📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy
Thank you for your video and I’ll follow you and check on the past videos. I have a question ,not sure if anyone asked this but hope you can come with some information that can help me. We came to Canada in 1990 ,working non stop since then but but my husband when he gets to 65 won’t have the 39 years working in Canada ,if we can “bring” the year’s worked back home we can pass the 39 years of working or we need to work till 70 Year old to reach the 39 years working … Can you touch this subject or provide me with some links. Thank you for considering. Wishing you all the best!
@@gabrielakerekes5844 i remember reading that the years in canada in part determine amount. often there’s partial pensions provided by your originating country. You can retire at 60 and they count 35 weeks but obviously it will be a lesser cpp
One thing I can say is that the government should not tax seniors. This government keeps spending and giving our tax money all over the world. Mostly to corrupt governments while we have starving seniors who thought that contributing to RRSP'S and other investments would allow them to live comfortably in their retirement years. Such is not the case. I keep meeting seniors who can barely support themselves. Growing up I envied people who made enough money to put away money for rrsp's because I thought they would be able to live well in retirement. It only enriched the financial institutions and these seniors are barely able to afford to live now.
As someone who works on the CPP, I am extremely impressed by this video and confirm it's quite accurate. I wanted to flag that there is one additional Children's Benefit which is the Orphan's Benefit. Just as the children of disabled contributors receive funding, so do children of deceased contributors. I will also note that we just instituted proactive enrollment for the CPP retirement benefit for all contributors at the age of 70 (assuming you have filed your taxes).
I realized what it is about Mr. Beavis that makes his approach relatable. He gives off a high school teacher, university professor vibe. Thank you for this information.
Wow. Thanks for this. I turned 65 Feb 8 (today is March 2) and this was so helpful. I've been on Disability about 10 years and it seems, it seems, I'll be doing a bit better financially at 65 then I was on disability. My disability manager said she doesn't think I will qualify at all for CPP and she really has me confused on that one. I've been working since I was 15 until the time I broke my neck the day after surgery to fix it. Disability turned me down until I actually broke my neck from the high risk surgery although surgeons, physio therapists and my own doctor told them repeatedly I was permanently disabled, so I lost about 10 years of disability income, and no working income either. So thank you, you made mud into tea for me with this hopeful news! Very easy to listen to and understand. I have liked and subscribed, referred you to my kids and look forward to listening to the other vids of yours in this series!
Thanks, Brandon for this informative chat with you on the government retirement payments. I am about to be 60 and I went into Service Canada just the other day. The advice was to go log in after they gave you an access number (she sent me a link) and then you can access your CPP etc amounts that you have paid .I think she said you can ever figure out how much you can get paid at each level. She commended me for coming in and said that only about 50% of people ever plan for this. They do not give financial advice. She said to take the information that you get from your file and have a chit-chat with your financial advisor. I may be taking mine as I am single and do not have an income (besides a small business) right now and it would really help me. I am going to be saving this video and passing it along to other baby-boomers!
Great presentation, really well put together, it is so hard for the average individual to understand what the government are trying to tell them half the time so we need more people doing videos like this!
Thank you so much, I am currently looking to help my mother and father (60 and 54 years old) to learn about this stuff, I personally grow up in a very financially ignorant family so my parents did not save for retirement at all. I am currently working to break that cycle and I am contributing to my RRSP and now it’s time to help them as well. I deeply appreciate you and your son Brandon’s purpose of inform Canadians on finances and your recommendations are invaluable. Thank you so much for sharing knowledge and help Canadians get better with their money. Leslie
Can you do a video on DB pension plans, the options to retire early at 55. Some DB plans let you get more from 55 to 65 but at 65 the DB plan goes down to include CPP as the difference.
As a young person at my early 30s I found this rather perplexing. How is the government expecting old folks to understand all these? They need to simplify the process
Hey.... I take great offence to that, Sidney! Old doesn't mean we can't figure things out! 🤣 Just kidding. I agree with you 100%, a more simplified system is better, but I guess as things evolve over the years they tend to add more twists, so yup, it makes things more difficult to follow. Hope this video helps with that, and probably will have to update every year or two as new rules come out. Thanks for watching, as always. - Marc
Are you insinuating older people are stupid? Just a FYI, older people learned finances without the use of calculators, laptops, phones and Google. Pensions exist because it was old people that created them (just like old people created cars, planes, electricity, communications and cellphones). Pretty typical millennial, thinking older people are nothing but a bunch of stupid old people who have no clue about anything, and have never contributed anything to the world and are all just such a burden. If it wasn't for all these "old people", you'd be living in a hut trying to keep warm by a fire, not sitting in you comfy home or in your flashy car dressed in your designer clothes playing on your constant companion, your phone. Maybe give "old people" some credit. They are not as stupid as young people think they are. Most are well aware of how their pensions work.
@@samg8012 and at least “old” people have their pensions to look forward to. They actually worked hard their whole lives for it. Good luck Millennial that’s still living with parents.
This is one of the most useful videos I have watched. As a working Canadian, I am am very thankful for you and your son to have put this together for the public. Definitely sharing it.
Thank you so much, Priscila. Really glad you found it to be valuable and I truly appreciate you sharing it with others that you feel would benefit! - Marc
Great explanation Marc! I am 48yrs old and have had a disconnected/passive view of my retirement thinking I would be just fine with CCP and OAS... then my father passed away in Jan of this year. I am the executor of his will and so saw the deposits he received. WHAT A WAKE UP CALL! I can't live on that!! This topic is why I am here starting late in investing at 48. I realized I needed to take control of my future. Thank you for your education.
The best explanation of government pension plans I’ve ever heard. You may cover my question in the follow up to this video so I apologize if that’s the plan. If an individual have planned for retirement to the point where they are eligible for benefits but their lifestyle doesn’t require it, what are your thoughts on leveraging those benefits at 60 and using them to supplement investment portfolios of a family such as an adult child for example? I’m sure there are a plethora of options if you’ve positioned yourself well for this period of life but that was the first thing that came to mind for me. As always great video, thanks Marc.
