A retirement pension referred to as the Canada Pension Plan (CPP) serves to provide benefits intended for those who havecontributed to the plan through paid employment in Canada.
The amount of benefits are determined by the contributions made during the period of time you were employed, and areadjusted for inflation each January in order to keep up with the increases in the cost of living. It is necessary to apply in order toreceive CPP benefits, noting that retirement benefits are not paid automatically unless you were in receipt of CPP disabilitybenefits once you turned 65. Apply at least six months prior to when you want your CPP pension to commence.
CPP benefits can begin early for those aged 60-64 years and in this case you will receive a reduced pension. However, if youapply after you turn 65 you will receive an increased pension. Should you apply to receive your pension set to commence at age65 or as late as 70 you can expect to receive your full pension amount without there being an increased or reduced amount.
If you have lived or worked in another country which has a social security agreement with Canada, or if you are the survivingspouse or common-law partner of a person who has lived or worked in another country which has a social security agreementwith Canada, you may also be eligible to receive benefits from Canada or from another country.
Should you have contributed to CPP for the required number of years, applicants are offered a one-time lump sum death benefitpaid to your estate once you have passed away. In addition, your spouse or common-law partner may also be eligible to receivea monthly survivor pension.
For further details concerning any changes which may have taken place or to request an application form, contact ServicesCanada, toll-free at 1-800-959-8281.
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As many of us already know, “Tax Time” has now arrived!
For the past fourteen years, the Community Volunteer Income Tax Program (CVITP) has been actively involved within the Nakuspregion, by providing residents with free and confidential personal assistance in completing and filing their straightforwardincome tax package to persons of any age who lives on a low to medium scale income level.
Anyone who requires this valuable free service is welcome to call any of the following local CVITP volunteers to set up anappointment or for general updated information about the program including governmental financial and service benefits youmay be eligible to receive which exists here and within many parts of BC as well as other locations in Canada.
Note that each of our Canada Revenue-trained volunteers, any of which can be contacted, include: Heather Davidson (250-265-3372), Debi Bleakney (250-269-7570), Dianne Zeuch (250-265-4298).
