Canadian seniors are getting a top-up to old age benefits

That’s interesting.

Is that monthly amount a direct comparison to the US Social Security payment or are there additional government sponsored retirement benefits for Canadian seniors. 🤔
 

Mizmo said:
Well that is news to me. MyJuly deposit dropped almost $30.00 !!!
I need to phone CRA to find out why but we all know how wonderful that experience is....not up to the wait right now
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The way to manage the inevitable wait is to make a note of why you're calling, open your computer, find a movie you've always wanted to watch on it and then call. At least while you're on hold, you have something to entertain yourself. The note on why you're calling is so that you don't forget why you're calling because you've been sitting there so long.;)
 
Aunt Bea said:
That’s interesting.

Is that monthly amount a direct comparison to the US Social Security payment or are there additional government sponsored retirement benefits for Canadian seniors. 🤔
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I guess the OAS (Old Age Security) is the equivalent of your Social Security. And as a past 'working' Canadian, I'd also receive my monthly CPP or Canadian Pension Plan payment which is based on the total wages I received while I worked.

And for people who haven't worked outside the home and so don't get CPP, there is the GIS or Guaranteed Income Supplement.
 
Debrah N. said:
I guess the OAS (Old Age Security) is the equivalent of your Social Security. And as a past 'working' Canadian, I'd also receive my monthly CPP or Canadian Pension Plan payment which is based on the total wages I received while I worked.

And for people who haven't worked outside the home and so don't get CPP, there is the GIS or Guaranteed Income Supplement.
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Thanks!
 
Like @Mizmo, mine is decreasing. There were a few choice words said to the info letter and indirectly to DH, since he was sitting there.
 
Jules said:
Like @Mizmo, mine is decreasing. There were a few choice words said to the info letter and indirectly to DH, since he was sitting there.
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I didn't even get a letter....saw the reduced amount when checking my bank balance.
My CRA account does not get involved with the OAS or Pensions so no info on line.
 
GoneFishin said:
Old Age Security: How much you could receive - Canada.ca

Canada Pension Plan - Canada.ca

Guaranteed Income Supplement: How much you couldreceive - Canada.ca
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Thanks but been through all of those calculations and there is no explanation for my large decrease.
I need to have it explained to me directly but I will wait a few more days to see if a letter arrives.

I do not receive max OAS due to the fact that I , even though I was British subject and had lived here since 1958 did not have Canadian Citizenship until 1977 when it became mandatory for British subjects so calculations are more complicated.

Last year they did top me up with $42 through the GIS so suspect that has come into play somewhere . That makes my top up about 12 bucks. I had a little more interest to report in my tax return last year and it probably put me in another bracket as my taxes wentup too.

O Wot FUN we have with our Government Laugh good.gif
Later
 
Mizmo said:
Thanks but been through all of those calculations and there is no explanation for my large decrease.
I need to have it explained to me directly but I will wait a few more days to see if a letter arrives.

I do not receive max OAS due to the fact that I , even though I was British subject and had lived here since 1958 did not have Canadian Citizenship until 1977 when it became mandatory for British subjects so calculations are more complicated.

Last year they did top me up with $42 through the GIS so suspect that has come into play somewhere . That makes my top up about 12 bucks. I had a little more interest to report in my tax return last year and it probably put me in another bracket as my taxes wentup too.

O Wot FUN we have with our Government View attachment 358542
Later
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I got my Canadian citizenship in 1976. A year before you.
****************************************************
This year we did income spilling while doing our taxes and got a whole lot more back that way.
 
Just been announced today by the new labour government that they are removing the winter fuel payments worth up to £300 for pensioners ( that's payments to help with the cost of heating) .. except for those on the very basic pension credit.... they've not been in power a month yet..
 
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Mizmo said:
Last year they did top me up with $42 through the GIS so suspect that has come into play somewhere . That makes my top up about 12 bucks. I had a little more interest to report in my tax return last year and it probably put me in another bracket as my taxes wentup too.
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There is your answer, if you have any interest or capital gain your OAS/GIS gets cut back. I happened to me when we sold the farm although the amount was with in the max allowed and I didn't have to pay taxes on it.
 
Redrose said:
There is your answer, if you have any interest or capital gain your OAS/GIS gets cut back. I happened to me when we sold the farm although the amount was with in the max allowed and I didn't have to pay taxes on it.
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Yes that is probably the answer but the amount of interest earned was so minimal, like, $267.00 -
so it must have been a very close threshold. ..duh!
I will wait for the letter.....should be any day now.
 
Debrah N. said:
I guess the OAS (Old Age Security) is the equivalent of your Social Security. And as a past 'working' Canadian, I'd also receive my monthly CPP or Canadian Pension Plan payment which is based on the total wages I received while I worked.

And for people who haven't worked outside the home and so don't get CPP, there is the GIS or Guaranteed Income Supplement.
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In the U.S. we typically call it Social Security, but it is actually the Federal Old Age, Survivors, Disability Insurance Benefits. That trust program is just part of dozens of programs under the Social Security Act.
 

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