What do Canadian immigrants know about pensions?

Canadian Pension Plan (CPP) and Pension Plan (OAS) are two important sources of income for Canadians after retirement. However, many people will confuse these two concepts.

Canada's pension plan began at 1966. The purpose of the establishment is to ensure that contributors and their families will not fall into financial difficulties when they retire in old age or lose their ability to work due to disability or death. This is a collection of contributions from employees, employers, self-employed people and income invested by the Canadian Pension Plan Investment Fund.

Pension is the monthly income that Canadian citizens aged 65 or above can receive. Different from the Canadian pension plan, the amount of pension a person can receive does not depend on your income during working hours, but on the number of years you have lived in Canada. You don't have to retire to receive it.

Who is eligible to receive it?

Simply put, all Canadian citizens, permanent residents, people who have lived in Canada for more than 65,438+00 years after the age of 65,438+08, and people over the age of 65 can apply.

The program also applies to Canadian citizens and permanent residents living overseas. And they must live in Canada for at least 20 years as adults.

Immigrant Home Network will answer your questions.