< HOME   

 

CPP & OAS Pensions

 

  CPP ELIGIBILITY * OAS ELIGIBILITY * LIVING OUTSIDE CANADA * TAXES * UNLOCK LIRA or LIF

 

CPP Eligibility  GO TO CPP WEB SITE

 

The Canada Pension Plan (CPP) retirement pension provides a monthly benefit to eligible applicants.

 

You can apply for and receive a full CPP retirement pension at age 65 or receive it as early as age 60 with a reduction, (0.6 % for every month you are under age 65)

 

or as late as age 70 with an increase. 0.7 % for every month until age 70

 

 

 

Your CPP retirement pension does not start automatically. You must apply for it. Before you apply, you must:

 

 

 

 

OAS Eligibility  GO TO OAS WEB SITE

 

Your employment history is not a factor in determining eligibility: you can receive the Old Age Security (OAS) pension even if you have never worked or are still working.

 

 If you are living in Canada, you must:

 

 

Living outside Canada

 

Receiving Pension living outside Canada, you must:

 

 

If neither of the above scenarios applies to you, you may still qualify for an OAS pension, a pension from another country or from both countries if you have:

 

 

For more information, see Lived or living outside Canada.

 

Taxes

 

 Do I pay taxes if I live outside Canada ?  YES   on your Canadian Income, or if you elect to file under Section 217 of the Income Tax Act, you pay on your world income.

 Were you a non-resident in 2018 ?

 You were a non-resident of Canada for tax purposes in 2018 if one of the following situations applies to you:

Note: 

You may not be considered a deemed resident if you left or entered Canada permanently in the year. For information about the rules that apply to these situations, see  Pamphlet T4055, Newcomers to Canada or Leaving Canada (emigrants).

 

Unlocking   GO TO WEB SITE

If the Canada Revenue Agency (CRA) determines that you are a non-resident of Canada for tax purposes, and confirms this in writing, then you may unlock your LIRA or LIF. Once unlocked, the funds may be transferred into a regular bank account or transferred into an investment account that is not subject to the Act. 

Becoming non-resident of Canada

If the Canada Revenue Agency (CRA) determines that you are a non-resident of Canada for tax purposes, and confirms this in writing, then you may unlock your LIRA or LIF. Once unlocked, the funds may be transferred into a regular bank account or transferred into an investment account that is not subject to the Act. You do not have to wait until age 55 to access those funds, nor do the funds have to be paid out in a set manner. Taxation still applies on withdrawal.  Most pension jurisdictions will require some proof of non-residency like confirmation from Canada Revenue Agency (CRA) and some time requirement like 2 years of non-residency before unlocking the pension is allowed.