1. Planning for Retirement
May | WNH | Financial Empowerment and Problem Solving
Planning for Retirement
Sources of Income for Seniors
How to access them – eligibility
Changes to CPP
How to calculate your future income
Q & A
Resources

2. The FEPS (Financial Empowerment and Problem Solving) Program is generously funded by the Ontario Ministry of Community and Social Services and delivered in partnership with:
These FEPS training materials and support documents created by West Neighbourhood House for the FEPS program.

3. Sources of Income for Seniors
Old Age Security (OAS)
Based on Age and Residence*
Age 65
At least 10 years of legal residence in Canada
Other Benefits for Low Income OAS recipients and spouses.
Benefits for survivors age 60-64
Based on Income
Guaranteed Income Supplement (GIS) - low income seniors
 Allowance: Spouse (age 60-64) of the GIS recipient
Survivor’s Allowance: Widow(er) age
Canada Pension Plan (CPP)
Based on Contributions
Retirement Benefits
Age 60 – Early retirement
Partial pension (.6% less for each month before age 65.) 
Age 65 – Retirement
Full pension
Age 70 – (.7% more for each month after 65)
Disability Benefits
If Contributor becomes disabled. Also benefits for his/her children under age or under 25 if full time student
Survivor Benefits
For Contributor’s spouse and/or children under age 18 or age 25 if full time student

4. Your income is guaranteed.
How much is the OAS/GIS?
If you are 65 years old
AND
If you have at least 10 years of
legal residence in Canada
Your income is guaranteed.
As of April 2016, the guaranteed income is
$1, (monthly)

5. How do you come to this amount?
The guaranteed income is the sum of the following:
Maximum Old Age Security (OAS): $570.52
Maximum Guaranteed Income Supplement (GIS): $773.60
Total OAS/GIS Pension $1,344.12
Guaranteed Income Supplement (GIS) is based on NEED
What happens if you have other income, such as CPP, interest, employment, etc. ?

6. What happens if you have other income?
When calculating the GIS amount ,
the first $3,500 of employment income in a year are exempt.
After this amount,
for each $1 of income, you lose $0.50 of GIS.

7. Guaranteed Annual Income Supplement (GAINS – Province of Ontario)
If you are eligible for the GIS, you might be eligible for the GAINS.
You don’t need to apply.
If you are eligible, you receive it.
How much? $83
For each $1 of income, you lose $0.50 of GAINS,
If your other income is $166, or more, you don’t qualify for GAINS.

8. Old Age Security Benefit Payment Amounts April – June 2016
Type of benefit
Maximum amount Footnote 1
Old Age Security pension Footnote 2
$570.52
Guaranteed Income Supplement (GIS)
Single
$773.60
Spouse/common law partner of someone who:
does not receive an OAS pension
receives an OAS pension
$512.96
is an Allowance recipient
Allowance
$1,083.48
Allowance for the Survivor
$1,213.00

9. Canada Pension Plan Payment Amounts
How much is the CPP?
Canada Pension Plan Payment Amounts
Type of benefit
Average benefit (January 2016)
Maximum amount (2016)
Retirement (at age 65)
$654.67
$1,092.50
Disability
$933.82
$1,290.81
Survivor – younger than 65
$410.94
$593.62
Survivor – 65 and older
$339.39
$655.50
Children of disabled contributors
$234.87
$237.69
Children of deceased contributors
Death (maximum one-time payment)
$2,296.85
$2,500.00
Combined benefits
Survivor/retirement (retirement at 65)
$829.06
Survivor/disability
$1,041.57

10. How much will I receive from CPP?
Estimate Request for Canada Pension Plan Retirement Pension
PDF, sc-isp-1003( )e.pdf, 1120 KB, printed on 3 pages
Application for Statement of Contributions to Canada Pension Plan,
PDF, sc-isp-2000( )e.pdf, 1048 KB, printed on 1 page

11. Changes to the CPP
Changes to the Canada Pension Plan (CPP) began in 2011 and will continue to be implemented until If you started receiving a CPP retirement pension before December 31, 2010, and you remain out of the work force, the changes to the CPP will not affect you.

12. Resources Canada Pension Plan Old Age Security Open Policy
Old Age Security
Open Policy