It has been some time since we have had significant news from the Government of Canada, but as you may have heard, they are currently proposing to make changes to eligibility for OAS and GIS. In addition to this we have recently seen the implementation of changes to the Canada Pension Plan which I wrote about earlier. I felt that this was important enough to write about again, so I have created a Newsletter with as much relevant detail as possible for both the CPP and OAS/GIS changes. The February 2013 Newsletter is posted on our website and you can use the links below to read the full article.
- If you are under age 65 and already collecting CPP, but continuing to work you and your employer must now continue to pay CPP until age 65.
- If you are between ages 65 and 70 and continuing to work but elect to stop contributing to the CPP you must complete a form CPT30 for your employer AND SEND A COPY TO REVENUE CANADA. If you do not elect to stop, you and your employer must continue to pay CPP until age 70. (A copy of the CPT30 form is attached to the end of the Newsletter for your information)
The Old Age Security (OAS) Pension is a monthly benefit available to Canadian applicants 65 years of age who meet the Canadian legal status and residence requirements. However, the Government of Canada is proposing to change the eligibility rules for the Old Age Security and Guaranteed Income Supplement payments. If you were born before 1957 this will not affect you, but for the rest of us it may mean changing the way we plan our retirement years.
As usual, we have posted this under the red banner on our website homepage. You can read this and other relevant articles using the link to the website homepage or our "Library" page for more details:
As you know, I am always happy to hear from you so if you would like to discuss this or other issues, please feel free to call me.