3 Retirement Benefits in Canada | CPP OAS GIS, How Do They Work? | Retirement in Canada

- Want To Learn More With Thomas? -
■ 💸Not sure If you are on the right path in saving?
💪 Download this FREE Financial Clarity Checklist:
■ 💰Want to have a chat with Thomas?

#cpp #oas #gis
3 Retirement Benefits in Canada | CPP OAS GIS, How Do They Work? | Retirement in Canada

For today’s remaster project,
I’ll go over Canada’s top 3 pension plans
CPP, Canada Pension Plan,
OAS, Old Age Security,
and the GIS, Guaranteed Income Supplement.
how do they work?
I will go over the details again and share
how you can get up to $1800 per month for your retirement in canada

What benefits you can get from the Canadian Government when you are retired and how are they different from each other?

CPP - Canada Pension Plan

OAS - Old Age Security

GIS - Guaranteed Income Supplement

All CPP, OAS, and GIS are designed to replace a certain amount of your income up to a certain limit each year.

In today’s video, I will go over what the benefits are, how they work, and how much they might payout

Enjoy!

DISCLAIMER: These videos are for educational purposes only. Please talk to professionals for your own tax plans.

👍 SUBSCRIBE TO THOMAS YOUTUBE CHANNEL TODAY!💪

🗣 Feeling stressed regards to your current finance?
Learn 5 EFFECTIVE ways to Boost your Financial Immune System
Download this FREE, EASY, Step-by-Step checklist
_______

Looking for Mortgage, Accounting, Legal Advice?

Want to know how Insurance works in Canada?

Is Your Saving On track with your financial goal?

The secrets all wealthy people know:

Our Right and Duty in Canada:

-----------

In the past 10 years, Thomas C Chan been focus on helping Canadians to develop for their financial success, with advice about investments and insurance, such as life insurance, critical illness insurance, and disability insurance.

Whether you want to know more about tax saving, retirement planning, or financial growth, Thomas can bring clarity on your retirement, wealth, and insurance. He understands the life stages and challenges that people are going through.

In Canada, you have many options for savings and investment vehicles, such as the RRSP and TFSA. To figure out how to take advantage of your options, Thomas can help you figure out what best suits YOUR financial needs. If you are interested in learning about how money works, and how to work with money, check out his videos!

[MrPolleyr]

As a man who worked for over 40 years in low and lower middle income jobs, I am now trying to live on our government retirement benefits, which for me is no where near $1800. Which by the way is a slap in the face, given that for over a year and a half our government was giving young healthy people $2000 per month, to sit home and do nothing. They called it a “living wage”. If $2000 a month is a living wage, why do they expect seniors to live on $700 a month less. My property taxes alone are one whole months pension. We are taxes to death. No wonder the homeless population is the fastest growing demographic.

[sherryie]

THANKS. Just what I needed to watch. My husband and I are administrators of our farming business and our own properties, as well as small pensions. I am almost 46, my Husband is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn passive income online and retire comfortably let's say 1 million bucks.

[Alexedmartin.]

<FHSA is such a smart choice for anyone looking to build wealth through real estate. I've been fortunate to leverage these accounts to grow my savings and invest in my dream home. It's all about strategic financial planning and taking advantage of the right opportunities.I wasnt financial free until my 40’s and I’m still in my 40’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made. Great video! Thanks for sharing!.

[amadcoman]

Embarking on this new chapter of retirement in Canada? Remember, proactive financial planning is the key to unlocking a secure and fulfilling future. Instead of solely relying on CPP, OAS, and GIS, consider staying invested with a trusted financial advisor. They can guide you towards strategic investments, ensuring your retirement is not just stable but prosperous. Take control of your financial destiny and embrace the retirement you've always envisioned!

[stuartjames]

I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income-generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45

[oliveredwards]

Investing in stocks can be an efficient way to build wealth over time. The key to making money in stocks is remaining in the stock market, investors often move in and out of the stock market at the worst possible times, missing out on that annual return.

[tammyadams]

Added to monthly expenses should be power, cable, internet/cell phone and gas/heating, insurances-renters and vehicle, vehicle oil and gas, if not transportation costs then vehicle loan, vehicle registration. So many more expenses to be included.

[billwhitis]

1800 a month? That is not even enough to live on. Picturing people with wads of cash and happy faces is disingenuous click bait.

[j.h.d.]

Hi there. I've been watching a few different videos on this topic.
I want to thank you for an excellent, well thought out visual presentation.
The graphics and voice-over are excellent.
I'm glad I happened upon your channel, and I'm now a new sub, too!

Even though this clip is over 2 yrs old, I feel it's still very relevant. Also, the explanations are excellent. Thx.
🙏

[katarinamauri]

It is very good video. I am comfortable retired, but I was planning all my life for this. I am surprised how many people did not plan. Maybe schools should give a course on retirement and personal finances to prevent many people live in poverty at the old age.

[MEdGrant]

A bit of advice that you could give out: even though most (all?) private companies have now switched from "defined benefit" to "defined contribution" pension plans, a smart move (if the option is offered) is to use any "top-up" contributions to a corporate pension plan. Many times a company will offer to match your "additional contributions" (above and beyond the mandatory contribution) either 100% to a certain maximum percentage or some other amount (more probably 50%). In the long run this will significantly enhance the additional funds flowing from that employment pension. If you think you can get a better return by putting that money into your own RRSP, good for you (eggs in more than one basket). If you don't want the hassle and don't want to be tempted to just spend any discretionary money at the end of the month (once the mortgage is paid off), then it is a relatively painless way to ensure you have the money to retire comfortably in spite of cost-of-living or tax increases down the road.

[johntran]

Very instructive and easy to understand presentation.Thank you for posting!

[davidcadman]

I get 1663 (OAS+GIS) + 237 (CPP) + 107 (Ontario Trillium) on a Monthly Basis. Roughly 2008... It's still not minimum wage (14 per hour 40 hr week x 4.33 weeks = 2424) but I survive... One step over the line!!... The best advice I can give, have a spread sheet, of Income and Expenses. Work it daily, to know where you stand. A freezer helps when planning meals... Lessons learned during the 50's growing up on rationing...

[getkraken]

From the time you apply for GIS benefits to the time you finally get a payment to you takes about one year if you worked right up to date of retirement. First you must apply the usual way, and the govt will look at your previous year income from tax return, and since you were working the previous year, you will not qualify for GIS. Once you have applied for this method and been rejected, you then can make a special application based on a one-time retirement method where you submit estimated income for year ahead and they use it as a qualifying income which will qualify you for GIS payments. For example, I stopped working in October month. After the first failed application, I used the special retirement method and for November and December, my monthly income (just CPP since I stopped working) was low enough to qualify for GIS. So you can eventually qualify and get paid GIS, but you probably won't get a payment (a year of payments at once come to you) until about a year from first starting. You will have to have enough cash on hand to make up for the GIS you have been granted but the system takes a year to pay out.

[dangelvette]

U are a very kind and decent person thank u

[georgemahon]

I think your video on cpp oas and gis was excellent

[Patriot]

Thomas C Chan: It's the first time I noticed so many helpful responses from the person making the video. That is commendable, sir. 5 stars to you.🏅

[jerryg]

Excellent video and information. Very well produced! Very informative!

[irealestatedaily]

Hey Thomas, great video brother... The breakdown was very informative.

[bonbonburnett]

Always nice to get the latest and greatest info from you Thomas. Thanks for the update.