Awesome job Mark, really great explanation... I will be sending this off to many friends... Looking forward to the rest of the series... I am in Quebec so will definitely look into the provincial side as well... still got 20 years to 65 and I work of the Federal government so should be quite a calculation... have a good weekend...
This helps clear up a lot of questions, I plan on taking my cpp at 60 but will continue to work until I’m about 63/64. By the time I do retire/ semi retire I will have been at my employer 25 yrs who also helped match my rrsp contributions . Seeing so many co workers passing has really opened my eyes knowing tomorrow isn’t promised so I want to collect it while I can to help eliminate as much debt as possible .
I'm very glad to have found your video. I'm 53 now, and became disabled at 20, did my best to work and contribute to CPP and society until I was no longer able to. At age 31 I had to permanently move onto ODSP and CPP-D. It has been very hard to make ends meet, keep a roof over my head etc, for three decades, but it looks like once I hit 65 I'll actually be a little better off; that is something of a relief. I wish I had more income so I had something to invest, but perhaps I'll be able to do some of that once I hit 65. Fingers crossed.
Brendan and Mark I just wanted to express my appreciation for your making my life a lot easier towards understanding on what I should be doing with my money as of now and how to apply it for my future when I retire. Also it makes it easier for me to communicate with my financial advisors to put us on the same page. Thanks a bunch!!
Hi Marc, I have been a long time lurker on Brandon's channel. You two are a fantastic combination. This is a video that I have been looking for so long, your explanation and expertise is outstanding. Thanks for the explanation as I am crunching the numbers for my own retirement. Keep up the phenomenal work, I look forward to this channel's no BS, no fluff and straight to the facts videos weekly. On a final note I also am very appreciative of your cautionary tips.
Hi Dennis. I'm humbled by your comments, and thank you so much for following Brandon for so long, and welcoming me to the fold. The "no BS" part is most important to me... let's keep things straight and honest and everyone will be better off in the long run. Thanks for your support. - Marc
both my wife and l have been putting our CPP into a TFSA since we started pulling it at 60. we actually top it up by 15 bucks a month so we don't have to keep going back to the bank to increase it every year, We both are still working so we dont need it, but every penny is being put away so when it is time to retire, we will have enough to take out X amount of dollars to keep us in the life style we like, people have to plan since the government doesn't give you much after working all those years and paying taxes,,,
63 bluecollar here. We all worked and often pay taxes. As we go along we pick up alot of govt services. Thenas a bonus when we get to a certain age we also get more money. If you have been busy you can count on this as extra money to add to your own efforts
Hi Marc, Thanks for putting this together in a simple and easy to understand chunks.....i appreciate your time, efforts and research that goes behind creating such a quality content. We should share this with friends, family and coworkers as everyone will learn something new from it. We are surely benefiting from your years of experience....once again, thanks for these informative videos. I can’t wait for upcoming videos in the series.
There is a problem with Maximum Contribution. I contributed for 45 years. Some years I made substantially less than my average years. The years when I maxed out on contributions were less. Naturally as a youth in some of those years I was not in tune with the logistics and as such did not comprehend the later ramifications. At retirement I got the “average”. The government to this day do not inform workers when they have not made maximum contributions. There should be an option for those times so workers can “top up” the years they did not make max contributions in order to receive the max benefit in the end. As far as I know there never was or is this option.
Thank you so much, a great video. I am 62 and even though everyone tells me to take CPP now, it isn't about having the money sooner, it's based on how much I will receive each month at age 65. You helped to confirm my decision is correct.
I agree with you Andrew. The common thinking is to take CPP at age 60, but I think that is quite short-sighted. Especially as we are seeing signs of inflation, the increasing benefits that we will receive by delaying for a few years will provide more financial security in the long run.
Another great video Marc. Really appreciate the retirement series you are putting together - seems hard to find good sources of this info elsewhere (not much fun trying to figure it all out by reading the Government sites). 😊 Very much looking forward to your next video on alternative retirement income sources.
Just a short note to thank you for putting this very informative video on the different government pensions available to Canadians. I have looked at a few on TH-cam but yours rock. I think it’s due to the way you take time to explain the different features of each plan. I seen a few other videos but they sounds informal. It’s like they’re reading from a book. Yours is full of enthusiasm throughout. It feels like you are talking to us one on one. I just want to let you know that we all appreciate you taking the time to put kinds of videos for us. Thanks again.
Super informative! Would be nice to have a video on Canadians who moved abroad for their carreer. Would also be nice to show an example of applyong for ccp when you have dual citizenships with another country.
238 weeks to go (not that I'm counting, nor is my browser start page a countdown timer) - appreciate the info! Looks like I could be getting more than I thought.
Thank you. Very informative video. Big eye opener for me. We retired to Mexico when my husband retired at age 65. I was only 53. We are Canadian citizens but residents of Mexico. I did not realize that there could not apply for OAS if I am residing outside of Canada during retirement. Interestingly that I can receive my CPP but not OAS.
Great video! I think you could have added a bell chart to show people when or where to start collecting their CPP. I agree with what you said about it depends on your own personal situation, but people who draw too early, stay at that level, and waiting, could in fact give that individual more money. Based on your $1000 example, a 60 yr old gets approx $7200/yr, waiting until they are 65 gets them approx $12,000/yr, and 70 gets them $16,800 /yr. that person lives10-25 more years, you can clearly see on a bell graph chart where the lines would intersect and pass each other, to give an individual the best chance for the most money ( based on them living long enough as well) However. Thank you for explaining this. I personally have always distrusted the government and feel the system works against the average middle class earner. Doing the quick math, my 39 years of contributing to CPP works out to approx $234,000. ( that’s just the money me and my employer contributed) If that money were put into my own account drawing interest from day one, it would have grown substantially. But being forced to pay into a system that most people will never have a chance of recouping anything close to what they have contributed just solidified my distrust of our government. There is a huge chunk of our population that didn’t get to work for an employer who paid into a pension. If they retire and get OAS and the avg CPP , would basically get about $1200/m taxed. Good luck living on that. I’m not into a socialist government paying people to live, but a system of honesty and transparency would better our society. Sorry. Thanks for letting me rant. And thanks for a very informative video !!!
