Government pension plans

Canada Pension Plan (CPP)

The monthly pension from CPP is part of the basic retirement income you can expect to receive, if you have contributed to the CPP during your career. CPP typically starts at age 65, but you can also start it as early as age 60 or as late as age 70.

For an estimate of how much you could receive from CPP, refer to your “Statement of Contributions,” accessible via the Service Canada website. You can also use the Canadian Retirement Income Calculator available on the site.

Old Age Security (OAS)

The OAS monthly pension is payable starting at age 65. Your eligibility is based on residency. To receive a full OAS pension, you need to have 40 years of residency in Canada. If you have lived in another country, a period of residency in that country may count towards OAS.

Visit the Service Canada website for information about residency requirements and the amounts payable* under the Old Age Security program.

*Note: if your net income for tax purposes exceeds a specified maximum, you’ll need to repay all or a portion of your OAS benefit. Contact Service Canada for more information.

Guaranteed Income Supplement (GIS)

The Guaranteed Income Supplement (GIS) provides a monthly non-taxable benefit to Old Age Security (OAS) pension recipients who have a low income and are living in Canada. For more details, visit the Service Canada website.