIC and savings will not last...frugal is my motto, but it's sad to think I have to save to just survive in this beautiful country!!!😢

[@wellbuiltwealth]

You’re welcome. And I hear you :(

[@DavidWilson-ps8gx]

I am looking to see if you can provide a quick response to my inquiry. When my wife and I go to collect OAS, can we avoid the clawback by splitting our work defined pension plan. I know the increase in the claw back amount is $90,997 in 2024. But between our CPP, OAS, RRSP, and our company defined pension plan, we are coming close to the clawback level. If we do not slip our company defined pension, we will definitely hit the clawback level. Can we actually split our CDPP to avoid the OAS clawback?

[@user-wb5bx8ec4l]

Thank you for this informtaive video. Question regarding OAS... I am 65 and have lived in Canada for 10 years. Will I get the full OAS benefit if I worked for more than 30 years from a country where Canada has an agreement with? Thank you.