Rick, I'm curious about the "quick math" on your CPP contributions - are you near 60 years old? If so, then as Marc pointed out in the video, there is a Yearly Maximum Pensionable Earnings and that amount has changed every year. As well, there have been increases in the percentage of eligible income an employee and employer were required to contribute to CPP. For example in 1980 the maximum contribution for an individual was $212.40, plus the employer portion would double it to $424.80. So those who are at or near retirement age now, would have a total contribution amount of about $100,000 accounting for both the employee and employer contributions. And there is no need to do the math, Service Canada will provide you with a Statement of CPP Contributions either by mail or online through your My Service Canada Account. If you are younger then it would still be worth getting a copy of your Statement.
I agree that people should have their own individual CPP but then the government would loose that revenue source because when you die your family does not get any of your CPP. So if contribute “200k” and only get paid “$40k” that $160k is kept by the government. You did mention 11 months after death paid out and $2500 death benefit but still doesn’t add up.
Great video, being someone who had to retire abruptly & early I have spent days researching CPP, OAS & GIS. As a lower income senior it’s vital to understand the system including how to setup your income stream to draw the maximum government benefits. Cheers Rob
Most helpful video on this channel so far, loved it. Awesome effort Marc and Brandon. Looking forward to more content. Sharing such insightful videos with friends and family too. Kudos
Yes! More retiring videos. I mean I’m 28 and newly starting my investment journey but I have a CPP and a work Pension and my own RRSP and TFSA. I wanna retire fairly early because critical care nursing is fufilling but tough for decades.
The best complete video I have seen on this subject. Only thing I would have liked to have been added is how the GIS is not the same for everyone, depending on how much your income is. Thank you so much for your time and knowledge.
Well done Marc. While I have applied for and receive CPP and OAS you provided an excellent refresher and raised questions I will pursue with research. Thank you! 😀
Very good video! Thanks so much for addressing this topic, Very well done! Even though these things seem confusing you made a great job of explaining them in an easy to get and very professional manner. Thanks again!
OMG Thank you so much. I am only 37 but in my journey to become more financially educated I came across this and thought hmm my parents are struggling right now and now I know its because they have not applied for the other incomes! I am going to get them on that right away! thanks again look forward to more of your knowledge!!
Question: I have 25 years of contribution for retirement in Brazil. It appears Canada has an agreement with Brazil about this manner. Is this contribution will count for CPP or AOS? Thanks for answering this question.
I’m getting close to retirement and this seems to be a very informative video. A lot of information to take in so I’ll need to watch it several times. Great presentation, easy to follow. Keep it coming. Aaron from NovaScotia.
Amazing video, thank you. My employment history in my 20’s would be better described as my unemployment history, and though I’ve more than turned my life around since then, I imagine that my goal of retiring at 55 won’t leave me with much of a cpp to draw from when the time comes.
I started collecting OAS a few years ago. Since then my life changed in a positive way and my regular income went up . I now find I need to turn OAS off. Is it possible to do that?
If you want to cancel OAS payments, it has to be done within the first 6 months after you start receiving them. Based on your timeline, you wouldn't be able to do it. - Marc
Thank you very much for this very informative video on CPP, OAS and GIS. It was very easy to understand each of these pension plans. I have bookmarked this video for future viewing and I will be sharing this on Facebook so my friends can watch it and learn this important information for when they retire. Thank you so much for this well thought out session every Canadian needs to watch. :)
Can you explain more about what would happen to your benefit if you retire early, but elect not to CLAIM your CPP benefit until the normal retirement age of 65?
Question: how will it affect my CPP pension if I contributed for 20 years until age 55 and stop contribution(55-65 ) and plan to collect pension at age 65.
👍. I have attended many workshop before retiring, this video is very well explained. At 28.45, stated split income is 65 or older, this is not exactly. If u are under 65 and receive a qualified pension income, u can still split income. I start receiving a defined pension benefit at 57. I qualify to split income with my spouse. As always, great video, Marc. Thanks
awesome video! very informative. i have few questions. 1. when u say full OAS, do u mean maximum OAS? 2. am I eligible for GIS if my spouse gets OAS but not full? 3. am I eligible for GIS Allowance if my spouse gets gis and oas but not full oas?
There is no way to answer this without knowing your other information. Will you have CPP, and how much? Do you have other savings such as RRSPs to make withdrawals from (these count as income and would lower any GIS)? Do you have a pension from an employer and if so, how much? Too many variables that you haven't provided.
Every Canadian should see this video - so informative! And in layman's terms. Thank you so much. We will go to Service Canada as well as you guided at end of this video - so good.
Thanks Marc, great information. One question: if you have less than 40 years in Canada at age 65, would deferring the OAS by a year increase both the years eligible, as well as the percentage increasing for deferring?
I’ve seen lots of videos about retirement and this is way the most detailed and clear I’ve watched. Very informative mostly for younger and those close to their retirements. There are some points that I clearly understand especially the GIS which I was not qualified. Thank you and looking forward for more videos….👍👍
From I figured out, it is a curse to receive more than 18 000 a year. It will prevent you from getting GIS 920 dollars a month. Thinking of quiting or severely restricting my working 8 years before retirement, and use RRSP, just so I can collect GIS.
Can you elaborate on the additional child-rearing exemption? I looked at my contribution history for the 7 years from the birth year. While I worked most of those years, part-time, none met the max. contribution. Does the program add any/all of those years, Birth - 7, to the other lowest 8 contributory years (potentially 15 exempt years)? And if so, is the remaining benefit calculation based solely on the remaining contributory years?
