Canada’s retirement system offers financial support to seniors, helping them meet essential living costs. In 2024, the average monthly retirement income varies based on several factors, including work history, contributions, and the specific program a retiree is eligible for.
The primary retirement income sources in Canada include the Canada Pension Plan (CPP), Old Age Security (OAS), and Guaranteed Income Supplement (GIS). The average monthly CPP payment for new retirees in 2024 is expected to be around $760, though the maximum can be up to $1,306 based on full contributions. OAS payments are roughly $615 per month, with GIS providing additional aid to low-income seniors.
Eligibility for these benefits depends on your age, residency, and the amount of contribution to the programs throughout your working years. For CPP, you must have contributed during your employment, while OAS requires you to be a Canadian resident for at least 10 years after turning 18. GIS is available to low-income seniors who are already receiving OAS.
To claim these benefits, retirees must apply through the Service Canada website or contact their local Service Canada office.
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By planning ahead and understanding eligibility, Canadian seniors can ensure they receive the financial support they need for a comfortable retirement.
