Yeah great to know for us guys who have barely worked a day in our lives (that went into any type of CPP payment) who had supportive parents now into our fifty's who have a bit of cash on the side looking at our retirement futures! cheers.
I appreciate the slower talking, it’s a lot easier for it to sink in and process. Also better for the people that may be a bit older who don’t have the best hearing 😊
I worked professional from 1975 to 1994, staying at home to raise my children. In those days, unless you were a wages weren’t the greatest for administrative positions. My pension is $436 & old age about $650. My home does not have a mortgage. If I wasn’t married I COULD NOT afford to stay in my home, or would have to keep working until I die. I know there are veterans & seniors living on much less, & our government DOES NOT CARE! Instead of sending foreign aid, the government SHOULD ensure that pensions support the REAL WORLD!
@@-Ordinary-Average-Guy I’m not saying the government owes me or anyone else a living. My point is with the policies of the IDIOT at the helm, retirees & veterans whose pension doesn’t go very far are having a very tough time & many have lost their homes.
Women everywhere suffer after divorce. Good news If you divorce your husband you can apply to split his CPP with you. I worked about the same as you and get $1172.00 on CPPD which I would not have without his income. I will be 65 in September and get a reduction of CPP and increase in OAS
I agree! I worked full time in Canada and paid taxes 25 year. My cpp is 474. Clearly I can’t retire here. I would’ve have more not working a day in Canada. Shameful.
I was born in Canada. I am 78 years old. I get CPP 205.46 and GIS $1754.14 I contributed to CPP for 14 years. I have been alone for the past 25 years, so no other income. So, the total amount I get is $1959.60 per month and it is not nearly enough to actually pay basic living expenses here on Vancouver Island... I can't live on this and I have no money to buy clothing or to eat well as I struggled all my life and have little to no savings. I have to make this income work so I have had to start selling my own personal jewelry and other personal items just to be able to buy food.
Are you not getting OAS? If not, why? I suggest you move to a country that has pension agreement with Canada government so you will still get every cent you supposed to get for your retirement benefits. Look at the Canada government's list of foreign countries with Canada pension agreement, there are many such countries with much lower cost of living, in some of those countries you can live like a queen or king on less than Canadian $1,500! If you like warm countries then you have even more choices, if you like Europe then it has a few countries that may be ideal options because of their lower cost of living for Europe. In any country, just need to becareful not to trust anyone you don't truly know. Be smart and always on alert. I wish you the best.
@@Anonymous------ Yes. that is my OAS... I have researched many countries, but I will be 80 years old next year and it is not feasible to move. It costs a lot of money just to move down the street, never mind to another Country. Also I live on an Island. I don't want to move where I don't know anyone at all, and could not find any place that is truly cheap to live. I even looked into Mexico but I could not get a home there for the price I could get for my home here. I looked at a lot of places in Mexico. I used to live for nine years in Spain, but now it is even more costly to live there, I could never afford to move to Europe.
@@Dakiniwoman I agree, you must not risk your personal safety; Mexico is dangerous especially for an old person, unless you know people there who are 100% reliable you can fully trust. I am not sure if Mexico has a pension agreement with Canada, if it does and you have no problem living in Mexico then there are a few comparatively safe towns you may live at. You should be able to find a place in Mexico to rent for less than C$500/month. You shouldn't worry about buying a place, renting is much more flexible. If you have too many things that prevent you from moving, maybe think about getting rid of most that you don't really need, sell or give them away. I heard Cristobal town in Mexico is decent, cheap and has a cooler climate, check it out. If you want to stay in Canada, there are some remote little towns with cheap rent, some towns are decent and are close to nature. If food cost is too high for you, try replacing meats partially with beans. You can get 10 lb bags of beans cheap from Walmart, this is how I save money on meat. Amazon has a large selection of canned foods, nuts, toiletries, shampoo, toothpaste, etc; most prices are about 25% lower than at supermarkets. If Amazon doesn't have company delivery in your area, it offers free shipping if the order is over $25, usually deliver by Canada Post.
@@Anonymous------ Thank you for your thoughtful, advice. Yes, I did think seriously about going to a good place in Mexico, but the Mexican Government does not give a Visa if you can not prove a much bigger secure income than I have. I have looked into it quite extensively. I have been using Amazon for some purchases, especially for cat food as it is much easier to have it delivered. I have a home full of beautiful art works and personal items I inherited, so I am actually selling off some of those to be able to buy food these days. I am a survivor, so I will be okay. I have been selling my personal jewelry also to be able to meet basic living expenses. It all works out. I think for sure I have some Angels watching over me. Thanks again for all your advice. Wishing you a Blessed Easter.
@@Dakiniwoman Everything will work out, maybe not perfect but still well for good people. If you sell on platforms such as eBay then you may want to buy and sell to earn some more money, or make your own jewellery and sell them online. I used to do that over a decade ago and made very good money, in 6 digits per month with eBay, but now I don't want to do that due to the stressful work and strict rules. Regarding Mexico you may try to extend the visa or simply go to a neighboring country for a day trip and then return to Mexico, not sure how easy it will be they let you back in, but in Mexico giving some "coffee money" to some government officials can get things done for you, it's normal way of life there. From Mexico you can go to Cuba for a few months and then back to Mexico, airfare was normally very cheap, I don't know how much it is now. I flew from Mexico to Cuba and stayed there a few months, then flew back to Mexico, without any problem. I think airfare was around C$100 one way, so doing that once every few months between Mexico and Cubs is still very economical. Once you're in Cuba you can rent a place for C$100/month, eat at government restaurants for about C$2 per meal, or buy food at government outlets at extremely cheap prices, if you can find out where the outlets are. For example a kg of bananas is about 25 cents Canadian; a foot-long mackerel fish is about C$1; uncooked dried rice and beans 50 cents per half kg; good quality real cheese C$4 per kg; large mangoes in season 50 cents; large avocado 50 cents; fresh produce is mostly dirt cheap when they are in season. Life in Cuba is spartan and has little food selections and materialism, but people there are not depressing or stressful, in fact I find it too peaceful. You may find a place near the nature for C$50/month or even free. The average monthly salary in only C$50, most people don't earn over C100. Most Cubans are good people unlike people in other countries in the Caribbean and Latin America. Cuba is a very safe country, just be on alert for a few liars and scammers, but Cuban people are mostly decent and peaceful. I personally like to retire in Cuba but I want to live permanently in a country where I don't need to leave within months. Cuba has no pension agreement with Canada. By the way, as I know, medical care is free in Cuba. I went to a hospital for emergency treatment of a bee sting, it was totally free, the prescription medicine was only about 50 cents Canadian.
As an individual pensioner who has worked hard in Canada for my whole life and receive just enough pension money outside of OAS and CPP to completely eliminate any GIS, I feel that I have been and continue to be cheated.
Try to make it as easy to understand as possible. Some people need to speed me up a bit and that’s fine. Most of this stuff is easily understandable, but there’s so much to put together and useless excess information that it makes it seem way more complex.
I have dislexa I worked at the time when I got married. Had 3 kids 1 had Autism and the other one has Scisorena. I'm a widow I'm on CPP DISABILITY GOT inherent his mom died a year later.So l wonder how would that work the CPP ,GIS,OAS? I'm 56.and I own my house out right
Welcome to the socialism. I have been in Canada for 50 years. After working and saving in all my life, now that I am retired and I’m still paying 30% of my income to CRA and have the OAS crawl back down to almost nothing.
