What are CPP and OAS?

CPP or Canada Pension Plan is a monthly retirement benefit. It is meant to replace part of your income when you retire and continues for the rest of your life.

You qualify to receive CPP benefits if you are more than 60 years old and made contributions to CPP through employment in your working years (It’s another one of those pesky things that get deducted from your paycheck.)

When you want to start receiving CPP benefits, you must apply for them with the CRA, and they will be regular payments after that.

The amount you receive depends on when you choose to start receiving CPP, how much and for how long you contributed to CPP, and your average earnings throughout your working life.

OAS or Old Age Security is a monthly payment you can receive if you are 65 or older.

You generally do not have to apply for OAS. CRA will automatically enrol you after you turn 65 and send you a notification that you have been registered.

The amount of OAS you receive depends on how long you lived in Canada (from age 18 onward) and your income.

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