Government Benefit Plan

Question 1

OAS

Answer 1

-65 and above
- everyone gets regardless income
- in canada for min 10 yrs after age 18
- max OAS if 40 yrs after age 18
- if 20 yrs after age 18, paid even if cl outside canada
- from federal tax revenue
- delay to 70 and receive upto a max of 36%
- clawback if income is high 15%. Full clawback if certain max income
- taxable income

Question 2

GIS

Answer 2

-61-64 yrs
-given to low income OAS recipients
-amount depends on marital status & income
-not paid outside canada for more than 6 months .
- should have lived in canada for 10 yrs
- not taxable

Question 3

CPP

Answer 3

• CPP contributions compulsory 18-65 yrs
  -exception of below YBE( 3500$)
• can contribute (optional) 65-70
• pension is paid even if you leave canada
• payment can start from age 60 or delay to 70
• if delayed payment increased to 42% ( 0.7% eqxh month)

Question 4

CPP Disability

Answer 4

-under 65
-should have contributed to CPP Atleast 4-6 yrs
- taxable income
- starts after 4 months of disability
- if disability occurs within 5 yrs, no waiting
- lump sum death benefit of 6 x retirement pension ( max 2500)
-

Question 5

Workers compensation pgm

Question 6

Income Assistance pgm

Question 7

Foreign pension

Question 8

EI

Answer 8

Federal
Paid upto 15 weeks