The assumption there and the hope would be that if you are a married couple who both made above average income for their entire working lives, they would have some money saved to increase upon this amount.
I'm 67. The GIS is not possible for some retirees, because of other pensions, etc. Since those that receive GIS do not declare it as income, it is therefore an exemption. Everyone 65 and over should have that max GIS amount as an exemption, added to the personal exemption in filing yearly income tax returns.
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert.
A good number of people discredit the effectiveness of financial advisors in exploring new markets, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $1.2m in gains… might not be a lot but i'm financially secure.
My CFA ‘Grace Adams Cook’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
New subscriber! There's is nothing wrong with how you speak. You speak in a way so that your listeners can understand. Don't get me wrong, I am a pround Canadian. Born and raised in this country. But, the way Canada is giving away money to other countries, and being irresponsible in other ways, I am concerned that these figures that are currently in place will not be the case when I am ready to retire in 15 to 17 years! I am trying my best to take care of my savings so that at 65+, I won’t have to worry about getting up early to go to a job that I don't love... like I do now. More and more, I am feeling like the rules are going to have to change at some point, and not for the betterment of Canada's citizens. Just my concern. Thank you for your very informative video! ✌🏾
Very simple solution my friend, get rid of Liberals. Spread the word in your demographic, it's not my imagination. Canada under Harper in it's best year had a $89 billion balance of trade surplus with USA, how far under water are we now? It won't do me any good to look.
So what you are saying is it is better for my spouse and me to get a divorce but share a household... LOL. Good thing we will not be able to collect GIS. This is all good news for people I care about who are not in my spouse's and my position. I have already shared this with a couple of them, but I was watching it as a refresher as I have people now and again worried about old age and whether they can ever retire. While they may not eat fancy schmancy KD they can still get the off-brand. Thank you for everything you and your team do for us little guys, Kent. Cheers!
Before you said anything about slow talking I wrote the friend who sent me the link and said like his slow talking no need to rewind, and I made coffee and toast while watching!! Thanks for the great info.
It is such a farce, cpp is considered income which is ridiculous. Every year you get a slight increase and the landlord takes it. That isn't fair on single people and widows. Not enough, worked over 45 years
I am working in Canada only 29 years . I am 65 years old and receive only $465 federal pension and 244 from Quebec. I guess I will work till I "pass out" the rent here in Montreal is higher as $1.200 .House for senior is going to illegals and refugees. So, I can see myself living in my car. For me is ok if you speaking slowly , I can understand better.Thank you
The OP is just spouting lies he heard from the Right Wing fanatics of the Conservative Party. When will old people start using their brains? I'm 64, but I can see realty, and I don't see how people get hoodwinked by the Right Wing.
The chart you are using is only based on someone starting at 65. For each month after age 65, you will receive an additional 0.6% up to 36% at age 70. The rate table changes if you are 1)single, 2)married both in pay for OAS, 3) Married with a spouse between 60-64 eligible for OAS allowance, 4) Married one in pay with spouse not eligible for Allowance. 5) Survivor allowance. There are a few other scenarios, but these are most common
GIS doesn’t increase in the same way OAS does. It is income based and has nothing to do with age. At the beginning of the video, I defined “retired” and “Canadian,” in quotation marks so that I didn’t have to get into the minutiae of the programs in this video.
@K4Financial understood, just referencing the rate OAS will increase based on deferring. GIS rates and the upper income threshold however can change depending on years in Canada after age 18 up until 40 years present in Canada
KENT, i am an accountant in rural sask, I have met many people, who have never worked one day, ZERO , cpp, like not a penny. many many people, i think you missed two or three main points, because I see these people every day. firstly Alberta and Sask are quite generous with the provincial supplement amounts. the Alberta Seniors Plan and the Seniors Income Plan, secondly you have to discuss credits, the gst and carbon tax has to be added to your totals. the third point is TFSA. I can give you an example, where a guy for various drug reasons never worked, he retired at 65 and his old mother died and left a house for him, he now has a house, and a max out TFSA earning income and no deductions from all the social benefits. I calculated that as a single person with a paid off house never worked a day in his life, has a max out TFSA generates $2900 net no tax per month, he is 66 now. You would be surprised that this the base case, and I see many many single and married retired couples who dont make that after working a lifetime.
Where is the TFSA coming from? I assume that if he never worked in his lifetime he would not had any income to max out his TFSA. Perhaps he was a beneficiary of his mom's TFSA. On the other hand I agree with you that the GIS and other social benefits in Canada are not distributed fairly. With all the additional benefits like rent subsidy, almost free public transportation, GIS, etc. a senior who never worked might have more spending money than one who worked their whole life. I lived and worked in Canada 31 years and receive 4 pensions: federal government superannuation, foreign pension, CPP and OAS. I don't qualify for a GIS. If I had to pay $2,000 for a studio in Vancouver I would have much less than a friend who didn't work in Canada one day.
There’s a pretty compelling argument for young people at the age of 18 to max out their TFSA contributions and not contribute to a pension or RSP. Buying market based ETF’s (S&P, TSX60, DOW, etc), from age 18 to 65 in a TFSA will greatly put you ahead at the end of the day. All of that wealth can never be taxed and you won’t have to deal with RSP to RIF conversions and max/min withdrawals. You’ll basically have zero taxable income (obviously you convert your holdings in the TFSA at 65 to a stable dividend based ETF and/or dividend paying securities) and you’ll get maximum payments of GIS, OAS and of course your CPP.
Here’s a question, I live in a geared to income retirement building with many a person whom definitely are not Canadians yet they have cars which they can insure, plenty of money for shopping yet haven’t put in one day of work while in this country. How does that happen?
I appreciate your work on this, but I simply cannot believe that some lazy jobless-for-life tool will earn $1784 a month at 65 years of age while hard-working folks who spent 40 years earning minimum wage, paying CPP and other never-ending taxes, and working wretched 40 hour work weeks, will earn nowhere near that amount. Absolutely disheartening.
Exactly, this is very discouraging, to work all your life, and the system tells you you get this and that if you retire at work at 60 or 65, in the meantime someone who had never worked in their lives get even more than those who worked so hard and contributed to the economy of the country. This has to change. it is not fair for those who worked
I asked my finial advisor at RBC, how is it possible to get the max CPP amount as stated on Service Canada website? She said "if you worked 40 years and earned from day one at LEAST 60K per year, then yeah you get the maximum." My partner worked for 35yrs and receives $800/mth, he's currently collecting OAS and has a defined pension so no GIS applies here.
Not all work is paid, many jobs don't get pension. No money does not mean you didn't contribute. Not everyone whose wealthy works either. What I don't get is anyone living here 4 years over age of 18 gets a full ride.
@@wrongwayconway Your RBC rep seems to be wrong. Back in '87 you would only need to make $28k to have a "max" input for that year. In 2004 it was about $40k. It wasnt until around 2021 that it hit $60k. Those numbers are the YMPE (Yearly maximum pensionable amount), and it increases each year. If you hit the YMPE for 39 years in between 18-65, then you get the max CPP at 65. Interestingly, you only need to hit 35 years worth of YMPE in between 18 and 60 to hit the max CPP at 60 (but you do get the 36% hit for taking it at 60 in the first place). $800/mo is pretty good if your partner took it at 60. The current max at 60 is about $875.
