Finance, Pension & Benefits
Finances - Ontario Seniors' Secretariat
A large and comprehensive site about all areas of taxes, pensions and finance.
Making withdrawals from your RRSP - Canada Revenue Agency
Any income you earn in the RRSP is usually exempt from tax for the time the funds remain in the plan. However, you generally have to pay tax when you cash in, make withdrawals, or receive payments from the plan. This site has information about tax's and RRSP withdrawals.
Canada's retirement income system - Service Canada
To help you better plan for your retirement, it is important to understand the Canadian retirement income system. There are three main sources of retirement income that you may be able to draw from:
- your personal savings and investments;
- government pension benefits; and
- employer pensions.
Government pension benefits provide a modest base on which to build your retirement income.
Canadian Government Annuities - Service Canada
The Canadian Government Annuities Branch administers contracts on behalf of individuals who have contributed towards the purchase of an annuity either on their own or through their employers as part of a pension plan.
Government Annuities Forms - Service Canada
- NAS2921 Beneficiary Claim Statement
- NAS2944 Declaration Regarding Use of an Assumed Name
- NAS2919 Designation / Change of Beneficiary
- NAS2920 Designation / Revocation of Beneficiary
- NAS2628 Separation Under Group Annuity Contract, Notice of
Registered Retirement Savings Plan (RRSP) - Revenue Canada Agency
The main site for RRSP information from Revenue Canada.
Seniors and Banking - Office of Consumer Affairs. Consumer Measures Committee
Banks offer many different accounts, with very different features and costs.You need to decide which services you need and then do some comparison shopping. This is a comprehensive guide for seniors and banking.
Benefits for Seniors in Ontario - Canada Benefits
Information and forms for all available government benefits for seniors living in Ontario
Old Age Security Payment Amounts - Service Canada
Charts and information showing the maximum and average monthly amounts for Old Age Security (OAS), Guaranteed Income Supplement (GIS) and the Allowances, as well as the maximum annual income to be eligible for these benefits.
General Information About The Canada Pension Plan - Service Canada
Ontario Guaranteed Annual Income System - Ontario Ministry of Finance
The Ontario Guaranteed Annual Income System (GAINS) ensures a guaranteed minimum income for Ontario seniors. It provides monthly payments to qualifying pensioners on top of the federal Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) payments. The Ontario Ministry of Finance administers the GAINS program and Service Canada delivers the OAS and GIS for the Department of Human Resources and Skills Development.
Ontario Senior Homeowners' Property Tax Grant - Ontario Ministry of Finance
If you are 64 years of age or older and you own a home, you could qualify to get up to $500 to help with the cost of your property taxes.
Allowance for the Survivor Program - Service Canada
The Allowance for the Survivor Program provides a monthly non-taxable benefit to low-income widowed spouses who are not yet eligible for the Old Age Security pension.http://www.servicecanada.gc.ca/eng/sc/oas/allowance/survivorallowance.shtml
Allowance Program - Service Canada
The Allowance is a monthly benefit for low-income seniors (aged 60-64) whose spouse or common-law partner is eligible for, or currently receiving, the Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS). Delivered by: Service Canada on behalf of Human Resources and Skills Development Canada (HRSDC)
Canada Pension Plan Retirement Pension - Service Canada
The Canada Pension Plan (CPP) Retirement Pension provides a monthly taxable benefit to retired contributors.
Employment Insurance Compassionate Care Benefits
Employment Insurance (EI) provides Compassionate Care Benefits to persons who have to be away from work temporarily to provide care or support to a family member who is gravely ill with a significant risk of death. Delivered by: Service Canada on behalf of Human Resources and Skills Development Canada (HRSDC).
Lifelong Learning Plan - Service Canada
The Lifelong Learning Plan (LLP) allows you to withdraw amounts from your RRSPs to finance full-time training or education for you or your spouse or common-law partner. You cannot participate in the LLP to finance your children's training or education, or the training or education of your spouse's or common-law partner's children.