Thanks a lot for this! As someone whose parents separated and both decided to deal with retirement benefits very differently I already can see two examples but this definitely makes me understand better the mechanics of how it all works. Plus it gives me an insight into how the base benefits work. It's when you add other benefits where it gets complicated to understand what option is best, like in my case where I have already accumulated a certain pension amount with my employer plus owning stocks. But in due time I'll look into it with a professional, at least this gives us all a good start for comprehension :)
This is a very comprehensive explanation of our pensions. Great work. Basically based on what you are saying is I got screwed. Here is the story: I worked in the forest industry most of my life since the age of 16 (started in 1976). We had a union pension plan. I get $1200 and change when I retire and pull it in 3 more years. You said in the video that low income earners get GIS. This is going to be the equivalent of my union pension. If I didn't get my union pension I would qualify for GIS too. The govt just screwed everyone who paid into their own pension plan and all those losers on welfare get a top up equivalent to my union pension that I paid into most of my life. WOW what a sick country we live in.
Great video on CPP, Marc! It would be nice to see how the CPP is affected by other pensions such as a teachers pension plan or other RRSP withdrawals. Thanks!
Thanks for the information, description of every steps is understandable, it has been explained very well. I will link your channel to friends and co-workers. Thanks again.
Watched and liked, thanks for taking the time! Super quality content, and learned some things I wasn't aware of! Excellent video and audio quality as well, except for hands on the desk causing some occasional bass pops. Perhaps the mic could be set up as freestanding, or attached to a different structure other than the desk?
Thanks, Jason. I'm looking at a different mic setup, and I appreciate you providing your polite, constructive criticism! Or as I think of it, areas in which there is room for improvement! - Marc
Well explained! Thank you so much for sharing this information, I feel like there’s a lot of nuances that many people are not aware of. Super helpful, thank you!
Interesting content and helpful. Question: for OAS - is the amount based on just the one year income prior to turning 65? Maybe getting a minimum wage job for a year when one turns 63 makes sense 😀
@@beaviswealth wasn't there a claw back based on your income though? I was kinda confused about this as well. Something like if you made about 128k you get nothing for OAS correct?
📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy
Excellent information. Really appreciate your help and advise and explaining clearly. Thank you sooo much.
Thank you for your video and I’ll follow you and check on the past videos.
I have a question ,not sure if anyone asked this but hope you can come with some information that can help me. We came to Canada in 1990 ,working non stop since then but but my husband when he gets to 65 won’t have the 39 years working in Canada ,if we can “bring” the year’s worked back home we can pass the 39 years of working or we need to work till 70 Year old to reach the 39 years working …
Can you touch this subject or provide me with some links.
Thank you for considering. Wishing you all the best!
I get that you hope people will take the course but why not post them on TH-cam and let the TH-cam watching time be your payment?
Awesome thanks...wish I saw this few years ago...appreciated Mark
@@gabrielakerekes5844 i remember reading that the years in canada in part determine amount. often there’s partial pensions provided by your originating country. You can retire at 60 and they count 35 weeks but obviously it will be a lesser cpp
One thing I can say is that the government should not tax seniors. This government keeps spending and giving our tax money all over the world. Mostly to corrupt governments while we have starving seniors who thought that contributing to RRSP'S and other investments would allow them to live comfortably in their retirement years. Such is not the case. I keep meeting seniors who can barely support themselves. Growing up I envied people who made enough money to put away money for rrsp's because I thought they would be able to live well in retirement. It only enriched the financial institutions and these seniors are barely able to afford to live now.
As someone who works on the CPP, I am extremely impressed by this video and confirm it's quite accurate. I wanted to flag that there is one additional Children's Benefit which is the Orphan's Benefit. Just as the children of disabled contributors receive funding, so do children of deceased contributors. I will also note that we just instituted proactive enrollment for the CPP retirement benefit for all contributors at the age of 70 (assuming you have filed your taxes).
So happy I found you! No background music and annoying intros - just straight-up, well-presented information. Thank you.
I realized what it is about Mr. Beavis that makes his approach relatable. He gives off a high school teacher, university professor vibe. Thank you for this information.
Thanks, Leighanne. My Mom was a teach for many years, so maybe some of that rubbed off? Glad you like the info, and thanks for your comment. - Marc
You don’t understand how helpful you’ve been. A million thank you’s
Thanks, Diane. Glad this was helpful and thanks for taking a moment to leave your comment. - Marc
Thanks Marc for including Quebec. I didn’t know QPP calculations and benefits would produce very similar results as CPP.
No problem, Cindy! Thanks for watching. - Marc
Wow. Thanks for this. I turned 65 Feb 8 (today is March 2) and this was so helpful. I've been on Disability about 10 years and it seems, it seems, I'll be doing a bit better financially at 65 then I was on disability. My disability manager said she doesn't think I will qualify at all for CPP and she really has me confused on that one. I've been working since I was 15 until the time I broke my neck the day after surgery to fix it. Disability turned me down until I actually broke my neck from the high risk surgery although surgeons, physio therapists and my own doctor told them repeatedly I was permanently disabled, so I lost about 10 years of disability income, and no working income either. So thank you, you made mud into tea for me with this hopeful news! Very easy to listen to and understand. I have liked and subscribed, referred you to my kids and look forward to listening to the other vids of yours in this series!
Thanks, Brandon for this informative chat with you on the government retirement payments. I am about to be 60 and I went into Service Canada just the other day. The advice was to go log in after they gave you an access number (she sent me a link) and then you can access your CPP etc amounts that you have paid .I think she said you can ever figure out how much you can get paid at each level. She commended me for coming in and said that only about 50% of people ever plan for this. They do not give financial advice. She said to take the information that you get from your file and have a chit-chat with your financial advisor. I may be taking mine as I am single and do not have an income (besides a small business) right now and it would really help me. I am going to be saving this video and passing it along to other baby-boomers!
Great presentation, really well put together, it is so hard for the average individual to understand what the government are trying to tell them half the time so we need more people doing videos like this!
Thanks so much; appreciate your positive comment! - Marc
Thank you so much, I am currently looking to help my mother and father (60 and 54 years old) to learn about this stuff, I personally grow up in a very financially ignorant family so my parents did not save for retirement at all. I am currently working to break that cycle and I am contributing to my RRSP and now it’s time to help them as well.