Several years ago before I retired I went to a Service Canada office to get a better understanding of potential benefits. Their response was to go and get this information from my bank. I don't know if this has changed but it makes no sense at all.
@@richawoman good to hear. I shouldn’t have made such a blanket statement, but the knowledge level and helpfulness is more dependent on the person who you interact with.
I've read about retirees getting "divorced" so that they can get a higher amount as two "singles" vs 1 "couple" - Desperate times call for desperate measures
Well. What about having 4 kids on purpose? If you are father with one minimum wage job, gets like 3,000 in child tax benefit, and momy gets to stay home raising kids. We chose that instead of my wife flipping hamburgers at night to survive.
parents never married. turn master bedroom of manufactured home into suite for stepdad (bathroom closet is kitchenette), 'discrete' door to backyard (not registered).
As a 71 year old Canadian I receive via Scotia Bank 864 Canadian dollars per month living in Nicaragua full time. The currancy here is Cordoba. To receive them at the Atm those Canadian dollars are first converted to American dollars then into usable Cordoba. The U. S. A is taking 35 percent of my money before I can get it. What am I doing wrong.
I only get 745.00 from cpp and oas. Thats it! I qualify for the gis. But even that will be hard to live on now. I calculated taxes and utilities on my home and realized l had to sell if l wanted to eat. I considered buying a condo but l calculated dues and taxes would soon eat into my saving and my pension. I moved to the philippines. I still get my oas and cpp but l cant get GIS. I have to live a simpke life here, but its better then canada plus summer year round.
Anyone over 50 is being medically and financially targeted for early termination. No country for old men, families are too fractured and or stressed to make time to care. I think the verdicts in on modern dystopia, it's inhumane and humiliating.
For the years of paying CPP and overall taxes, these government amounts are a complete joke for someone who is single or with a spouse. Time to leave Canada.
Hello Kent, Your teaching is great, speech is fine. What about using a board with the numbers , simple demo etc, instead of using your hand gestures. It is easier to retain info when it is seen as a visual....easy to remember....the tables are helpful but have to take time to follow contents , thanks for taking time to help educate many....
I'm not from where you get the 40 years residence requirements. According to the official website, you need to be 10 years resident in Canada if you are living in Canada. Or 20 years resident in Canada if you live outside of Canada
@@lovecandles5672 Would you know as well if the 'minimum' a senior in Canada should be getting is around the $1700 mark? Thank you! I didn't find there was a clear answer about this in the video!
@@tamarap387 you can just google the government of Canada website, they have most of the info listed there. it depends how much money you have, how long you have been in Canada, your income before the retirement, it all depends but i think the minimum everybody should get is around $1,500
Great information but frustrating to see the numbers when I've worked all my life and can't claim GIS because I get QPP which I and my employer paid into.
That’s just the minimum. Even if you get maximum CPP and OAS, you will still get some GIS. Your benefit will be higher and you can structure it to your advantage.
I believe it would be best if Kent did the research first about the OAS & GIS so that this video is not a guessing game...But the effort is appreciated!
Well this is not quite correct. Born in Canada. Worked full time until partner got very ill then worked part time on and off for 20 years then retired at age 60 was 'awarded' a pension of $189/mo. Was denied was at age 65 because husband's pension, combined with mine was over $40,000 per annum. So why I am not treated as an individual Canadian but a sub-set of my husband? Would I get better benefits if we did not combine our incomes on our taxes?
With the deterioration of our healthcare system - expect our lifespan to drop - as well as the standard of living - this in turn will create an overall decline in incomes - across the board… / so old age pensioners can expect a higher payout - down the road
I have been a Canadian all my life as well my wife. What I would like to know in our case what is it happening? Also if I may add my wife has a better pension than what I get personaly and we are living with a certain budget and we have been mary to 49 years that would be in the 9th. of August next month. Are we in title to one like GIS and OAS both of us? Tell us please if you can which of the two are we in title are we aloud to get. We are so mixte up as you are.
Love your videos and find it very helpful as I start my retirement planning. Just being picky.... can you clean your video camera lens (both front and rear element) as well as the camera sensor? There are many dust spots in the video that is characteristic of sensor dust.
Haha, I love comments like this, where people act like I’m some sort of government agent who has some sort of reason to lie to people about how our pension plans work. There is a reason why you are not getting what I spoke about, for which I could provide a simple explanation for, but not without knowing what your specific situation is.
my husband died I GOT MY WIDOWS PENSION but when i WAS INTITLED TO my cpp and old age pension they gave me my widows pension but they said i did not get old age and widows pension so they gave me widows pension but nothing mor when i went to get my taxes done the said i have cpp and old age pension but wher is my cpp or widow pension ?
So I gather that 'couple' means a 'household' i.e. same residential address? How can this be verified by govt? There may be 2 roommates or 3 or 4. There can be co-habitation agreement. I had a senior friend share a house with 3 other seniors. Also, a person might cleverly decide to use a different address as principal residence even. It seems to be an un-enforceable rule. I am pleased to hear you have an affordable consulting offer for seniors. I'm 62
My wife will be 65 soon been in Canada for 43 years. We just got he cpp gis. Etc assessment. She is entitled to $8. A month. Is what the letter says. Right from gov of Canada He has not worked as she raised the children. Etc
We have to accept it....afterall we must provide our political leaders with bulletproof retirement pensions and salary increases to overcome inflation and more. It's a sacrifice but we have no choice.
I im on disability and soon I will turn 65 year old. Living in Canada for more then 20 years. How much I will can have when I will turn at 65? I have cpp disability . I am single, divorced 23 years ago. I have no house, car or other investments.Thank you
Your CPP-D will switch to CPP, which will be an amount that you can find on your service Canada portal. Then you’ll get OAS and an amount of GIS, which will be reduced by a factor related to what you get from CPP. Probably about $2,000/month
@@roel4450 that information is really hard to find. I would not be sure of how they calculate her GIS based on her residency. She may be entitled to full GIS, her CPP and partial OAS. I would guess it would be close to $2,000.
So.....what is the max entitlement for a person who has avoided paying taxes their whole life, has never paid into any pension plan and owes hundreds of thousands to Revenue Canada? I know a fellow who falls into this category...
I believe you can only be outside the country for 6 months (not necessarily needs to be consecutive)...to still receive the GIS. OAS you just have to apply for that to be received outside the country. (At least that's my understanding from reading).
I am 79 my penxsion was 14.140 per month, i though i would get an increase in july of 24, but instead of an increase they tookmy 0as back to 13,000 and canot understan why, i paid taxes for many years, so i dont know
Sounds like I'll be ok when I retire with a paid for condo and monthly fees that include property tax & water for only $500. Cellphone & internet are under $100. Electric under $50. I could survive ok on just $1200 a month. But I can live an extra great retirement if Bitcoin goes up.