New Horizons for Seniors Program - Human Resources Development Canada
The New Horizons for Seniors Program (NHSP) is a federal grants and contributions program that supports projects led or inspired by seniors who want to make a difference in the lives of others and in their communities.
Old Age Security (OAS) Program - Service Canada
The Old Age Security program, the cornerstone of Canada's retirement income system, provides you with a modest pension at age 65 if you have lived in Canada for at least 10 years. If you are a low-income senior, you may be eligible for other benefits as early as age 60.
RRSP options when you turn 71 - Canada Revenue Agency
December 31 of the year you turn 71 is the last day that you can contribute to your RRSPs.
Canada Pension Plan (CPP) & Credit Splitting Upon Divorce or Separation - Service Canada
The Canada Pension Plan (CPP) can provide benefits to you when you retire or become disabled, and to your survivors when you die. The amount is based on how long and how much you contributed to the CPP and, in some cases, your age when you begin receiving the benefit.
Non-Resident Tax on Canadian Pensions - Service Canada
Non-resident tax is withheld from monthly OAS, CPP and QPP payments to beneficiaries living outside Canada. Normally, the tax rate is 25 percent. It may differ if Canada and your country of residence have signed an income tax treaty (see tax rates by country).
Pension income splitting - Canada Revenue Agency
You (the pensioner) may be able to jointly elect with your spouse or common-law partner (the pension transferee) to split your eligible pension income if you meet all of the requirements.
Registered Retirement Savings Plans and Registered Retirement Income Funds (RRSPs/RRIFs) - Canada Revenue Agency
A registered retirement savings plan (RRSP) is an arrangement between an individual and an issuer (an insurance company, a trust company or a bank) under which retirement income commences at maturity. Contributions are made by individuals and are deductible under the Income Tax Act. Earnings in the plan remain tax-free and payments out of an RRSP are taxable on receipt.
A registered retirement income fund (RRIF) is an arrangement between a carrier (an insurance company, a trust company or a bank) and an annuitant under which payments are made to the annuitant of a minimum amount each year. The property under a fund is derived only as a result of a transfer of funds from another RRIF, an RRSP or a registered pension plan and annual amounts must commence to be paid to the annuitant immediately. Property and earnings in a RRIF are tax-exempt and amounts paid out of a RRIF are taxable on receipt.
Seniors - Canada Revenue Agency
Topics/services specifically for seniors.
Canadian Retirement Income Calculator - Service Canada
The Government of Canada has developed this calculator to help you plan for retirement. The calculator takes you step by step through an estimate of the ongoing income you may receive throughout your retirement from:
- Old Age Security (OAS);
- Canada Pension Plan (CPP) or Quebec Pension Plan (QPP);
- employer pension(s);
- Registered Retirement Savings Plans (RRSPs); and
- other sources of ongoing income.
Phased Retirement - Office of the Superintendant of Financial Institutions Canada
On March 31, 2009, changes to the Pension Benefits Standards Act (PBSA) were brought into force to accommodate phased retirement. In addition, amendments to the Pension Benefits Standards Regulations (PBSR) were passed that set out disclosure requirements for phased retirement.
Retirement Abroad - Foreign Affairs and International Trade Canada
View and Update your Canada Pension Plan and Old Age Security Information - Service Canada
Use My Service Canada Account to view and update your Canada Pension Plan (CPP) and Old Age Security (OAS) information.
If you currently receive payments from either CPP or OAS, you can use My Service Canada Account to:
- change your mailing address and telephone number
- sign up for direct deposit or change your banking information
- view your payment information, including:
- your payment dates
- the amount of your monthly payments
Retirement Planning Checklist - Service Canada
Financial tools and information for planning your retirement.
Canadian Government Annuities Plan - Service Canada
The Canadian Government Annuities Branch administers contracts on behalf of individuals who have contributed towards the purchase of an Annuity either on their own or through their employers as part of a pension plan. The Branch is responsible for the administration of Annuities currently under payment as well as those to become payable at a later date.
Ontario Tax Credits & Benefits