I deeply appreciate you and your son Brandon’s purpose of inform Canadians on finances and your recommendations are invaluable.
Thank you so much for sharing knowledge and help Canadians get better with their money.
Leslie
It’s always nice when you reach the maximum cpp and ei contributions for the year and your net pay shoots up.
Can you do a video on DB pension plans, the options to retire early at 55. Some DB plans let you get more from 55 to 65 but at 65 the DB plan goes down to include CPP as the difference.
As a young person at my early 30s I found this rather perplexing. How is the government expecting old folks to understand all these? They need to simplify the process
Hey.... I take great offence to that, Sidney! Old doesn't mean we can't figure things out! 🤣 Just kidding. I agree with you 100%, a more simplified system is better, but I guess as things evolve over the years they tend to add more twists, so yup, it makes things more difficult to follow. Hope this video helps with that, and probably will have to update every year or two as new rules come out. Thanks for watching, as always. - Marc
Are you insinuating older people are stupid? Just a FYI, older people learned finances without the use of calculators, laptops, phones and Google. Pensions exist because it was old people that created them (just like old people created cars, planes, electricity, communications and cellphones). Pretty typical millennial, thinking older people are nothing but a bunch of stupid old people who have no clue about anything, and have never contributed anything to the world and are all just such a burden. If it wasn't for all these "old people", you'd be living in a hut trying to keep warm by a fire, not sitting in you comfy home or in your flashy car dressed in your designer clothes playing on your constant companion, your phone. Maybe give "old people" some credit. They are not as stupid as young people think they are. Most are well aware of how their pensions work.
life is complicated junior, and only get's more so. get used to it.
Oh honey we can handle this info. Everyone needs to plan for their retirement. We have all done it and set it up early on, when in our 60s.
@@samg8012 and at least “old” people have their pensions to look forward to. They actually worked hard their whole lives for it. Good luck Millennial that’s still living with parents.
Thanks for your video. Am 73 and my wife 70 and both receive OAS and the supplement but we got an unfair claw back this August 2023.
This is one of the most useful videos I have watched. As a working Canadian, I am am very thankful for you and your son to have put this together for the public. Definitely sharing it.
Thank you so much, Priscila. Really glad you found it to be valuable and I truly appreciate you sharing it with others that you feel would benefit! - Marc
I was trying to explain CPP to my fiancé yesterday. Great timing on the video!
Great explanation Marc! I am 48yrs old and have had a disconnected/passive view of my retirement thinking I would be just fine with CCP and OAS... then my father passed away in Jan of this year. I am the executor of his will and so saw the deposits he received. WHAT A WAKE UP CALL! I can't live on that!! This topic is why I am here starting late in investing at 48. I realized I needed to take control of my future. Thank you for your education.
Thanks for taking the time to share your story and comment. Glad we're able to help out and all the best as you move closer to retirement. - Marc
The best explanation of government pension plans I’ve ever heard. You may cover my question in the follow up to this video so I apologize if that’s the plan. If an individual have planned for retirement to the point where they are eligible for benefits but their lifestyle doesn’t require it, what are your thoughts on leveraging those benefits at 60 and using them to supplement investment portfolios of a family such as an adult child for example? I’m sure there are a plethora of options if you’ve positioned yourself well for this period of life but that was the first thing that came to mind for me. As always great video, thanks Marc.
Great question Brine. Yes, that will definitely be part of my next video, and can often be a good strategy. Stay tuned! - Marc
Hi. This is a greatest opportunity explaining to see update information about retirement age
Awesome job Mark, really great explanation... I will be sending this off to many friends... Looking forward to the rest of the series... I am in Quebec so will definitely look into the provincial side as well... still got 20 years to 65 and I work of the Federal government so should be quite a calculation... have a good weekend...
Awesome, thank you Robert. Glad you liked the video, and I really appreciate you spreading the word. Have a nice weekend. - Marc
This helps clear up a lot of questions, I plan on taking my cpp at 60 but will continue to work until I’m about 63/64. By the time I do retire/ semi retire I will have been at my employer 25 yrs who also helped match my rrsp contributions . Seeing so many co workers passing has really opened my eyes knowing tomorrow isn’t promised so I want to collect it while I can to help eliminate as much debt as possible .
Why would you take it if you are working? You will be fully taxed on it and you will be getting much less over your lifetime!
I'm very glad to have found your video. I'm 53 now, and became disabled at 20, did my best to work and contribute to CPP and society until I was no longer able to. At age 31 I had to permanently move onto ODSP and CPP-D. It has been very hard to make ends meet, keep a roof over my head etc, for three decades, but it looks like once I hit 65 I'll actually be a little better off; that is something of a relief. I wish I had more income so I had something to invest, but perhaps I'll be able to do some of that once I hit 65. Fingers crossed.
Never heard someone be happy to reach 65
Thank you for this. This is the most comprehensive coverage of CPP I have seen yet. Extremely helpful
Wow! Thanks so much for your kind words! I'm glad you found this helpful, Robert. Thanks for watching. - Marc
Brendan and Mark I just wanted to express my appreciation for your making my life a lot easier towards understanding on what I should be doing with my money as of now and how to apply it for my future when I retire. Also it makes it easier for me to communicate with my financial advisors to put us on the same page. Thanks a bunch!!
Hi Shawn. Thanks for your comment. We're really glad you're enjoying our videos, and we plan to keep more coming out. Thanks again. - Marc
with this current government im afraid ill never be able to retire :(
Wow, finally an explanation on how this works that people can understand. Thank you.
Hi Marc, I have been a long time lurker on Brandon's channel. You two are a fantastic combination. This is a video that I have been looking for so long, your explanation and expertise is outstanding. Thanks for the explanation as I am crunching the numbers for my own retirement. Keep up the phenomenal work, I look forward to this channel's no BS, no fluff and straight to the facts videos weekly. On a final note I also am very appreciative of your cautionary tips.