I am turning 63 this year coming. I was born and raised in Canada all my life. I would like to retire in warmer weather due to my back injuries and live in USA. I was retired from Federal Government in 2017 - due to an accident on the job (Statistics Canada). I was retired medically in 2017 and was able to get CPP early without penalty. So being medically retired would I be able to move to USA earlier then 65 years old,
Greetings from suddenly crappy London Ont. Thank you so much for your efforts . I really appreciate all the great information. Also I really dig that you talk so slow... Between all the xanax that I need to eat just too deal with this place after 8 years of Justin's ridiculous nonsense & the brain damage from all that hash in the 80s... Totally works for me ! Cheers !!!
I applied for oas and gis after 65 , why do they add these two together , and I only get the minimum payments witch is 1400 .00 per month and that includes cpp . ? I thought these payments were paid separately.
My cpp is 533/month and oas and gis combined are 957/ month so it is about 1500 per. Month . No exe does not get any and this is all I have for income.
And who can live o n $1764.69? I get the max and I have self employed income under the limit and I barely make it month to month. I'm single and live in my shop, but I could never make it if I had to pay two rents (shop and home). I don't have $500 to pay an analyst . I have to pay a pediatrist for my buggered up foot, drugs that I used to get free on AISH I now have to pay for. Dental was also covered under Aish, but because I turned 65 they took away my AISH! Tell me anyone on AISH that can retire at 65? CPP?? That's a joke!
Problem is if you are working and collecting OAS you are taxed on the total income so that will reduce your actual OAS and if you are collecting a job pension and RRSPs they are all also a txeable income. One of those incomes or more will definetly go to taxes alone.
If you geting max OAS it mean you are born in Canada or came as child if you geting max GIS it mean you are single and newer work in Canada($750+$1050=$1700) but say you came to Canada 35 yers old with family, work for 35 years for $2000-$4000 per month pay taxes you will get avrige Canadian pension of$750, OAS$530 and GIS $500 (since you have working pension you can't get maximum GIS) so total $1780😮.So it seams it is better don't work in Canada since after 65 yers most persons working or not will have almos same pensions. I ❤ Canada country of opportunity.
How long do you physically have to be in Canada to get credit for a year? Example. If I work in Mexico for 3 months a year do I still get credit for a year?
So, working my whole life never been on unemployment I'm getting maybe 20K in a year while I was ripped off for more than half of my income in taxes and other crap?
So my is 22 years in Canada since 2009 citizen my CPP since 2 years now 65 old and get $189.50 a month 😢😢😢when I applied 2 years ago during pandemic, agent advise to wait for to be 70 old, I answered then I am dead 😢😢
I know retirees can delay their CPP until 70 and collect GIS along with their OAS until the CPP kicks in. Can someone over 65 delay both CPP and OAS and collect strictly GIS while reaping the benefits later on for the CPP/OAS delay?
Thank you for this info Kent. This is comforting to know!
You’re welcome 😊
Yeah great to know for us guys who have barely worked a day in our lives (that went into any type of CPP payment) who had supportive parents now into our fifty's who have a bit of cash on the side looking at our retirement futures! cheers.
@@tjh3744 My drug dealer ex husband will be thrilled!
This is all BS. Nothing but a scam.
I appreciate the slower talking, it’s a lot easier for it to sink in and process. Also better for the people that may be a bit older who don’t have the best hearing 😊
Thanks Brooke 😊
I agree 100%. It seems to be the "style" for TH-camrs to talk really fast. I find it very difficult to follow and understand. Thanks Kent!
Slower is OK, but does it have to be monotone?
You can slow down the speed of videos in the settings
I worked professional from 1975 to 1994, staying at home to raise my children. In those days, unless you were a wages weren’t the greatest for administrative positions. My pension is $436 & old age about $650. My home does not have a mortgage. If I wasn’t married I COULD NOT afford to stay in my home, or would have to keep working until I die.
I know there are veterans & seniors living on much less, & our government DOES NOT CARE! Instead of sending foreign aid, the government SHOULD ensure that pensions support the REAL WORLD!
Why should the government care?
No disrespect, but what makes you believe the government owes you a living?
@@-Ordinary-Average-Guy I’m not saying the government owes me or anyone else a living. My point is with the policies of the IDIOT at the helm, retirees & veterans whose pension doesn’t go very far are having a very tough time & many have lost their homes.
Women everywhere suffer after divorce. Good news If you divorce your husband you can apply to split his CPP with you. I worked about the same as you and get $1172.00 on CPPD which I would not have without his income. I will be 65 in September and get a reduction of CPP and increase in OAS
B.S. not in my bank
I agree! I worked full time in Canada and paid taxes 25 year. My cpp is 474. Clearly I can’t retire here. I would’ve have more not working a day in Canada. Shameful.
I was born in Canada. I am 78 years old. I get CPP 205.46 and GIS $1754.14 I contributed to CPP for 14 years. I have been alone for the past 25 years, so no other income. So, the total amount I get is $1959.60 per month and it is not nearly enough to actually pay basic living expenses here on Vancouver Island... I can't live on this and I have no money to buy clothing or to eat well as I struggled all my life and have little to no savings. I have to make this income work so I have had to start selling my own personal jewelry and other personal items just to be able to buy food.
Are you not getting OAS? If not, why? I suggest you move to a country that has pension agreement with Canada government so you will still get every cent you supposed to get for your retirement benefits.
Look at the Canada government's list of foreign countries with Canada pension agreement, there are many such countries with much lower cost of living, in some of those countries you can live like a queen or king on less than Canadian $1,500! If you like warm countries then you have even more choices, if you like Europe then it has a few countries that may be ideal options because of their lower cost of living for Europe.
In any country, just need to becareful not to trust anyone you don't truly know. Be smart and always on alert.
I wish you the best.
@@Anonymous------ Yes. that is my OAS... I have researched many countries, but I will be 80 years old next year and it is not feasible to move. It costs a lot of money just to move down the street, never mind to another Country. Also I live on an Island. I don't want to move where I don't know anyone at all, and could not find any place that is truly cheap to live. I even looked into Mexico but I could not get a home there for the price I could get for my home here. I looked at a lot of places in Mexico. I used to live for nine years in Spain, but now it is even more costly to live there, I could never afford to move to Europe.
@@Dakiniwoman
I agree, you must not risk your personal safety; Mexico is dangerous especially for an old person, unless you know people there who are 100% reliable you can fully trust.
I am not sure if Mexico has a pension agreement with Canada, if it does and you have no problem living in Mexico then there are a few comparatively safe towns you may live at.
You should be able to find a place in Mexico to rent for less than C$500/month. You shouldn't worry about buying a place, renting is much more flexible.
If you have too many things that prevent you from moving, maybe think about getting rid of most that you don't really need, sell or give them away. I heard Cristobal town in Mexico is decent, cheap and has a cooler climate, check it out.
If you want to stay in Canada, there are some remote little towns with cheap rent, some towns are decent and are close to nature.
If food cost is too high for you, try replacing meats partially with beans. You can get 10 lb bags of beans cheap from Walmart, this is how I save money on meat. Amazon has a large selection of canned foods, nuts, toiletries, shampoo, toothpaste, etc; most prices are about 25% lower than at supermarkets. If Amazon doesn't have company delivery in your area, it offers free shipping if the order is over $25, usually deliver by Canada Post.
