Posted on: 16-10-08 22:36:49
Hi,
I was wondering if someone knew what the rules are for CPP after one lives in Canada for around 4 years and then decides to move abroad.
Are we still egilable to get the pension or is the period that one has lived in Canada insufficient?
Thx
Quote:
Originally posted by birentoronto
Hi,
I was wondering if someone knew what the rules are for CPP after one lives in Canada for around 4 years and then decides to move abroad.
Are we still eligible to get the pension or is the period that one has lived in Canada insufficient?
Thx
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I will provide you with a fast response and a link. Please read through their FAQ.
You and your Employer match the contributions. It is yours now and it is with the Canadian Government and they manage it. (Provincial and Federal)
As long as you just made ONE payment into it, the eligibility and entitlement kicks in.
They try to provide you with approx 25% of the salary with this mode of pension.(CPP)
Currently it is $884.58 p/m if you have a good many number of years and you and your employer contributed steadily into it. See the calculations.
You can opt to receive it, when you are SIXTY*, but you loose a hefty sum out of it per month. See calculations. (*In some circumstances even earlier)
Normally to receive it you have to apply for it. It is not paid automatically. But once you start receiving it, it keeps on coming. But you cannot pay into it after that.
Now to your question: CPP IS yours. If you take a look at as to how it is structured, you will find that you have not put enough money into it to receive such a pension for a very long period. Just do some mental math to understand it.
Here is a link to their website:
http://www.hrsdc.gc.ca/eng/isp/cpp/cpptoc.shtml
Hope this helps you a little.
Freddie.
I have browsed through the link but I do not seem to find any mention of minimum number of years for eligibility.
However, from a seminar that I had attended a few months ago (organised by Edward Jones and delivered by some officer from CPP office), I remember that the minimum number of years one should have lived in Canada to receive pension is 10 and to receive the same in a country other than Canada is 20.
Correct me if I am wrong.
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Chandresh
Advice is free – lessons I charge for!!
Quote:
Originally posted by chandresh
I have browsed through the link but I do not seem to find any mention of minimum number of years for eligibility.
However, from a seminar that I had attended a few months ago (organised by Edward Jones and delivered by some officer from CPP office), I remember that the minimum number of years one should have lived in Canada to receive pension is 10 and to receive the same in a country other than Canada is 20.
Correct me if I am wrong.
I believe the 10 year rule is true. I have heard the same rule at one of the introductory seminar to life in Canada.
For the 20 year rule, what I understand from your statement is that, if I have contributed toward CPP for 20 years ( 20 x 12 = 240 months). I am eligible to receive my pension while living outside of Canada. Please confirm if that is true. ......Thx
"As a Canadian citizen currently living outside of Canada, can I apply for an Old Age Security Pension?
You may be entitled to an Old Age Security pension provided you are 65 or over and have lived in Canada for at least 20 years after reaching age 18. If you have not lived in Canada for 20 years after reaching age 18 but have lived or worked in a country with which Canada has a social security agreement, periods of coverage in that country may be used to help you qualify for an Old Age pension."
It is out of this link., : http://www.hrsdc.gc.ca/eng/isp/common/t4nr4.shtml#t47
(Same one)
What you say is true for O.A.S. Will delve deeper into it and revert back.
Freddie.
(I have a few books on it. But they are not internet based. Also the books are only good on the day that they were published. The change in rules show up on the web sites sooner and I have to check and verify them to provide you with a good response.) edit
there are three conditions.
1. Work for 10 years.
2. Live in canada for 20 yrs. ( if you move abroad you will get it for 6 months and then it will stop untill you come back to canada and apply agaain).
3. Live in canada for 40 yrs... You will get it any where in the world.( No limits or restrictions).
Hope this will work.