Hi Dennis. I'm humbled by your comments, and thank you so much for following Brandon for so long, and welcoming me to the fold. The "no BS" part is most important to me... let's keep things straight and honest and everyone will be better off in the long run. Thanks for your support. - Marc
both my wife and l have been putting our CPP into a TFSA since we started pulling it at 60. we actually top it up by 15 bucks a month so we don't have to keep going back to the bank to increase it every year, We both are still working so we dont need it, but every penny is being put away so when it is time to retire, we will have enough to take out X amount of dollars to keep us in the life style we like, people have to plan since the government doesn't give you much after working all those years and paying taxes,,,
63 bluecollar here. We all worked and often pay taxes. As we go along we pick up alot of govt services. Thenas a bonus when we get to a certain age we also get more money. If you have been busy you can count on this as extra money to add to your own efforts
Hi Marc, Thanks for putting this together in a simple and easy to understand chunks.....i appreciate your time, efforts and research that goes behind creating such a quality content. We should share this with friends, family and coworkers as everyone will learn something new from it. We are surely benefiting from your years of experience....once again, thanks for these informative videos. I can’t wait for upcoming videos in the series.
You're very welcome, Harjinder. Thanks for watching and I really appreciate if you share! - Marc
Wow , what a great informative presentation. Well spoken in plain language for all to understand.
Thank you !
There is a problem with Maximum Contribution. I contributed for 45 years. Some years I made substantially less than my average years. The years when I maxed out on contributions were less. Naturally as a youth in some of those years I was not in tune with the logistics and as such did not comprehend the later ramifications. At retirement I got the “average”. The government to this day do not inform workers when they have not made maximum contributions. There should be an option for those times so workers can “top up” the years they did not make max contributions in order to receive the max benefit in the end. As far as I know there never was or is this option.
Thank you so much, a great video. I am 62 and even though everyone tells me to take CPP now, it isn't about having the money sooner, it's based on how much I will receive each month at age 65. You helped to confirm my decision is correct.
I agree with you Andrew. The common thinking is to take CPP at age 60, but I think that is quite short-sighted. Especially as we are seeing signs of inflation, the increasing benefits that we will receive by delaying for a few years will provide more financial security in the long run.
At age 70, it’s 40% more….worth waiting for and it’s indexed.
Only take it early if you have very bad health
Great Video! Thanks for this very detailed Retirement crash course! Love to hear more of this Retirement and Pension topics
Thank you for all this info. Im 40 and this is all new to me. This stuff they should be teaching in highschool
Thank you, Jason. Agreed, this is high school material, but it's sorely lacking there. Thanks for watching. - Marc
Another great video Marc. Really appreciate the retirement series you are putting together - seems hard to find good sources of this info elsewhere (not much fun trying to figure it all out by reading the Government sites). 😊 Very much looking forward to your next video on alternative retirement income sources.
Just a short note to thank you for putting this very informative video on the different government pensions available to Canadians. I have looked at a few on TH-cam but yours rock. I think it’s due to the way you take time to explain the different features of each plan. I seen a few other videos but they sounds informal. It’s like they’re reading from a book. Yours is full of enthusiasm throughout. It feels like you are talking to us one on one. I just want to let you know that we all appreciate you taking the time to put kinds of videos for us. Thanks again.
thank you for laying it out so simply, just what I needed to know,
I took a day long class and took home a tonn of booklets. Didn't learn as much as this short video. Well done!
Thanks so much for taking the time to comment. I appreciate your support. - Marc
Excellent explanation, I always confused what are all these and how it works, now very clear. Thanks a lot.
Glad it was helpful, Abrar. Thanks for your support. - Marc
Super informative! Would be nice to have a video on Canadians who moved abroad for their carreer. Would also be nice to show an example of applyong for ccp when you have dual citizenships with another country.
Amazing Video! This was a very clean and concise explanation on how our Canadian pension works. I can't wait to continue to learn more about this.
Glad it was helpful, Joe. Lots to consider, and of course now they'll go and change the rules! - Marc
238 weeks to go (not that I'm counting, nor is my browser start page a countdown timer) - appreciate the info! Looks like I could be getting more than I thought.
😂 Enjoy your last 238! - Marc
Thanks for that great overview of the pension system, best and most detailed explanation I have heard.
Thank you, Tom. And Thanks for watching. - Marc
Thank you. Very informative video. Big eye opener for me. We retired to Mexico when my husband retired at age 65. I was only 53. We are Canadian citizens but residents of Mexico. I did not realize that there could not apply for OAS if I am residing outside of Canada during retirement. Interestingly that I can receive my CPP but not OAS.
Great video!
I think you could have added a bell chart to show people when or where to start collecting their CPP. I agree with what you said about it depends on your own personal situation, but people who draw too early, stay at that level, and waiting, could in fact give that individual more money. Based on your $1000 example, a 60 yr old gets approx $7200/yr, waiting until they are 65 gets them approx $12,000/yr, and 70 gets them $16,800 /yr. that person lives10-25 more years, you can clearly see on a bell graph chart where the lines would intersect and pass each other, to give an individual the best chance for the most money ( based on them living long enough as well)
However. Thank you for explaining this. I personally have always distrusted the government and feel the system works against the average middle class earner. Doing the quick math, my 39 years of contributing to CPP works out to approx $234,000. ( that’s just the money me and my employer contributed) If that money were put into my own account drawing interest from day one, it would have grown substantially. But being forced to pay into a system that most people will never have a chance of recouping anything close to what they have contributed just solidified my distrust of our government. There is a huge chunk of our population that didn’t get to work for an employer who paid into a pension. If they retire and get OAS and the avg CPP , would basically get about $1200/m taxed. Good luck living on that. I’m not into a socialist government paying people to live, but a system of honesty and transparency would better our society.
Sorry. Thanks for letting me rant.
And thanks for a very informative video !!!