@@Anonymous------ Thank you for your thoughtful, advice. Yes, I did think seriously about going to a good place in Mexico, but the Mexican Government does not give a Visa if you can not prove a much bigger secure income than I have. I have looked into it quite extensively. I have been using Amazon for some purchases, especially for cat food as it is much easier to have it delivered. I have a home full of beautiful art works and personal items I inherited, so I am actually selling off some of those to be able to buy food these days. I am a survivor, so I will be okay. I have been selling my personal jewelry also to be able to meet basic living expenses. It all works out. I think for sure I have some Angels watching over me. Thanks again for all your advice. Wishing you a Blessed Easter.
@@Dakiniwoman
Everything will work out, maybe not perfect but still well for good people.
If you sell on platforms such as eBay then you may want to buy and sell to earn some more money, or make your own jewellery and sell them online. I used to do that over a decade ago and made very good money, in 6 digits per month with eBay, but now I don't want to do that due to the stressful work and strict rules.
Regarding Mexico you may try to extend the visa or simply go to a neighboring country for a day trip and then return to Mexico, not sure how easy it will be they let you back in, but in Mexico giving some "coffee money" to some government officials can get things done for you, it's normal way of life there.
From Mexico you can go to Cuba for a few months and then back to Mexico, airfare was normally very cheap, I don't know how much it is now. I flew from Mexico to Cuba and stayed there a few months, then flew back to Mexico, without any problem. I think airfare was around C$100 one way, so doing that once every few months between Mexico and Cubs is still very economical.
Once you're in Cuba you can rent a place for C$100/month, eat at government restaurants for about C$2 per meal, or buy food at government outlets at extremely cheap prices, if you can find out where the outlets are. For example a kg of bananas is about 25 cents Canadian; a foot-long mackerel fish is about C$1; uncooked dried rice and beans 50 cents per half kg; good quality real cheese C$4 per kg; large mangoes in season 50 cents; large avocado 50 cents; fresh produce is mostly dirt cheap when they are in season.
Life in Cuba is spartan and has little food selections and materialism, but people there are not depressing or stressful, in fact I find it too peaceful. You may find a place near the nature for C$50/month or even free. The average monthly salary in only C$50, most people don't earn over C100.
Most Cubans are good people unlike people in other countries in the Caribbean and Latin America. Cuba is a very safe country, just be on alert for a few liars and scammers, but Cuban people are mostly decent and peaceful. I personally like to retire in Cuba but I want to live permanently in a country where I don't need to leave within months. Cuba has no pension agreement with Canada.
By the way, as I know, medical care is free in Cuba. I went to a hospital for emergency treatment of a bee sting, it was totally free, the prescription medicine was only about 50 cents Canadian.
I would love to see the politicians live on minimum oas
Pigs at the tax payers trough
I'd also like to see them fighting on the front lines of all the wars they fund with our taxes without asking .
As an individual pensioner who has worked hard in Canada for my whole life and receive just enough pension money outside of OAS and CPP to completely eliminate any GIS, I feel that I have been and continue to be cheated.
combien ca vous fait.....
moi je touche 900 can....??
I appreciate the fact you don't fly through the information. It greatly helps with understanding it. Thanks, very interesting.
Try to make it as easy to understand as possible. Some people need to speed me up a bit and that’s fine.
Most of this stuff is easily understandable, but there’s so much to put together and useless excess information that it makes it seem way more complex.
I have dislexa I worked at the time when I got married. Had 3 kids 1 had Autism and the other one has Scisorena. I'm a widow I'm on CPP DISABILITY GOT inherent his mom died a year later.So l wonder how would that work the CPP ,GIS,OAS? I'm 56.and I own my house out right
@K4Financial
and we greatly appreciate you organizing and putting forth this information for others Kent 🙏
$2700/cpl who has never worked vs $3500 for a couple that worked all their lives ($1400 OAS + 2kCPP)...somethin ain't right.
Welcome to the socialism. I have been in Canada for 50 years. After working and saving in all my life, now that I am retired and I’m still paying 30% of my income to CRA and have the OAS crawl back down to almost nothing.
The assumption there and the hope would be that if you are a married couple who both made above average income for their entire working lives, they would have some money saved to increase upon this amount.
If I would have known this I would have been a surfer 🏄♂️ dude until retirement
@@elchaposexcitingadventures1674 haha, except you had to live in Canada for 40 years. But I like the idea
When my husband died I got 2500 benefit and half of it was taxed back
I'm 67. The GIS is not possible for some retirees, because of other pensions, etc. Since those that receive GIS do not declare it as income, it is therefore an exemption. Everyone 65 and over should have that max GIS amount as an exemption, added to the personal exemption in filing yearly income tax returns.
I am currently in my 50s and This is no time to taper retirement savings. I want to max out my retirement contributions and I also have another $200k in a savings account that i want to invest in a non-retirement account. Where should I invest it now?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert.
A good number of people discredit the effectiveness of financial advisors in exploring new markets, but over the past 10years I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $1.2m in gains… might not be a lot but i'm financially secure.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My CFA ‘Grace Adams Cook’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
I appreciate that you speak slowly - it gives me time to think about what you're saying, so thank you.
At least you have to give credit to this guy who gave us information concerning your benefits as a retiree ,be thankful.
New subscriber! There's is nothing wrong with how you speak. You speak in a way so that your listeners can understand. Don't get me wrong, I am a pround Canadian. Born and raised in this country. But, the way Canada is giving away money to other countries, and being irresponsible in other ways, I am concerned that these figures that are currently in place will not be the case when I am ready to retire in 15 to 17 years! I am trying my best to take care of my savings so that at 65+, I won’t have to worry about getting up early to go to a job that I don't love... like I do now. More and more, I am feeling like the rules are going to have to change at some point, and not for the betterment of Canada's citizens. Just my concern. Thank you for your very informative video! ✌🏾
I believe the opposite. I think that in 15 years, things will be better and easier for everyone in this country. Thanks for subscribing 😊
Very simple solution my friend, get rid of Liberals. Spread the word in your demographic, it's not my imagination. Canada under Harper in it's best year had a $89 billion balance of trade surplus with USA, how far under water are we now? It won't do me any good to look.
So what you are saying is it is better for my spouse and me to get a divorce but share a household... LOL. Good thing we will not be able to collect GIS.
This is all good news for people I care about who are not in my spouse's and my position. I have already shared this with a couple of them, but I was watching it as a refresher as I have people now and again worried about old age and whether they can ever retire. While they may not eat fancy schmancy KD they can still get the off-brand.
Thank you for everything you and your team do for us little guys, Kent. Cheers!
Any time I see Kent on this channel I switch the video speed to 1.25 or 1.5 normal speed. Speak as slow as you want there, Kent. :)
That’s what I do when I have to listen to myself.
2x. To be fair I watch all TH-cam content at 2x, unless it's music.
I am french, and it is the only person I can understand at the réal speed...
I like Kent the way he is. Honest to goodness Canadian. ❤
Me, too!
Before you said anything about slow talking I wrote the friend who sent me the link and said like his slow talking no need to rewind, and I made coffee and toast while watching!! Thanks for the great info.
