As Canada’s population ages, there has been a growing concern about the financial security of seniors. Many older Canadians rely on a pension as their primary source of income during retirement. In Canada, there are several different types of pension benefits available to seniors, including the Old Age Security (OAS) pension, the Canada Pension Plan (CPP), and private pension plans.
The Old Age Security pension is a monthly benefit that is available to most Canadians who are 65 years or older and have lived in Canada for at least 10 years. It is a non-contributory pension, meaning that individuals do not need to make any payments to receive the benefit. The amount of the OAS pension is determined by a number of factors, including the number of years a person has lived in Canada, their income level, and whether they have received other government benefits. The OAS pension is meant to provide a basic level of income for seniors in Canada.
The Canada Pension Plan is a contributory pension plan, meaning that individuals make payments into the plan during their working years in order to receive benefits during retirement. The amount of the CPP benefit is based on the contributions made by the individual and the number of years they have worked. The CPP also has options for early or delayed retirement, as well as survivor benefits for spouses and dependent children. Many Canadians rely on the CPP as a significant source of income during
