HLTHAGE 1BB3 Lecture Notes - Lecture 9: Canada Pension Plan, Old Age Security, Savings Account

• School: McMaster University
• Department: Health, Aging and Society
• Course: HLTHAGE 1BB3
• Professor: Yvonne Leblanc

Document Summary

Leanring objectives: review canada"s retirement income system, goals of the system, how the system is structured, three tiered system, federal government transfers, public pension plans, private income, investment savings, seniors and low income. Goals of the retirement income system: anti-poverty, income replacement, fairness. 1st level - income security programs: old age security (oas, old age security pension, guaranteed income supplement, the allowance, allowance for the survivor. 3: maximum annual income ,398 (individual income) to receive the oas pension, as of 2016 clawback based on net income of 72809, the pensioner must repay part or all. Guaranteed income supplement: gis provides additional money (in addition to oas pension) to low income seniors living in. Canada: non-taxable bene t, to receive the gis - must be receiving an old age security pension. 60-64 yrs. to 62-66yrs: voluntary deferral of the old age security (oas) pension, example, rita turned 65 in december 2013, she plans to continue working as long as she can.