You can change the speed of any video in the setting on screen
It is such a farce, cpp is considered income which is ridiculous. Every year you get a slight increase and the landlord takes it. That isn't fair on single people and widows. Not enough, worked over 45 years
I agree, retirement is way harder for single people and widows on a fixed income. I’d like to see some changes for people in that situation.
I am working in Canada only 29 years . I am 65 years old and receive only $465 federal pension and 244 from Quebec. I guess I will work till I "pass out" the rent here in Montreal is higher as $1.200 .House for senior is going to illegals and refugees. So, I can see myself living in my car. For me is ok if you speaking slowly , I can understand better.Thank you
you qualify for OAS now at 65 .. that should help you out a little bit
Don't you have GIS?
Go to a Service Canada office and ask for help.
The OP is just spouting lies he heard from the Right Wing fanatics of the Conservative Party. When will old people start using their brains? I'm 64, but I can see realty, and I don't see how people get hoodwinked by the Right Wing.
Your getting more then I and I was born here,worked my whole life
The chart you are using is only based on someone starting at 65. For each month after age 65, you will receive an additional 0.6% up to 36% at age 70.
The rate table changes if you are 1)single, 2)married both in pay for OAS, 3) Married with a spouse between 60-64 eligible for OAS allowance, 4) Married one in pay with spouse not eligible for Allowance. 5) Survivor allowance. There are a few other scenarios, but these are most common
GIS doesn’t increase in the same way OAS does. It is income based and has nothing to do with age.
At the beginning of the video, I defined “retired” and “Canadian,” in quotation marks so that I didn’t have to get into the minutiae of the programs in this video.
@K4Financial understood, just referencing the rate OAS will increase based on deferring. GIS rates and the upper income threshold however can change depending on years in Canada after age 18 up until 40 years present in Canada
@@JasonMGrainger to be fair, that was not how I wanted that chart to look. Next time I do a video like this, it will be easier to follow.
KENT, i am an accountant in rural sask, I have met many people, who have never worked one day, ZERO , cpp, like not a penny. many many people, i think you missed two or three main points, because I see these people every day. firstly Alberta and Sask are quite generous with the provincial supplement amounts. the Alberta Seniors Plan and the Seniors Income Plan, secondly you have to discuss credits, the gst and carbon tax has to be added to your totals. the third point is TFSA. I can give you an example, where a guy for various drug reasons never worked, he retired at 65 and his old mother died and left a house for him, he now has a house, and a max out TFSA earning income and no deductions from all the social benefits. I calculated that as a single person with a paid off house never worked a day in his life, has a max out TFSA generates $2900 net no tax per month, he is 66 now. You would be surprised that this the base case, and I see many many single and married retired couples who dont make that after working a lifetime.
Do tax credits change every time a new government is in power?
What a scam country we live in. No wonder the big wigs including JT has there money off shore in trust. This makes me so mad,
Like seriously I wish the best for you.@@nickbaker8936
Where is the TFSA coming from? I assume that if he never worked in his lifetime he would not had any income to max out his TFSA. Perhaps he was a beneficiary of his mom's TFSA. On the other hand I agree with you that the GIS and other social benefits in Canada are not distributed fairly. With all the additional benefits like rent subsidy, almost free public transportation, GIS, etc. a senior who never worked might have more spending money than one who worked their whole life. I lived and worked in Canada 31 years and receive 4 pensions: federal government superannuation, foreign pension, CPP and OAS. I don't qualify for a GIS. If I had to pay $2,000 for a studio in Vancouver I would have much less than a friend who didn't work in Canada one day.
@@nickbaker8936 It's even more RIDDLED with right wing BIGOTS.
Thank you so much Kent for sharing this valuable information. I truly appreciate it.
You’re very welcome 😊
There’s a pretty compelling argument for young people at the age of 18 to max out their TFSA contributions and not contribute to a pension or RSP. Buying market based ETF’s (S&P, TSX60, DOW, etc), from age 18 to 65 in a TFSA will greatly put you ahead at the end of the day. All of that wealth can never be taxed and you won’t have to deal with RSP to RIF conversions and max/min withdrawals. You’ll basically have zero taxable income (obviously you convert your holdings in the TFSA at 65 to a stable dividend based ETF and/or dividend paying securities) and you’ll get maximum payments of GIS, OAS and of course your CPP.
Government will fix that when they figure out how, they give nothing. Legislation is legal theft.
Great information , Kent. Appreciate it very much..!!!
You’re always so supportive Terry. Thank you
Here’s a question, I live in a geared to income retirement building with many a person whom definitely are not Canadians yet they have cars which they can insure, plenty of money for shopping yet haven’t put in one day of work while in this country. How does that happen?
I appreciate your work on this, but I simply cannot believe that some lazy jobless-for-life tool will earn $1784 a month at 65 years of age while hard-working folks who spent 40 years earning minimum wage, paying CPP and other never-ending taxes, and working wretched 40 hour work weeks, will earn nowhere near that amount. Absolutely disheartening.
Exactly, this is very discouraging, to work all your life, and the system tells you you get this and that if you retire at work at 60 or 65, in the meantime someone who had never worked in their lives get even more than those who worked so hard and contributed to the economy of the country. This has to change. it is not fair for those who worked
I asked my finial advisor at RBC, how is it possible to get the max CPP amount as stated on Service Canada website? She said "if you worked 40 years and earned from day one at LEAST 60K per year, then yeah you get the maximum." My partner worked for 35yrs and receives $800/mth, he's currently collecting OAS and has a defined pension so no GIS applies here.
Not all work is paid, many jobs don't get pension. No money does not mean you didn't contribute. Not everyone whose wealthy works either. What I don't get is anyone living here 4 years over age of 18 gets a full ride.
Welcome to the land of Dildeau. Thats why 14 million parasitrs have come to canada to make more than citizens.
@@wrongwayconway Your RBC rep seems to be wrong. Back in '87 you would only need to make $28k to have a "max" input for that year. In 2004 it was about $40k. It wasnt until around 2021 that it hit $60k. Those numbers are the YMPE (Yearly maximum pensionable amount), and it increases each year. If you hit the YMPE for 39 years in between 18-65, then you get the max CPP at 65. Interestingly, you only need to hit 35 years worth of YMPE in between 18 and 60 to hit the max CPP at 60 (but you do get the 36% hit for taking it at 60 in the first place).
$800/mo is pretty good if your partner took it at 60. The current max at 60 is about $875.
Several years ago before I retired I went to a Service Canada office to get a better understanding of potential benefits. Their response was to go and get this information from my bank. I don't know if this has changed but it makes no sense at all.
Neither of them know. Awesome, hey?
Guess I got lucky. When I went to Service Canada they were helpful with me applying for pension.
wow
@@richawoman good to hear. I shouldn’t have made such a blanket statement, but the knowledge level and helpfulness is more dependent on the person who you interact with.
@@richawoman Applying, yes. Providing information, no.😂
I've read about retirees getting "divorced" so that they can get a higher amount as two "singles" vs 1 "couple" - Desperate times call for desperate measures
Sad state of affairs when people need to resort to things like that. I’ve never heard Anything first hand, but have heard of things like this
Well. What about having 4 kids on purpose?
If you are father with one minimum wage job, gets like 3,000 in child tax benefit, and momy gets to stay home raising kids.
