CPP Survivor Benefits, OAS and GIS Explained for Retirees | Finance Friday

Описание: Are you wondering what happens to your CPP Survivor’s Pension when you turn 65, or whether Old Age Security and the Guaranteed Income Supplement are the same benefit? In this Finance Friday segment on CHCH Morning Live, FirstOntario’s Chief Risk Officer, Mark Perkins, answers real viewer questions about government retirement income.

In this episode, Mark discusses:

• How the CPP Survivor’s Pension works for a spouse or common law partner, including the typical 60 percent survivor benefit and how it interacts with your own CPP when you turn 65.
• The combined maximum you can receive from CPP and a survivor benefit, and why most people do not reach the absolute maximum entitlement.
• The important differences between Old Age Security (OAS) and the Guaranteed Income Supplement (GIS), including who they are designed for and how income thresholds and clawbacks can affect what you receive.
• Why filing your income tax return is critical if you want to receive OAS, GIS and related benefits, and when you may need to apply for GIS rather than assume it is automatic.

Have a question for a future segment?
Send your questions to [email protected]. If your question or topic is selected to be covered on air, you will receive a gift card from FirstOntario Credit Union.

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