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The Old Age Security (OAS, French: Sécurité de la vieillesse) program is a universal retirement pension available to most residents and citizens of Canada who have reached 65 years old. This pension is supplemented by the Guaranteed Income Supplement (GIS), which is added to the monthly OAS payment for seniors with lower incomes.
The Canada Pension Plan (CPP; French: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It is one of the two major components of Canada 's public retirement income system, the other being Old Age Security (OAS).
Although one can claim a CPP pension as early as age 60 rather than the typical retirement age of 65, those who claim it at 60 have their pension reduced by 36%. Retirees can also elect to delay their CPP claim up until age 70 to increase their monthly retirement income. [3]
An individual pension plan or IPP is a Canadian ... as the requirements of the Canada Revenue ... exceed $800,000 over an entire career from age 18 to age 71. ...
The withdrawal remains taxable Canadian income, but is eligible for a tax credit to reduce federal income tax by 15% of the first $2,000 withdrawn, if the holder is 65 years or older. In most provinces, a tax credit is also available to reduce provincial income tax.
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Means tests are also not used for pensions and seniors' benefits, but there is a clawback of Old Age Security payments for people making over $69,562 (in 2012). The Last Post Fund uses a means test on a deceased veteran's estate and surviving widow to determine whether they are eligible for federal funding to subsidize their funeral. [1]
Ontario regulates approximately 8,350 employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada [1] It was originally enacted as the Pension Benefits Act, 1965 (S.O. 1965, c. 96), and it was the first statute in any Canadian jurisdiction to regulate pension plans. [2]