We chose that instead of my wife flipping hamburgers at night to survive.
Yes this is true, I know someone that is doing this.
parents never married. turn master bedroom of manufactured home into suite for stepdad (bathroom closet is kitchenette), 'discrete' door to backyard (not registered).
You don't need "government" permission to be married, love and caring can't be given by government.
You cannot collect GIS if you are outside of Canada for more than 6 month.
Canadians can get good retirement benefit if they live at list 150 years .
As a 71 year old Canadian I receive via Scotia Bank 864 Canadian dollars per month living in Nicaragua full time. The currancy here is Cordoba. To receive them at the Atm those Canadian dollars are first converted to American dollars then into usable Cordoba. The U. S. A is taking 35 percent of my money before I can get it. What am I doing wrong.
I only get 745.00 from cpp and oas. Thats it! I qualify for the gis. But even that will be hard to live on now. I calculated taxes and utilities on my home and realized l had to sell if l wanted to eat. I considered buying a condo but l calculated dues and taxes would soon eat into my saving and my pension. I moved to the philippines. I still get my oas and cpp but l cant get GIS. I have to live a simpke life here, but its better then canada plus summer year round.
you qualify for GIS but can no longer get it because you live in the Philippines?
@@paulthurson Thats right.
@@CodgersCorner
ok .. i didn't realize you couldn't get GIS while living abroad
@@paulthurson If stay out of Canada for more than 6 months then you will lose GIS.
Talk to your accountant.
@@CodgersCorner wrong.
Thank you sir for these precious informations
Anyone over 50 is being medically and financially targeted for early termination. No country for old men, families are too fractured and or stressed to make time to care. I think the verdicts in on modern dystopia, it's inhumane and humiliating.
Clear and useful. Thanks. KeepSmiling ☺️🌺
For the years of paying CPP and overall taxes, these government amounts are a complete joke for someone who is single or with a spouse. Time to leave Canada.
We are allowed to earn up to 5000$ a year on our own before the GIS numbers are going down as well as a single. (Seen on the gouvenment website)
Hello Kent, Your teaching is great, speech is fine. What about using a board with the numbers , simple demo etc, instead of using your hand gestures. It is easier to retain info when it is seen as a visual....easy to remember....the tables are helpful but have to take time to follow contents , thanks for taking time to help educate many....
Unfortunately I can’t write on boards, because I’m left handed and smear everything.
The chart in this one was not how I wanted to present it
I'm not from where you get the 40 years residence requirements.
According to the official website, you need to be 10 years resident in Canada if you are living in Canada. Or 20 years resident in Canada if you live outside of Canada
@80goal the 40 years is to get the maximum amount. 10 years is the minimum time to get some money
@@lovecandles5672 thanks for the clarification
@@lovecandles5672 Would you know as well if the 'minimum' a senior in Canada should be getting is around the $1700 mark? Thank you! I didn't find there was a clear answer about this in the video!
@@tamarap387 you can just google the government of Canada website, they have most of the info listed there. it depends how much money you have, how long you have been in Canada, your income before the retirement, it all depends but i think the minimum everybody should get is around $1,500
Great information but frustrating to see the numbers when I've worked all my life and can't claim GIS because I get QPP which I and my employer paid into.
That’s just the minimum. Even if you get maximum CPP and OAS, you will still get some GIS. Your benefit will be higher and you can structure it to your advantage.
I believe it would be best if Kent did the research first about the OAS & GIS so that this video is not a guessing game...But the effort is appreciated!
Well this is not quite correct. Born in Canada. Worked full time until partner got very ill then worked part time on and off for 20 years then retired at age 60 was 'awarded' a pension of $189/mo. Was denied was at age 65 because husband's pension, combined with mine was over $40,000 per annum. So why I am not treated as an individual Canadian but a sub-set of my husband? Would I get better benefits if we did not combine our incomes on our taxes?
With the deterioration of our healthcare system - expect our lifespan to drop - as well as the standard of living - this in turn will create an overall decline in incomes - across the board… / so old age pensioners can expect a higher payout - down the road
I have been a Canadian all my life as well my wife. What I would like to know in our case what is it happening? Also if I may add my wife has a better pension than what I get personaly and we are living with a certain budget and we have been mary to 49 years that would be in the 9th. of August next month. Are we in title to one like GIS and OAS both of us? Tell us please if you can which of the two are we in title are we aloud to get. We are so mixte up as you are.
Information just on time. Thanks
You’re welcome
Many thanks for this !!! John M. Hill, at 85 !!!!
You’re very welcome John
Love your videos and find it very helpful as I start my retirement planning. Just being picky.... can you clean your video camera lens (both front and rear element) as well as the camera sensor? There are many dust spots in the video that is characteristic of sensor dust.
Yes, unfortunately we didn’t notice before we started filming and I don’t like doing reshoots
Accommodating picky people is very important lol
You guys are doing an amazing work. Thank you.
How much longer will we be hearing about this, when will it materialize, stop it already.
Haha, I love comments like this, where people act like I’m some sort of government agent who has some sort of reason to lie to people about how our pension plans work. There is a reason why you are not getting what I spoke about, for which I could provide a simple explanation for, but not without knowing what your specific situation is.
my husband died I GOT MY WIDOWS PENSION but when i WAS INTITLED TO my cpp and old age pension they gave me my widows pension but they said i did not get old age and widows pension so they gave me widows pension but nothing mor when i went to get my taxes done the said i have cpp and old age pension but wher is my cpp or widow pension ?
Thanks for your info,can you compare retirement Canada Vs USA and which one is more more beneficial?😊
Nothing wrong with the speed of your talking! Please don’t pay attention to those who have no patience! 😅
there was 50 countries in that treaty we heard. Including Mexico, so submit not many are moving to High level to retire from there ..
So I gather that 'couple' means a 'household' i.e. same residential address? How can this be verified by govt? There may be 2 roommates or 3 or 4. There can be co-habitation agreement. I had a senior friend share a house with 3 other seniors. Also, a person might cleverly decide to use a different address as principal residence even. It seems to be an un-enforceable rule.
I am pleased to hear you have an affordable consulting offer for seniors. I'm 62
It means married or common-law.
My late Stepdad and Late Mum never married. They made the master bedroom a suite for Dad and claimed separate pensions.
This is not true
My wife will be 65 soon been in Canada for 43 years. We just got he cpp gis. Etc assessment. She is entitled to $8. A month. Is what the letter says. Right from gov of Canada He has not worked as she raised the children. Etc
I will believe it when I see it!!!
We have to accept it....afterall we must provide our political leaders with bulletproof retirement pensions and salary increases to overcome inflation and more. It's a sacrifice but we have no choice.
Very interesting. I am following.
Great to hear. Welcome 😊
OMG Kent, thank you for sharing, needed to hear this! Sorry but is this a good place to ask a question?
It’s good for basic questions, but not specific questions about your situation
A great teacher
Thanks
Very useful info
I im on disability and soon I will turn 65 year old. Living in Canada for more then 20 years. How much I will can have when I will turn at 65? I have cpp disability . I am single, divorced 23 years ago. I have no house, car or other investments.Thank you
Your CPP-D will switch to CPP, which will be an amount that you can find on your service Canada portal. Then you’ll get OAS and an amount of GIS, which will be reduced by a factor related to what you get from CPP.
