Part two in the community information series of financial benefits and services which are accorded to eligible older person, continues.in this week’s column.
A retirement pension referred to as the Canada Pension Plan (CPP) serves to provide benefits intended for those who have contributed to theplan through paid employment in Canada.
The amount of benefits are determined by the contributions made during the period of time you were employed, and are adjusted forinflation each January in order to keep up with the increases in the cost of living. It is necessary to apply in order to receive CPP benefits,noting that retirement benefits are not paid automatically unless you were in receipt of CPP disability benefits once you turned 65. Apply atleast 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 you apply after youturn 65 you will receive an increased pension. Should you apply to receive your pension set to commence at age 65 or as late as 70 you canexpect 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 surviving spouse orcommon-law partner of a person who has lived or worked in another country which has a social security agreement with Canada, you mayalso 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 benefit paid toyour estate once you have passed away. In addition, your spouse or common-law partner may also be eligible to receive a monthly survivorpension.
For further details concerning any changes which may have taken place or to request an application form, contact Services Canada, toll-freeat 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 Nakusp region, byproviding residents with free and confidential personal assistance in completing and filing their straightforward income tax package topersons 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 an appointment or forgeneral updated information about the program including governmental financial and service benefits you may be eligible to receive whichexists 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), DebiBleakney (250-269-7570), Dianne Zeuch (250-265-4298).
