Financial Programs for Seniors

The federal Government of Canada offers a number of financial programs to help seniors live more comfortably.
 
 
Old Age Security Program

The Old Age Security Program offers of 4 types of benefits. Application is necessary. To be eligible for benefits, you must be at least 65 years of age, and must have been a Canadian citizen for a minimum of 10 years after age 18.

Old Age Security (OAS)
Qualification for this pension depends on the applicant's age and the amount of time s/he has lived in Canada. It is not based on financial or employment status. The benefits are taxable.

Guaranteed Income Supplement (GIS)
This is a monthly payment for OAS recipients who have little or no other income. The amount is based on previous years' income and marital status. The payment is included in the monthly OAS cheques.

Spouse's Allowance
The benefit is given to the legal or common-law spouse of an OAS or GIS recipient, who is between 60 and 64 years of age. The amount is based on the combined income of the OAS recipient and spouse. This benefit is designed for low-income spouses.

Widowed Spouse's Allowance
Based on previous year's income, this benefit is designed for low-income spouses of deceased OAS recipients. To be eligible for this benefit, proof of marriage or common-law relationship is needed, as well as the date of the spouse's death.
 
 

Canada Pension Plan (CPP)

This program protects contributors from the loss of earnings in the event of retirement, death or disability, and is based on income from employment. The contributions come from employers, employees and the self-employed. There is also a Quebec Pension Plan (QPP) for resident who have worked in Quebec. Application for these benefits is necessary.

More Information

800-277-9914

For a complete guide to federal programs and services, contact Health Canada and ask for the Seniors Guide to Federal Programs and Services.
613-952-7606

Canadian Pension Plan Retirement Pension

The recipient must have contributed to the CPP or QPP for a minimum number of years and reside outside of Quebec. The retirement pension replaces 25% of the earnings on which you paid into the plan. The amount received depends on the age at which you apply and how long contributions were made. If applying between the ages 60 and 64, you must have ceased working completely, and will receive up to 70% of the full pension. If applying at age 65-70, you may still be working and receive up to 70% of the full pension. If applying at age 65-70, the recipient can still be working and receive 100% of the full pension as well. If you are more than 70 years of age, you will receive 130% pension.



Canada Pension Plan Disability Benefit

This requires contributions to CPP in 4 of the last 6 years, on earnings at least 10% of the maximum pensionable earnings. You must meet the CPP legislation's definition of disabled, and be between the ages of 18 and 65. In the case of retirement, the benefit will be converted into the CPP retirement pension. As well, once the disability benefit recipient turns 65 years of age, the benefit will automatically be converted into a retirement pension.



Canada Pension Plan Survivor Benefits

These can begin 6 months after the CPP contributor's death. Payments are made to the deceased contributor's estate, spouse, or dependent children.
There are 3 types of survivor benefits:

• Death Benefit – a one-time payment to the estate of the deceased CPP contributor;
• Surviving Spouse's Benefit – a monthly payment to the surviving spouse of the contributor;
• Children's Benefit – a monthly payment for the dependent children of the contributor.
   
   

Veteran's Affairs Canada

Veterans' Affairs provides services and benefits to war veterans, former members of the Reserve Force who receive benefits for service disability, and others.

Service Disability Pensions

Veterans of the Canadian Armed Forces, former members of the merchant navy, or anyone who has become disabled during service can qualify for these pensions.

War Veterans' Allowance Program

This program provides financial assistance to low income war veterans. This benefit is based on previous years' income. The minimum age to apply for males is 60, for females, 55.

Veterans' Independence Program

This benefit aims to help improve the quality of life of war veteran, so that they can remain healthy and live in their own homes for as long as possible.
 
 

Employment Insurance Benefit

People over age 65 who want to continue working may still be eligible for employment insurance. Seniors must prove, among other criteria, that their unemployment is beyond their own control (due to layoff, etc.), that they have been without work and pay for a minimum of 7 consecutive working days, and they are capable of and available for work but cannot find any appropriate jobs.

More information

Human Resources Centre of Canada
listed in the Government section (blue pages) of your phone book

Financial Services and Benefits, Veterans Affairs Canada
416-973-3971
800-627-5310

Employment Insurance
416-730-1211 (24 hour service)
905-953-4000

Ontario Disability Support Program (ODSP)
http://www.gov.on.ca/CSS/page/services/ODSP/odsp.html
Contact information for Regional Offices is posted on this site.
 

Seniors who get the Guaranteed Income Supplement and whose incomes are below Ontario's guaranteed income level automatically receive financial assistance from GAINS. No application is needed.

More Information

Ministry of Revenue
Guaranteed Income and Tax Credit Branch
33 King Street West
Oshawa, Ontario L1H 8H8
Ontario Ministry of Revenue
Information Centre
800-263-7965
800-263-7778
or visit the Public Enquiry Centre at the Ministry of Revenue, 50 Grosvenor Street, Toronto, Ontario M5S 2V3.

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Last Modified: 07/17/2006 01:15:48 PM