KEY Details About Canada's Government Pensions: CPP, OAS & GIS | Retirement in Canada

Today we discuss the main features of the three Canadian Public Pension Plans: Canada Pension Plan, Old Age Security and Guaranteed Income Supplement.

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Intro (00:00)
CPP Management (1:11)
CPP Contributions (1:54)
CPP Yearly Maximum Pensionable Earnings (2:21)
CPP Enhancement (3:11)
How Much Will You Get from CPP? (3:33)
When to Start Taking CPP (4:49)
CPP Indexing (7:23)
Getting CPP Estimates (7:42)
CPP Child-Rearing Provision (8:15)
CPP Post-Retirement Benefit (8:37)
Additional CPP Benefits (9:05)
OAS: How Much Will You Get? (9:50)
10% OAS Increase at Age 75 (11:04)
OAS Taxability and Indexing (11:20)
OAS Eligibility (12:18)
When to Start Taking OAS (13:08)
OAS Clawback (14:40)
GIS (17:59)
GIS Taxability (19:53)
GIS Allowance (20:00)
GIS Survivor Allowance (20:29)
Outro (20:51)

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DISCLAIMER: All videos on this channel (including this one) are for educational or entertainment purposes only. They are not (and are not intended to be) financial, investment or legal advice. It is our firm position that everyone has a unique situation and should seek professional advice on how best to navigate it. Rhys Martell is a Chartered Investment Manager (CIM), a Fellow of the Canadian Securities Industry (FCSI), a Qualified Associate Financial Planner (QAFP) and more. However, he is not registered to provide investment advice and, therefore, does not provide specific investment recommendations. Those looking for specific investment advice should seek out a registered professional.

[a.sanders]

You’ve quickly become my favourite financial YouTuber! Your videos are extremely informative and are presented in such a professional manner. I appreciate all the time and effort it must take for you to put them together. (I also like the font you chose - it’s aesthetically pleasing compared to regular fonts like arial 😊).

[RC-fhlk]

I’ve watched many videos on the different federal retirement benefits….yours is by far the easiest to follow!! Thanks

[jacquelinewelch]

Thank you. The most informative info I have heard on the Canada 🇨🇦 pension plan. Very thorough explanation.👍👏

[barbpotter]

Very informative video. It really helps explain OAS & CPP and only recently heard about the GIS so thanks for explaining that better. This is the first video I've watched on retirement benefits and I found it so well explained.

[ilona]

Finally someone explained it clearly and intelligibly – thank you!

[laed]

Rhys Martell is another excellent Canadian content Retirement & Investing videographer. Speaking slowly and articulately is a huge plus compared to many other YouTubers and having a voice that is pleasing to listen to makes this my go to channel for Canadian content. And how Canadian of you eh, to showcase and mention Doug Runchey, Brandon Beavis (& his Dad) & Adam at Parallel Wealth. Thanks Rhys you are knowledgeable & a stand up guy. Keep up the Great work.

[Uraniabce]

Please do something about benefits for the Disabled. No one seems to address this.🤔

[bennyshah]

you are the best of all other Financial Advisors on you tube.🌹🌹🌹

[afcro]

Retire as soon as you can, you can live on it. I’ve known so many people that waited and died within a couple of years of retirement. Notice how they award you for waiting, cause they want you to so it works best for them….

[garyfeser]

Well done, simple, direct and to the point

[HarryBurgler]

I was forced on cpp disability at age 50 due to an accident and now at 65+ receive approximately $400 per month less on cpp. Also the insurance company took the amount of 15 years of cpp disability off the settlement amount so penalized twice. We should be receiving a lot more, at $ 2, ooo a month

[ymsalem]

Excellent review .. the best I've seen on the subject. Thanks a lot!

[helifynoe]

Well considering the fact that I have been unemployed since mid 2002 due to health reasons, the fact that my CPP income is just a tad below average, is surprising. Apparently, 8 of those years of unemployment are disregarded when calculating the CPP. But despite being unemployed, I did get lucky and found a lovely good sized 1 bedroom apartment of which, thanks to the Rent-Geared-to-Income (RGI), has cost me only $140 per month for rent since 2004. Anyhow, these incomes all add up, meaning the CPP, the OAS, the GIS, the GST/HST, the OTB, the GAINS, and the CAI benefits. In my case of thus low income, I get max OAS and max GIS. Thank goodness for that.

[CorneliuBacauanu]

Best explanation on CPP & OAS .Thank you.

[PGB]

I was almost caught by the benefit clawback. I took CPP at age 64 but kept working (I needed the money). When I turned 65, OAS started. After a full year of receiving both and still working full time, I threw my estimated numbers into my tax software and was shocked to see the "social benefits repayment" amount. This was nearly the end of February, so I took out a $10K RRSP loan at 2% and increased my tax benefit return by about $2500. I always regarded benefit clawbacks as something that happens to rich people and earning enough to reach it never crossed my mind!

[loribehr]

Very helpful. This answered all the questions that I had about retirement benefits. Thank you so much! ❤😊

[patriciapeters]

Yes this person is doing a very good job explaining everything for sure.

[jenjarrya]

I just found you tonight. Your information has been very helpful! Thank You

[jksurveyer]

I am retired collecting CPP and OAS, but I have a couple of affiliate websites that are making miniscule amounts of money, if however they do make any money, I know I have to pay taxes and the CPP. Very informative video, thanks much.

[MariaGarcia-gvhj]

Thanks for increasing my knowledge in personal finance and investment, I recently subscribed to your channel. I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession. My husband and I are both retired and debt-free, and we're living smart and frugal with our money. Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market. Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it;"