Canadian Pensions and minimums

[going2ER]

I know that I can look on line at my CPP amount, although it will not let you enter in a retirement age earlier than 55, so not sure how useful that is. It also provides the maximum of OAS and GIS, but not the minimum. Does anyone know the total combined amount that you would receive as a minimum as a single person? or as a couple?

I am lucky in that I do have a defined pension benefit and if I retire at age 55 I will also get a severance pay of 2% for each year worked. Our contract has expired and they are looking at no longer offering the severance, however, what we already earned we would still receive, not sure if we would access it right away or if it would be held until age 55. Obviously I would prefer it before then as I do not want to wait to retire.

Just trying to figure out numbers as best I can, but if I look at retiring before age 55 it really skews the results.

[FIRE Artist]

The minimum GIS and OAS are zero as they are both income tested.  >118k and you lose OAS, >17k you are not eligible for GIS (single taxpayer).

[RetiredAt63]

The government services page is really quite informative:
http://www.servicecanada.gc.ca/eng/home.shtml
Pension, OAS, GIS.

[going2ER]

I guess what I am trying to ask is what is the least amount of money that the government will make you live on? So if you've never work, so no CPP contributions and no other income coming from any other source what is the minimum amount you would receive from these programs?

[FrugalFan]

OAS is based on how long you've lived in Canada. It needs to be 40 years for the maximum and is 1/40th less for each year you didn't live in Canada. For CPP, you probably can get zero if you never worked and contributed. There is not set minimum that the government is concerned about.

[RetiredAt63]

If you have no income beyond OAS (and yes there is the residency requirement), there is also GIS.  How much you get depends on income and whether or not you are single/married.  You get OAS even if you have a spouse who has masses of money coming n, but not the GIS.  OAS and GIS you have to be 65 - it is going up to 67 gradually, starting in April 2023.

Really, the government web sites explain it all:
http://www.servicecanada.gc.ca/eng/services/pensions/oas/index.shtml
http://www.servicecanada.gc.ca/eng/services/pensions/cric.shtml

[FrugalFan]

If you have no income beyond OAS (and yes there is the residency requirement), there is also GIS.  How much you get depends on income and whether or not you are single/married.  You get OAS even if you have a spouse who has masses of money coming n, but not the GIS.  OAS and GIS you have to be 65 - it is going up to 67 gradually, starting in April 2023.

Really, the government web sites explain it all:
http://www.servicecanada.gc.ca/eng/services/pensions/oas/index.shtml
http://www.servicecanada.gc.ca/eng/services/pensions/cric.shtml

Ah, forgot about the GIS. I always ignore that because I assume I will make more than the maximum allowable, but it is kind of comforting to know it exists.

[RetiredAt63]

going2ER asked "I guess what I am trying to ask is what is the least amount of money that the government will make you live on? So if you've never work, so no CPP contributions and no other income coming from any other source what is the minimum amount you would receive from these programs?"

So no work (so no CPP) and no other income, OAS and GIS is what the government makes sure you have.  I too am glad I don't qualify for GIS, and am glad it is there for those who need it.  Good use of some of my tax dollars.

Ah, forgot about the GIS. I always ignore that because I assume I will make more than the maximum allowable, but it is kind of comforting to know it exists.