Good rant... thanks for commenting. I like the idea of the bell chart, and will see if I can work that in when I do an update on this subject. - Marc
Rick, I'm curious about the "quick math" on your CPP contributions - are you near 60 years old? If so, then as Marc pointed out in the video, there is a Yearly Maximum Pensionable Earnings and that amount has changed every year. As well, there have been increases in the percentage of eligible income an employee and employer were required to contribute to CPP. For example in 1980 the maximum contribution for an individual was $212.40, plus the employer portion would double it to $424.80. So those who are at or near retirement age now, would have a total contribution amount of about $100,000 accounting for both the employee and employer contributions. And there is no need to do the math, Service Canada will provide you with a Statement of CPP Contributions either by mail or online through your My Service Canada Account.
If you are younger then it would still be worth getting a copy of your Statement.
I agree that people should have their own individual CPP but then the government would loose that revenue source because when you die your family does not get any of your CPP. So if contribute “200k” and only get paid “$40k” that $160k is kept by the government. You did mention 11 months after death paid out and $2500 death benefit but still doesn’t add up.
The problem is cpp is a disability, pregnantsy, serviver plan. Really good if you're sick, lame or lazy. 😲
Great video, being someone who had to retire abruptly & early I have spent days researching CPP, OAS & GIS. As a lower income senior it’s vital to understand the system including how to setup your income stream to draw the maximum government benefits. Cheers Rob
Comprehensive information. Very well laid out to understand! I’m forwarding this to my daughter who has just started her career.
Great video Mark! I love the thorough explanations. Keep up the good work, I’m always tuning in.
Thanks for your support, Perry. - Marc
Good! I was looking for something like this and finally I found it. Thank you.
Most helpful video on this channel so far, loved it. Awesome effort Marc and Brandon. Looking forward to more content. Sharing such insightful videos with friends and family too. Kudos
Awesome, thank you! We appreciate your support. - Marc
Great breakdown of all 3 Marc. Good to see others on YT sharing this info!
Yes! More retiring videos. I mean I’m 28 and newly starting my investment journey but I have a CPP and a work Pension and my own RRSP and TFSA. I wanna retire fairly early because critical care nursing is fufilling but tough for decades.
Great job on getting an early start. Sounds like you're headed in the right direction. - Marc
The best complete video I have seen on this subject. Only thing I would have liked to have been added is how the GIS is not the same for everyone, depending on how much your income is. Thank you so much for your time and knowledge.
Well done Marc. While I have applied for and receive CPP and OAS you provided an excellent refresher and raised questions I will pursue with research. Thank you! 😀
Hi Don. Glad this provided that base which you can fine tune to your own situation. Appreciate your support. - Marc
Very good video! Thanks so much for addressing this topic, Very well done! Even though these things seem confusing you made a great job of explaining them in an easy to get and very professional manner. Thanks again!
Thanks so much. I'm glad you found value in the video, and we appreciate you watching! - Marc
OMG Thank you so much. I am only 37 but in my journey to become more financially educated I came across this and thought hmm my parents are struggling right now and now I know its because they have not applied for the other incomes! I am going to get them on that right away! thanks again look forward to more of your knowledge!!
Question: I have 25 years of contribution for retirement in Brazil. It appears Canada has an agreement with Brazil about this manner. Is this contribution will count for CPP or AOS? Thanks for answering this question.
Excellent!!! Thank you very much! For your time and consideration !!!
I’m getting close to retirement and this seems to be a very informative video. A lot of information to take in so I’ll need to watch it several times. Great presentation, easy to follow. Keep it coming. Aaron from NovaScotia.
Thanks, Aaron. Really appreciate you watching and I'm glad it helped. All the best from one side of the country to another! - Marc
One of the most informative videos yet! LOVE IT! THANK YOU
Thank you very much. Appreciate your support. - Marc
Amazing video, thank you. My employment history in my 20’s would be better described as my unemployment history, and though I’ve more than turned my life around since then, I imagine that my goal of retiring at 55 won’t leave me with much of a cpp to draw from when the time comes.
Keep a working
And $1000.00 a month CPP is unrealistic.
Yes I watch the video till end ..thumps up to your videos also very informative..just arrived in Canada 2021
Welcome. Thanks for watching.
I started collecting OAS a few years ago. Since then my life changed in a positive way and my regular income went up . I now find I need to turn OAS off. Is it possible to do that?
If you want to cancel OAS payments, it has to be done within the first 6 months after you start receiving them. Based on your timeline, you wouldn't be able to do it. - Marc
Why
Chris, contact Service Canada. You can notify them of your income change.
@@peterrobinson1041He just told you why
@@peterrobinson1041 Why what?
Thank you so much for all the information. You are the best !
Thank you very much for this very informative video on CPP, OAS and GIS. It was very easy to understand each of these pension plans. I have bookmarked this video for future viewing and I will be sharing this on Facebook so my friends can watch it and learn this important information for when they retire. Thank you so much for this well thought out session every Canadian needs to watch. :)
Thanks so much Teresa. I really appreciate you sharing this, and hopefully others will benefit as well. Thanks for your support. - Marc
Wow, fantastic explanation! I’m looking forward to the next video.
Thanks, Larsen. Newest video in the series just out this morning. Check it out! - Marc
Can you explain more about what would happen to your benefit if you retire early, but elect not to CLAIM your CPP benefit until the normal retirement age of 65?
Question: how will it affect my CPP pension if I contributed for 20 years until age 55 and stop contribution(55-65 ) and plan to collect pension at age 65.
I think you need 39 Max cpp contributions through your working career
I have worked and processed the CPP. Good synopsis of this.
Hi Carole. Thank you for watching and taking the time to leave your comment. I appreciate that. - Marc
God bless you, amazing details that is priceless. Thank you so much.
👍. I have attended many workshop before retiring, this video is very well explained. At 28.45, stated split income is 65 or older, this is not exactly. If u are under 65 and receive a qualified pension income, u can still split income. I start receiving a defined pension benefit at 57. I qualify to split income with my spouse. As always, great video, Marc. Thanks
awesome video! very informative. i have few questions. 1. when u say full OAS, do u mean maximum OAS? 2. am I eligible for GIS if my spouse gets OAS but not full? 3. am I eligible for GIS Allowance if my spouse gets gis and oas but not full oas?
