I’ve been writing about CPP and OAS for a long time now. In fact, my most popular articles in terms of traffic and views are my articles on CPP and OAS.
Here’s a guide to CPP and OAS because of all the attention these programs are getting as a result of pension reform in Canada.
- Current CPP rates – CPP figures change quarterly so some of the figures you may see in some of the articles may not be current. This link gives you the most current figures for CPP.
- Will Canada Pension Plan (CPP) be there when you retire? – Many people I meet have a glass half full perspective about the future stability of CPP. This article outlines my perspectives on this issue.
- How much will you get from Canada Pension Plan in Retirement? – Although you can visit the Service Canada website and find out how much the maximum CPP amounts are, it is important to know that everyone’s benefit is different. This article explains in detail how the calculation works
- New proposed changes for CPP – On May 25, 2009, Federal, provincial and territorial Ministers of Finance recommended changes to the Canada Pension Plan (CPP). Here’s all the details of the changes.
- Should you take CPP early? By far, the most popular question I get on CPP is whether it makes sense to take it early. I’ve written about this a few times because it’s such a popular question:
- The new math on taking CPP early (coming soon)
- Should we expand CPP? With all of the government efforts on dealing with pension reform, one of the topics that comes up regularly is the idea of expanding the CPP program. Here’s my thoughts on the topic
- Retirement Income Planning: Where Will Your Retirement Income Come From? I wrote this article for Canadian Finance Blog. This article is a great place to get an idea of how CPP and OAS fit into the bigger picture of retirement income planning.
- The Four Most Common Questions about Canada Pension Plan (CPP) – In this article (also on Canadian Finance Blog) I summarize the four most common questions on CPP including how much, CPP splitting, taking it early and whether there are clawbacks on CPP.
- Child Rearing Drop Out – Parents can get more out of CPP – CPP helps those parents that did not contribute as much to CPP because they took time off to raise children under the age of 7. This article explains how that works.
- CPP Investment Board – The CPP investment board was formed in 1997 and operates at non-arms length to the government. They oversee the investment of the multi billion dollar fund.
- CPP Government information site – For all the government information on CPP, visit the Service Canada Website
- Minimizing Old Age Security Clawback – Probably the most common concern people have about Old Age Security is whether clawback will affect them and by how much. You might be surprised at the rules.
- Does Old Age Security need change? – Again, pension reform is bringing attention to Old Age Security and there are lots of rumours swirling around if and what might change.
- The History of Old Age Security (coming soon)
- OAS Payment Rates – OAS figures change quarterly so some of the figures you may see in some of the articles may not be current. This link gives you the most current figures for OAS.
- OAS Government information site – For all the government information on OAS, visit the Service Canada Website
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Can you tell me where I can find the forms for receiving CPP while working. I am unable to locate them on the Revenue Canada web site.
Thank you.
I always recommend people go to their local Service Canada office to get the booklet and forms but here’s the link to the PDFs.
http://www.servicecanada.gc.ca/cgi-bin/search/eforms/index.cgi?app=profile&form=isp1000&lang=e
You can do an online application which has two parts to it. Here’s the link:
http://www.servicecanada.gc.ca/eng/isp/common/rtrinfo.shtml
I got this information by googling “CPP Application form”
Good luck!
Jim
Hey, thanks for putting up the info, it looks like a pretty good resource.
Does it make sense for a business owner to continue to contribute to CPP? If only dividends are received as income there is no requirement to contribute to CPP. Inflation went up 2% last year yet CPP contributions for 2012 increased by 4% tO $4,613 for the self employed. The tax rate on the first $500,000 of active business income is only 15.5%. Instead of conrtibuting to CPP the money could be invested within a corporate structure in tax efficient investments. During retirement income could consist partly of dividends and other sources of income that would not be fully taxable. RSSP/RRIF income and CPP would be fully taxable. Any thoughts on this approach?
P.S. I am not a big fan of RRSPs for business owners and professionals.
How true?? that if you leave Canada and reside abroad for 1 day less 6 months that you have to come back to Canada and stay 6 months in order to continue receiving your CPP retirement benefits? if it is true, Is there penalties if you exceeds 6 months stay abroad?? Please comment.
Ed
There is absolutely no connection between where you live and your eligibility for any of the CPP benefits. I think you’re getting confused between CPP and OAS (Old Age Security).
For OAS, there are restrictions on where you reside, IF you have less than 20 years of residence in Canada, after age 18. Even then though, it’s not as simple as 1 day less than 6 months of absence. It is true that your OAS benefit will be suspended (if you have less than 20 years of residence in Canada as described above) if you leave Canada for more than 6 months. Ongoing eligibility however, depends on where you actually reside, rather than any specific amount of presence in Canada. Residence is defined as where you “make your home and are ordinarily present”.
Even if you have more than 20 years of residence in Canada as described, eligibility for the GIS (Guaranteed Income Supplement) is suspended if you are absent for more than 6 months, but ongoing eligibility for GIS also depends more on where you reside than simple presence in Canada.
So, it’s not as simple as you suggest. But CPP is NOT affected by whether you are either present or resident in Canada, so rest easy on that point!