KINE 3350 Lecture Notes - Lecture 7: Old Age Security, Defined Contribution Plan, Canada Pension Plan
2 Mar 2016
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Pension plan: have to be a canadian citizen, 65+, lived in canada for ten years. Guaranteed income supplement (gis: need to be a canadian citizen for at least 10 years, approx 540 a month o, not taxed, can get the full amount. About 660 a month: you have to apply, government does not tell you about it, age criteria is 65, you are poor, if husband is 66, he can collect. If wife it not eligible, she can still collect: when man dies, and even though women is between 60-64 and not over 65, she is. Widowed spouse allowance (wsa) allowed to collect: if the women marries and is no longer widowed, she is no longer eligible since she remarried. Canada pension plan (cpp: about 25% of pre-retirement earnings, start paying into it when you are young and work your jobs, usually around 490-940.
