CPP: When to Apply?
While the normal age to begin receiving regular CPP is 65, individuals can apply to start receiving earlier at a cost, or later for a greater benefit:
If the individual starts before age 65, payments will decrease by 0.6% each month (or…
OAS DEFERRAL: Undoing an Application
As of July 1, 2013, where receipt of Old Age Security (OAS) is delayed, the monthly pension is increased by a factor of 0.6% for each month deferred, to a maximum increase of 36% (60 months, commencing receipt at age 70).
In a March 25, 2020…
Understanding the CPP Post-Retirement Benefit
At Kerr & Company, Kelowna tax accountants, we help various clients with retirement planning whether they’re in their 30s and planning long-term or quickly approaching retirement with questions on when to start retirement benefits such…
Kelowna Tax Accountants Provide Important Old Age Security Information
Baby Boomers, who are now retired or close to it have always relied on the fact that they would receive Old Age Security benefits. For many, many years, the perception has been that when a person turns 65 these benefits automatically kick in.…