Old age pension question.

[Fish along]

I turned 65 last July, and I'm getting,the Old age pension and the Canada pension, plus I have a small Carpenter pension,I have been talking with some other old age pensioners who ,get the same amount of money but don't have any other pension other than Old age and Canada pension, this seems odd to me,because what difference does it make if you have a job that sets money aside for pensions if they are negated when you need them most.

[gmcmax05]

Not sure what your asking, but most employers don't have a DB pension for their employees, & if you don't set anything aside that's all you get is Canada Pension & OAS. That's also why more people are working past 65 cause they didn't plan on getting old, or have had minimum paying jobs their entire life.

[ORV]

Originally Posted by Fish along

I turned 65 last July, and I'm getting,the Old age pension and the Canada pension, plus I have a small Carpenter pension,I have been talking with some other old age pensioners who ,get the same amount of money but don't have any other pension other than Old age and Canada pension, this seems odd to me,because what difference does it make if you have a job that sets money aside for pensions if they are negated when you need them most.

I am no expert but are they maybe getting this?

Guaranteed Income Supplement

https://www.canada.ca/en/services/be...upplement.html

Orv

[Sundancefisher]

Make sure you are not paying any bank fees.

Most banks have a seniors plan. You could save money. Every bit helps.

[bat119]

Your CPP is based on the last 39 years contributions if you didn't pay much in some years it will affect how much you get, not everybody gets the same.

There is an income supplement if you are eligible

https://www.canada.ca/en/services/be...upplement.html

[88thunderbird]

Originally Posted by gmcmax05

Not sure what your asking, but most employers don't have a DB pension for their employees, & if you don't set anything aside that's all you get is Canada Pension & OAS. That's also why more people are working past 65 cause they didn't plan on getting old, or have had minimum paying jobs their entire life.

My Mother-in-law gets an income supplement as mentioned .She just applied last may . gets another roughly $400 a month to assist with rent . You may be able to qualify too.

[Fish along]

Originally Posted by ORV

I am no expert but are they maybe getting this?

Guaranteed Income Supplement

https://www.canada.ca/en/services/be...upplement.html

Orv

Yes I believe This is what they get also.So I'm not entitled to this because of my Carpenter Pension.?

[The Cook]

Originally Posted by Fish along

Yes I believe This is what they get also.So I'm not entitled to this because of my Carpenter Pension.?

Depends on total income from all sources. All the info you need can be found at "Service Canada" website.

[ORV]

Originally Posted by The Cook

Depends on total income from all sources. All the info you need can be found at "Service Canada" website.

Note. if you are married it is your combined income.

[Fish along]

Originally Posted by ORV

Note. if you are married it is your combined income.

Yes I think this is the key combined income. So if we have the maximum income, does this mean I'm not entitled to any of the guaranteed income?

[ORV]

Originally Posted by Fish along

Yes I think this is the key combined income. So if we have the maximum income, does this mean I'm not entitled to any of the guaranteed income?

That is correct. Talking to my brother in law about it they
miss it by just a couple hundred a month.
I can,t remember the exact number but I think it could be higher for sure.
its not like they are raking in a huge pension or anything like that.

Orv

[2 Tollers]

Originally Posted by Fish along

I turned 65 last July, and I'm getting,the Old age pension and the Canada pension, plus I have a small Carpenter pension,I have been talking with some other old age pensioners who ,get the same amount of money but don't have any other pension other than Old age and Canada pension, this seems odd to me,because what difference does it make if you have a job that sets money aside for pensions if they are negated when you need them most.

Some companies providing matching funds to a maximum amount that are contributed into an RRSP. For people that have these types of plans when they retire they may be waiting to convert to a RRIF at age 71 and set their withdraw limits at that time.

[pseelk]

If married and your combined income isless than approx $60000.00 you should qualify.If single and you income is less than $30000.00 you will qualify.

[ORV]

Originally Posted by pseelk

If married and your combined income isless than approx $60000.00 you should qualify.If single and you income is less than $30000.00 you will qualify.

I don,t think so .see the link
if they are both getting old age they only qualify for the supplement
if they make less than $23.520.00 ann.
single is $17.784.00 ann.



https://www.canada.ca/en/services/be.../payments.html

[bobalong]

Originally Posted by pseelk

If married and your combined income isless than approx $60000.00 you should qualify.If single and you income is less than $30000.00 you will qualify.

Combined yearly Income of Couple
Monthly GIS maximum OAS pension Combined Monthly OAS Pension and GIS
$23,184.00 - $23,231.99 $6.01 $592.67
$23,232.00 - $23,279.99 $5.01 $591.67
$23,280.00 - $23,327.99 $4.01 $590.67
$23,328.00 - $23,375.99 $3.01 $589.67
$23,376.00 - $23,423.99 $2.01 $588.67
$23,424.00 - $23,471.99 $1.01 $587.67
$23,472.00 - $23,519.99 $0.01 $586.67

Rates for range: $23,520.00 and above.
Important Note:

If your combined yearly income, not including your OAS pension, exceeds $23,519.99, you do not qualify for the Guaranteed Income Supplement.