Probably about $2,000/month
@@K4Financial How can she get $2000/month when she's in Canada for only 20 years? Is that possible?
@@roel4450 that information is really hard to find. I would not be sure of how they calculate her GIS based on her residency. She may be entitled to full GIS, her CPP and partial OAS. I would guess it would be close to $2,000.
OAS and allowance are not considered income when calculating GIS according to Rev Can site.
@@dianetownsend9813 I don’t believe that I ever said that they were.
With the cost of living today cpp n oas n gis which most people don't get much on so poverty level existence
Thank You
So.....what is the max entitlement for a person who has avoided paying taxes their whole life, has never paid into any pension plan and owes hundreds of thousands to Revenue Canada? I know a fellow who falls into this category...
Good question. I’m not sure. They’ll probably still get OAS and GIS, but I’m not sure how the CRA would handle the debt.
They might get that new low life security pension.
When will it appear in my bank account?
The key question for me is can i get OAS and
GIS if i retire at 60 and living outside Canada?
I’ve read you can’t get the GIS if you live outside Canada.
OAS starts at 65. You will lose your GIS if you move to another country.
I believe you can only be outside the country for 6 months (not necessarily needs to be consecutive)...to still receive the GIS. OAS you just have to apply for that to be received outside the country. (At least that's my understanding from reading).
My question is why they approved my requesition if I am not qualified for CERB.
If you live in common Law does your pension get cut
Thanks for the info.
You’re welcome
I am 79 my penxsion was 14.140 per month, i though i would get an increase in july of 24, but instead of an increase they tookmy 0as back to 13,000 and canot understan why, i paid taxes for many years, so i dont know
Sounds like I'll be ok when I retire with a paid for condo and monthly fees that include property tax & water for only $500. Cellphone & internet are under $100. Electric under $50. I could survive ok on just $1200 a month. But I can live an extra great retirement if Bitcoin goes up.
Yeah, people with very good living situations and low needs are good. Obviously very difficult if you don’t own your home.
Yea or dinar revalues or win lottery...all will never happen
I am turning 63 this year coming. I was born and raised in Canada all my life. I would like to retire in warmer weather due to my back injuries and live in USA. I was retired from Federal Government in 2017 - due to an accident on the job (Statistics Canada). I was retired medically in 2017 and was able to get CPP early without penalty. So being medically retired would I be able to move to USA earlier then 65 years old,
Greetings from suddenly crappy London Ont.
Thank you so much for your efforts . I really appreciate all the great information.
Also I really dig that you talk so slow... Between all the xanax that I need to eat just too deal with this place after 8 years of Justin's ridiculous nonsense & the brain damage from all that hash in the 80s... Totally works for me !
Cheers !!!
Haha, sounds like the 80’s were fun.
many videos are sped up, sound normal when slowed.
I have worked most of my life but I only get just over 1100 ?
I am interested in the financial plan you are mentioning in your video. Would you give me some directions?
Of course. Please just email info@k4financial.ca and we can go from there
Food for thought someone one the system all there lives and never worked a day actually gets rewarde with more money now that they reached 65
I applied for oas and gis after 65 , why do they add these two together , and I only get the minimum payments witch is 1400 .00 per month and that includes cpp . ? I thought these payments were paid separately.
@@Reggie-fk5nc are you single? When did you come to Canada?
@@K4Financial I was born and raised here and iam divorced single . No children .
@@Reggie-fk5nc hmm. How much is each benefit? Does your ex get some of your CPP? Did you earn any other income or withdrawal from your RRSPs?
My cpp is 533/month and oas and gis combined are 957/ month so it is about 1500 per. Month . No exe does not get any and this is all I have for income.
@@Reggie-fk5nc hmm, GIS seems a bit low based on the tables. I’m not sure what the issue is. You could maybe contact service Canada.
That is not true I got $192.00 a month, I would be happy to have that amount applied OAS process time min 160 days,
Question: is this income amount before taxes?
Yes, but GIS is tax free and you will likely have a very small tax bill if that’s all of the income you have
And who can live o n $1764.69? I get the max and I have self employed income under the limit and I barely make it month to month. I'm single and live in my shop, but I could never make it if I had to pay two rents (shop and home). I don't have $500 to pay an analyst . I have to pay a pediatrist for my buggered up foot, drugs that I used to get free on AISH I now have to pay for. Dental was also covered under Aish, but because I turned 65 they took away my AISH! Tell me anyone on AISH that can retire at 65? CPP?? That's a joke!
Mine is 1776....when you add prov benefits......................ends up being almost 2000
Problem is if you are working and collecting OAS you are taxed on the total income so that will reduce your actual OAS and if you are collecting a job pension and RRSPs they are all also a txeable income. One of those incomes or more will definetly go to taxes alone.
I thought cpp increased .7 per month after sixty five has that changed?
No. This video is assuming that you have no CPP
Yes, CPP increase after age 65 is higher than the OAS increase.
If you geting max OAS it mean you are born in Canada or came as child if you geting max GIS it mean you are single and newer work in Canada($750+$1050=$1700) but say you came to Canada 35 yers old with family, work for 35 years for $2000-$4000 per month pay taxes you will get avrige Canadian pension of$750, OAS$530 and GIS $500 (since you have working pension you can't get maximum GIS) so total $1780😮.So it seams it is better don't work in Canada since after 65 yers most persons working or not will have almos same pensions. I ❤ Canada country of opportunity.
invaders to canada get $366 per day as a living expense... weird
We are perfect match. I understand slow and you perfectly explain slowly to me.
I appeal to a select audience. Glad you found us.
They add your abroad Income to CPP and reduce GIS income.
How long do you physically have to be in Canada to get credit for a year? Example. If I work in Mexico for 3 months a year do I still get credit for a year?
Yeah, that’s fine
So, working my whole life never been on unemployment I'm getting maybe 20K in a year while I was ripped off for more than half of my income in taxes and other crap?
Perfect speaker
but not indexed for ... hyper inflation !!!
CPP could handle it for a bit, the other two, not so much. I can’t imagine how much they are hurting
65 in a week, looking forward to looking forward.
Truck current Canada ...This government would turn a horse from it's oats!!
So my is 22 years in Canada since 2009 citizen my CPP since 2 years now 65 old and get $189.50 a month 😢😢😢when I applied 2 years ago during pandemic, agent advise to wait for to be 70 old, I answered then I am dead 😢😢
I was born on 1957 October 30 how does that affect me
If you did not contribute! You don’t get nothing as so it should be
I know retirees can delay their CPP until 70 and collect GIS along with their OAS until the CPP kicks in. Can someone over 65 delay both CPP and OAS and collect strictly GIS while reaping the benefits later on for the CPP/OAS delay?
No, because you need to be taking OAS in order to qualify for GIS
im 65plus and recieve $222 for my pension, why am i different
I’m assuming you’re talking about CPP. If so, you will be entitled to OAS and GIS.
Thanks Kent. Would you please clean your lens.
My mistake. Would you please remove the bugs on your wall.
It’s been taken care of
No disrespect. Just an observation. Thanks Kent.
@@billwest3804 yeah, unfortunately we didn’t notice before we filmed it and I don’t like doing more than one take.