Old age often seems to be a liability for any man or woman, as their regular earnings stop after their retirement from their jobs. So many people dread their old age and feel lost at the thought of their financial status at a ripe age of above 65. However, things are a lot better for the senior citizens in Canada, due to the number of old age benefits provided by the federal government of this country. Looking to know the different varieties of old age benefits in Canada.
Prominent financial benefits of the aged people in Canada
- Old Age Security (OAS) is a monthly pension scheme for the senior citizens of Canada, who have crossed the age of 65. But they need to be born citizens of Canada or should reside here continuously for a minimum of 10 years before they can apply for this benefit. If a Canadian citizen has been working in any other country for a Canadian employer, his/her residential status will be counted as legally eligible for granting OAS pension. Moreover, the Canadians working in the countries with which Canada has signed International Social Security Agreements are also eligible for getting this benefit after their retirements.
- Guaranteed Income Supplement (GIS) is provided to the aged people in the age group of 60 to 64 years, who have very low income in spite of their spouse receiving OAS pension benefits. The widowed men and women in the same age group are also eligible to receive Allowance for the Survivor from the Canadian government. However, they need to apply for this benefit before or maximum within 12 months of turning 60; else as soon as their spouses pass away while they are still ageing between 60 – 64 years.
- Canada Pension Plan (CPP) is a pension scheme that provides monthly payments to the retired Canadian citizens who have contributed to this scheme all through their working tenures in Canada. Usually, both the employers and the employees deposit money regularly to this fund of CPP, which are offered as pension credits to the retired people above the age of 60. The Canadians working in other countries may also apply for this pension benefit if they were working in the countries with whom Canada has entered into International Social Security Agreement. As per this pension scheme, the aged people are offered not only retirement and survivor benefits; but also disability and children’s benefits, in case of special circumstances of physical disability or the liability to raise young kids.
- Home Adaptations for Senior’s Independence Program is intended to provide aids to the senior citizens of Canada for the renovations of their old residences if they cannot financially afford to do it.
There are many more beneficial programs launched by the federal government of Canada for the aged citizens, among which the War Veterans Allowance, International Benefits Program and First Nations People are the notable ones. However, it is important for the elderly applicants to submit all the relevant documents to the concerned department of the government to avail the benefits of these financial programs.