Location: God's own country
Posted on: 28-02-06 12:52:04
Old age security (OAS) is given for people who are eligible for just little or no pension.
So in other words, as your pension goes up, your OAS will come down to Nil.
Take for example, that you work at a 45K salary for 30 years, you will get pension only and no OAS.
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TK
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I am a Gents and not a Ladies.
Location: God's own country
Posted on: 28-02-06 13:02:48
Another very important detail of pension is that you can receive your pension from Canada pension plan while being in your home country (India does not have that facility yet but i am sure that in another 10 years or so , india will have that facility).
OAS is given only when you claim physical presence in Canada throughour your claiming period.
For example, you might have contributed for just 3 or 4 years into the Canada Pension Plan and you may be eligible to get $125 a month. your OAS would get you another $800 a month.
so you are left with $950 / months at your old age staying in Canada
or $125 / month at your old age while staying in India
Decide what you want!!!
I would personally prefer $125 a month while being in india.
TK
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I am a Gents and not a Ladies.
Location: British Columbia
Posted on: 28-02-06 13:02:53
Quote:
Orginally posted by tamilkuravan
Please note that this information was given to me by a friend who works in the Pension dept.. He (was a sri lankan) and he remarked to me that the pension dept. has realy no safe gaurds to identify people who misuse the system.
Disclaimer : Please note that this was just told to me and i assume no responsibility of the accuracy of the information nor the legality of the information. Also be aware that you can be prosecuted by the canadian govt. for providing false information to claim any benefits that you are not eligible to calaim otherwise.
TK: Your disclaimer indicating one can be prosecuted by the Canadian Government has been made null/void by your above statement that "the pension dept. has really no safe guards to identify people who misuse the system'.
To me it sounds like your encouraging this person to "misuse" the system. Is that how you meant it ??
In my view you would be doing fellow CD's a better service to encourage them to find their own resources rather than ways to take government benefits that they may not be entitled to. Every person that 'misuses ' the system takes money away from people that really may need it as a security net.
To me its a matter of ethics.
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~ Morning rain
Location: God's own country
Posted on: 28-02-06 13:05:15
Morning rain,
I am sorry ! I was afraid that i would get into controversy and i did.
I am erasing the contents before the moderators see it.
Sorry once again.
TK
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I am a Gents and not a Ladies.
I read somewhere that you will get OAS if :
1) You are over 65
2) Have stayed in the country for at least 10 yrs.
3) You total income is less than 19,000 p.a.
Since I came to this country later in my life, I would only have about 20 yrs of work yrs in this country. My CPP letter I recd recently said that I would get $ 100 as my pension if i continue to contribute at the current rate till I am 65. Assuming I work till 65, I will not get any OAS from 65 to 69 as my RRSP withdrawals will be more than 19k. So I can get OAS only after I become 69.
Am I correct in assuming the above?
Location: British Columbia
Posted on: 28-02-06 13:46:00
Quote:
Orginally posted by tamilkuravan
Morning rain,
I am sorry ! I was afraid that i would get into controversy and i did.
I am erasing the contents before the moderators see it.
Sorry once again.
TK
No. My point was not to pick at your post. I wanted to ask you to clarify what you were trying to say. Everyone has a right to their views
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~ Morning rain
Dear Lana 2005,
Thank you for your post.
My investment ability can generate say abt USD 2K p.m and I can afford to buy a house for say 300K USD.
In terms of lifestyle, currently-
I play golf n squash n swim.
My children go to private schools
I live in the best part of town in a 3 BR apt on the topfloor n drive a 4 ltr SUV.
Obviously, I can't live like that in Canada. My objective is really to help my children go through a decent Univ education (hence the focus on a Univ town), thus the question really is
Is USD 2K p.m adequate for a reasonable standard of living i.e not living like a prince but not like a pauper either. We are a family of 4, vegetarians, in reasonable health.
I would work on my own - teaching communication skills (I am a pretty good speaker) and investing
