Introduction
It is so challenge for me to figure out how to make a living in Canada, if I am retired. I need to prepare my knowledge on this area.
Case study
CPP
I like to talk about CPP.highest amount is $1012 every month. Earliest time is 60 years old. I am 53 years old right now, so I can apply 7 years later, in 2026.
Average CPP is $528.00 dollars
CPP is for all of us, the main goal is to help low incomer to have life guarantee.
I already work almost 10 years. I need to figure out what is the amount I can get.
OAS
Old age security
If I live in Canada 10 years, then I should be able to get the benefit when I turn 65 years old.
After 18, count how many years, each year will count 1/ 40. I will have at least 10 years to live in Canada.
GIS - Guaranteed income supplement
If the annual income is more than $21887 ( household), or personal income is higher than $16559, live more than 10 years.
No tax requirement.
2013 Maximum $740/ month
Case study:
Fact:
2013 highest OAS is $546.07/ month, GIS single highest is $740.44/ month
One Chinese couple came to Canada over 20 years, live with daughter. every month husband and wife each can get over $1000 dollars.
GIS highest one - $740.44, the wife or husband will be $490.96
Actionable Items
How much can I get?
I will have three possible income, one is CPP, one is OAS, one is GIS. So I should have at least 25% maximum OAS.
Life is tough. I still do not know where I will live in Canada. Vancouver area is too expensive. I am thinking about having a business to get some income as well.
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