??
There is no way to answer this without knowing your other information. Will you have CPP, and how much? Do you have other savings such as RRSPs to make withdrawals from (these count as income and would lower any GIS)? Do you have a pension from an employer and if so, how much? Too many variables that you haven't provided.
Every Canadian should see this video - so informative! And in layman's terms. Thank you so much. We will go to Service Canada as well as you guided at end of this video - so good.
Thanks a lot, and I hope the SC tools help you out. - Marc
So well explained and solved all my doubts . Loved it! Thank you! :)
Glad you found this valuable, Carol. Please check out the follow-up video, just out today. - Marc
I must say that you helped me a lot in my college assignment. Thank you thank you THANK YOU.
Thanks Marc, great information. One question: if you have less than 40 years in Canada at age 65, would deferring the OAS by a year increase both the years eligible, as well as the percentage increasing for deferring?
Thank you, and thanks for mentioning that CPP = QC Pension plan
Thanks a lot sir for this exelent explanation about the cpp in canada.
You are most welcome, Leonardo. Thanks for watching. - Marc
Full marks to Marc for knowledge, expertise and presentation. Five stars ⭐️⭐️⭐️⭐️⭐️ for sharing knowledge for retirees communities
I’ve seen lots of videos about retirement and this is way the most detailed and clear I’ve watched. Very informative mostly for younger and those close to their retirements. There are some points that I clearly understand especially the GIS which I was not qualified. Thank you and looking forward for more videos….👍👍
Try collecting. I have been trying to apply for OAS for MONTHS!
Thank you for this video, can you also explain in another video RRSP and certain government employee pension plans such as OMERS for retirement?
That will be a big part of the follow up in this series. Thanks for watching. - Marc
From I figured out, it is a curse to receive more than 18 000 a year. It will prevent you from getting GIS 920 dollars a month. Thinking of quiting or severely restricting my working 8 years before retirement, and use RRSP, just so I can collect GIS.
Thank you now i understand how CPP program work this is very good knowledge
Can you elaborate on the additional child-rearing exemption? I looked at my contribution history for the 7 years from the birth year. While I worked most of those years, part-time, none met the max. contribution. Does the program add any/all of those years, Birth - 7, to the other lowest 8 contributory years (potentially 15 exempt years)? And if so, is the remaining benefit calculation based solely on the remaining contributory years?
Excellent presentation, thorough and informative to my situation, thank you for your expertise.
Thanks a lot for this! As someone whose parents separated and both decided to deal with retirement benefits very differently I already can see two examples but this definitely makes me understand better the mechanics of how it all works. Plus it gives me an insight into how the base benefits work. It's when you add other benefits where it gets complicated to understand what option is best, like in my case where I have already accumulated a certain pension amount with my employer plus owning stocks. But in due time I'll look into it with a professional, at least this gives us all a good start for comprehension :)
Thanks, David. Things can get complicated. Hope I can help out. - Marc
Thank you. The information and demeanour and presentation made this actually calming.
Thank you, Emily. That is very nice of you to leave that comment. Cheers. - Marc
This is a very comprehensive explanation of our pensions. Great work.
Basically based on what you are saying is I got screwed.
Here is the story:
I worked in the forest industry most of my life since the age of 16 (started in 1976).
We had a union pension plan. I get $1200 and change when I retire and pull it in 3 more years.
You said in the video that low income earners get GIS.
This is going to be the equivalent of my union pension. If I didn't get my union pension I would qualify for GIS too.
The govt just screwed everyone who paid into their own pension plan and all those losers on welfare get a top up equivalent to my union pension that I paid into most of my life.
WOW what a sick country we live in.
great video...as a "younger" old guy (approaching 50), retirement is becoming more in focus every day. Thanks for the info!
Great video on CPP, Marc! It would be nice to see how the CPP is affected by other pensions such as a teachers pension plan or other RRSP withdrawals. Thanks!
Coming soon in the next video in this retirement series. Stay tuned! - Marc
Thanks for the information, description of every steps is understandable, it has been explained very well. I will link your channel to friends and co-workers. Thanks again.
Hi Malena. Thank you very much. - Marc
Thank-you. You did a great job explaining everything. Keep up the good work. 👍
Thanks, TW. Appreciate your comment. - Marc
This video is quite awesome! Thanks for explaining about the pensions.
My pleasure, Fernand. Thanks. - Marc
Very educative
I would appreciate an example of when a person starts late in joining workforce let’s say age 50.
You're screwed
Regardless, we all are screwed if we are depending on this Mafia type government. prepare your own retirement.
Amazing video Thanks a lot. Utube is the best channel with wide variety of subjects
Watched and liked, thanks for taking the time! Super quality content, and learned some things I wasn't aware of! Excellent video and audio quality as well, except for hands on the desk causing some occasional bass pops. Perhaps the mic could be set up as freestanding, or attached to a different structure other than the desk?
Thanks, Jason. I'm looking at a different mic setup, and I appreciate you providing your polite, constructive criticism! Or as I think of it, areas in which there is room for improvement! - Marc
Well explained! Thank you so much for sharing this information, I feel like there’s a lot of nuances that many people are not aware of. Super helpful, thank you!
It's honestly an absolute travesty and shame that this and Canadian tax law in general, is not a required credit in high school
They just want lots of good workers
Can you please answer this question:
Can you apply for and receive all 3?
Can you be on CPP, OAS and GIS all at the same time?
Interesting content and helpful.
Question: for OAS - is the amount based on just the one year income prior to turning 65?
Maybe getting a minimum wage job for a year when one turns 63 makes sense 😀
Hi. OAS is unrelated to income, it's based on your years living in Canada. - Marc
@@beaviswealth wasn't there a claw back based on your income though? I was kinda confused about this as well. Something like if you made about 128k you get nothing for OAS correct?
@@gladeous4161 you're right but at $ 128,000 you won't need it.
This is an excellent information that I was looking for and I got clarification in all topics. Thank you Brendan and Mark