I am often asked “what is the best age to start my Old Age Security (OAS) and Canada Pension Plan (CPP)?”. There are always a number of factors that go into when to begin drawing the benefits, but today we look at HOW to begin the process, once you have elected to begin receiving your benefits. After you’ve decided to begin drawing the benefits, how does one go about setting it up with the government?
Let’s start with OAS:
- Generally, clients don’t need to apply. Clients will receive a letter in the month after turning 64 that describes their options (if not contact Services Canada).
- Your client will decide when they want their OAS to start. It can be deferred at most to age 70.
- Then apply on-line via the client’s Service Canada Account or use a paper application.
- This same application is used for Guaranteed Income Supplement (GIS).
- Wait for confirmation back from the Government.
- Make sure you are eligible (over age 60 and have made CPP contributions).
- Decide when you want to start your CPP (between ages 60 and 70).
- Submit the application either on-line or by mail.
- Wait for confirmation back from the government.
Sometimes in my business I get to work with my clients to do the fun and rewarding things like helping their children or grandchildren pay for school or buy their first home. We can only do these things because we’ve taken care of the foundation pieces of our own financial houses. In Canada, we are lucky to have Old Age Security and the Canada Pension Plan, and when you qualify, it is important that you know how to access these important retirement income plans. They are two essential pieces of the retirement equation in Canada.
As always, if you would like to chat about your own situation and when the optimal time for you to begin drawing these programs yourself, feel free to reach out and book a free 15 minute call or zoom meeting here: FREE 15 MINUTES WITH KB
KB Henry.Join My Newsletter
THIS ARTICLE IS PROVIDED AS A GENERAL SOURCE OF INFORMATION ONLY AND SHOULD NOT BE CONSIDERED TO BE PERSONAL INVESTMENT OR LEGAL ADVICE. READERS SHOULD CONSULT WITH THEIR FINANCIAL OR LEGAL ADVISOR TO ENSURE IT IS SUITABLE FOR THEIR CIRCUMSTANCES.