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RETIREMENT INCOME
Most retired people in Canada receive income from Canada’s
Public Pensions through two programs: Old Age Security
(OAS), and Canada Pension Plan (CPP).
In addition, some people would have personal savings (such
as RRSP), company pension, and other income.
For income tax purposes, Guaranteed Income Suplement and Allowance
are not subject to income tax. All other benefits are considered
as income and therefore taxable.
MAXIMUM
OLD AGE SECURITY BENEFIT RATES as of January 1, 2010
Type of OAS Benefit
Maximum monthly benefit (January - March 2010)
Old Age Security
Old Age
Security pension
$516.96
Guaranteed Income
Supplement
Single person
$652.51
Spouse of a non-pensioner
$652.51
Spouse of a pensioner
$430.90
Spouse of an Allowance recipient
$430.90
Allowance
Regular Allowance
$947.86
Allowance for the survivor
$1,050.68
MAXIMUM CANADA PENSION PLAN BENEFIT RATES
as of January 1, 2010
Type of CPP Benefit
Maximum Monthly Benefit (2010)
Retirement pension (at age 65)
$934.17
Disability benefit
$1,126.76
Survivor's benefit (under age 65)
$516.57
Survivor's benefit (age 65 and over)
$560.50
Children of deceased or disabled contributor benefit
$214.85
Combined Survivor & Retirement benefit (at age 65)
$934.17
Combined Survivor & Disability benefit
$1,126.76
Maximum one-time payment
Death benefit
$2,500
Disclaimer: The objective of this website is to help
you understand Canada's retirement income system. It is not
intented to provide retirement income advice. For up-to-date
benefit information, please check with Social
Development Canada.
