Immigrated to Canada at the age of 49. How much pension can I get when I retire at 65?

Canadians' retirement income mainly comes from the following sources:

1. The old-age security (OAS) provided by the government for the elderly can be received when they reach the age of 65, and they will live in Canada after reaching the age of 18, and they will get the largest share after living in Canada for 40 years after reaching the age of 18. Just over 500 a month. The government will adjust the age from 2023 to 67.

2. The Canadian Pension Plan (CPP) deducted from personal salary can be applied after the age of 60, and the amount depends on the amount of provident fund paid. In addition, the latter application is relatively high every month, and the highest one can get 1000 yuan a month. Get about 600 on average.

3. Provinces collect their own pension funds. For example, Ontario plans to collect OCPP from 20 17, while Quebec does not accept CPP and adopts QPP.

4. The government subsidies for low-income people, such as the Guaranteed Income Supplement (GIS), did not reach a certain income after retirement.

5. Pensions issued by the former work unit (usually only available to the government and large companies, issued according to the policies of the former work unit, usually linked to the working years and the salary level at retirement).

6. Personal savings, including money in RRSP and TFSA.

To sum up, assuming that 49-year-old immigrants do not work, do not buy RRSP, and have no income after retirement, they can get 1 and 4 items, then at the age of 65, they can get about 766 GIS (the current amount is 564.87× 16/40=225.95 USD, and the OAS amount will increase with inflation) and about 70.

If you are a couple, * * * can get OAS$452, GIS $ 1274(765.93+507.87), * * $ 1726/ month.

With regard to spouse pension, it refers to the allowance that the elderly aged 60-64 can apply for if their spouses have not remarried and their annual income is less than 23,088 US dollars. The current amount is $65,438+0,200.98 per month.

The above figures are all published by the government at present. Generally speaking, OAS and GIS will increase slightly with inflation every year, but the specific extent depends on the government's financial situation. Generally speaking, Canada's retirement income can ensure food and clothing, but it is only limited to this. If you want to have a high-quality life after retirement, you still have to save money by yourself.