Case study: My Canada retirement calculation

Dec. 8, 2019

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.

Canada retirement research

Oct. 11, 2018

Introduction

It is time for me to study more about Canada related to retirement income. I came cross this article and I like to write a blog about it.

Understand the basics

I like to copy some content here in Chinese. I like to find some keywords and then look into more details.

 1，加拿大退休金计划(CPP)---要上班才有的，CPP是计入年收入的。

  · CPP是根据以往工作时缴纳的费用而定的, 最高是$1012.5/月.最早可以于60岁的时候申请, 但比65岁申请,要按比例扣减. 也可以70岁再申请,同样将按比例增加。CPP的领取不限身份和居住地, 只要你缴过, 够年龄后,你就可以申请, 哪怕你到时候居住在外地都可以.

  · 你能领取多少退休金取决于你向CPP供款额的大小和时间的长短。 如果你在2013年65岁退休, 每月可领取的最高退休金额是$1012 。但很多人那不到这个最高值。实际上加拿大人今年所得的CPP平均值是$528。我们估算了一下,这个平均值大致相当于过去十五年每年按最高许可额供款的情况。

  · 此外,你也可以在60岁时就领取退休金,但退休金将比65岁的减少约30%。反之,如果你在70岁退休,退休金将比65岁的增加30%。

  · 由此看来,我们能从CPP得到的退休金十分有限,期望值高的人要调整一下了。

  · CPP是公共退休金，主要是给了给低收入者提供退休生活保障，这是加拿大社会保障制度的一部分。

  如果你终生的工薪收入都高于社会平均水平，那么可能你退休以后领取的CPP价值总额会低于你工作时为CPP所做贡献总额。

  除退休保障外，CPP还有其他一些重要的保障功能：

  如果你不幸因伤病失去工作能力，你可以从CPP领取最高每月1,212.90，你的孩子还可以领取最多每月228.66。

  如果你不幸早逝，你的家人可以从CPP一次性领取最多2,500，你的孩子可以每月领取最多228.66。

  这个一个提倡扶老携幼的社会。

  如果你收入很高，缴纳很多的CPP，身体又很好，那么恭喜你，你不需要社会的帮助，还有能力帮助他人，你很幸福。