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Seniors and Finances


As we age you should consider financial supports. Federal benefits significant support in times of need. These include: Canada Pension Plan, Old Age Security,  and the Guaranteed Income Supplement. Contact Service Canada toll free at 1-800-622-6232 if you are unsure about what benefits you could receive.


Old Age Security Pension  is a monthly payment that helps with daily expenses. It is available to most Canadians aged 65 and older. OAS is based on age and years of residence in Canada. It is a taxable income. This means taxes are deducted from each cheque or paid at the end of a tax year.

You may receive notification via mail of automatic enrolment in Old Age Security. If you are not automatically enrolled you must apply to Service Canada for this benefit. Additionally, eligible persons can defer Old Age Security for up to 60 months. Deferral guarantees higher monthly payments for when you receive Old Age Security. Some seniors defer this pension to reduce their taxes owed as they work beyond the age of 65.


Similarly, the Canada Pension Plan supports people in need. CPP is paid monthly and is a taxable benefit. This means that taxes are deducted from each cheque or paid at the end of a tax year. How much your CPP payment is depends on how much money you contributed while you worked, how long you contributed for, and when you began receiving CPP.

If CPP is taken before the age of 65 your monthly payment will be lower. Additionally, if CPP is deferred until after the age of 65 you will receive a higher monthly amount. Use the Canadian Retirement Income Calculator to determine what you may receive. This is found on the right hand side of this page, or by clicking here.

Canada pension death benefit

The Canada Pension Plan Death Benefit is a $2,500.00 benefit. It is paid to the estate of a deceased person. Provided an eligible person has died after January 1st, 2019, the benefit is $2,500.00. Similar to the Canada Pension Plan, eligibility is determined through a contributory period. Contact your nearest Service Canada office for more information.

guaranteed income supplement

The Guaranteed Income Supplement is a monthly benefit for low-income persons. To qualify you must (1) live in Canada; (2) receive Old Age Security Pension; and (3) have an income lower than the maximum allowable amount. If you are married, or have a common law partner, both incomes together must be lower than the maximum allowable amount.

Estate planning

It is equally important to consider what happens to your finances when you pass. For more information, please download our Legal Planning Guide on the right hand of this page. You can also visit our Wills and Estates page by clicking here.