Understanding Retirement in Canada

Updated : Oct 19, 2019 in Articles

Understanding Retirement in Canada


Understanding Retirement in Canada RRSPs There are four sources of retirement income in Canada: Old Age Security (OAS) and Guaranteed Income Supplement (GIS). OAS is payable to citizens 65 and over and GIS is payable to those who make an income lower than the threshold of receiving OAS These sources of income are necessities income. Canada Pension Plan CPP is a mandatory plan that provides pension to citizens between the ages of 60 to 70 who made contributions out of employment earnings This source of income adds to OAS but does not match employment income. Non-government funding usually comes from RRSPs TFSAs and workplace pensions This provides middle and higher income people with a tax effective way to save principle and any other property: a source of retirement security and income. To learn more please visit our website www.rumanek.com

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