Pensions in Canada | How to set up a Pension in Canada | Canadian Pension Programs | Newcomers Canada
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PENSIONS

Canada Pension Plan

The Canada Pension Plan (CPP) is a program for workers and their families. It provides a measure of protection to cover loss of income due to retirement, disability or death.

Anyone who works in Canada is required to pay into the CPP. Your employer will deduct CPP contributions directly from your paycheques. The amount you pay is based on your salary. If you are self-employed, it is based on your net business income (after expenses).

You can get more information about the CPP at Service Canada website or by visiting a Service Canada Centre (see the Blue Pages or the Service Canada website for telephone numbers and locations).

In the province of Quebec, the CPP is replaced by an equivalent Quebec Pension Plan (QPP). For more information, consult the Quebec government website  (click on “Our Programs,” then “Quebec Pension Plan”).

Old Age Security and Guaranteed Income Supplement

The Old Age Security (OAS) pension is a monthly payment that is available to most people aged 65 or older. The Guaranteed Income Supplement (GIS) is a monthly benefit paid to eligible seniors living in Canada who receive OAS and who have little or no other income.

To apply for OAS or GIS, you must be 65 years or older, a Canadian citizen or a legal resident of Canada, and you must have lived in Canada for at least 10 years on the day before the application is approved.

You can get more information about these programs at the Service Canada website or by visiting a Service Canada Centre (see the Blue Pages or the Service Canada website for locations).

International Social Security Agreements

Canada has international social security agreements with many countries which allow people who have lived in those countries to receive pension benefits. People who have lived or worked in another country may be able to receive social security benefits from that country or OAS and CPP benefits in Canada.

You can get more information about Canada’s social security agreements and how they apply to you at Service Canada website or by visiting a Service Canada Centre (see the Blue Pages or the Service Canada website for locations).

Source: Welcome to Canada: What you should know

www.cic.gc.ca, Citizenship and Immigration Canada. Reproduced with the permission of the Minister of Public Works and Government Services Canada, 2013.