Thank you for your honest, detailed, clear and very easy to understand information. God bless you. You made things easier for me, it's been very difficult lately. Thank you tremendously
Would love to see a video of how much is paid in vs how much is paid out. I have wondered if mine and my employer contributions were thrown in bonds how much you have vs whatever CPP does.
Thanks for the feedback, @clydeleguerrier436! You’re right-Canadian dollars would have been more fitting. It’s surprisingly tough to find good pics of Canadian currency, but I’ll definitely keep that in mind for future videos. Appreciate you pointing it out, and thanks for watching!
My question is, should you take your Canada pension before 65 is that a good idea because I am 62 and I have another three years to go. Should I be thinking of taking my Canada pension my husband just retired he gets his maximum pension. Canada pension
How to consider that we are commonly with my partner. We are living together for over 30 years, but we decided not to do any agreement because of our religion! Please ,I need your advice! Thank you . 😊
Chances of explaining complex financial options to the elderly, leaves them open to abuse. Service Canada should have a Welcome Center for the elderly, in order to properly guide them through terrible times.
If my partner passed away before collecting CPP and I have yet to collect mine, am I still able to receive survivor benefits? They do not indicate a timeframe to apply, what if 10yrs passes before claiming?
For the Survivors Pension if I were planning to delay taking my Cpp until age 70 and died before I reached 70 without ever receiving any Cpp would my spouse still get the pension of 60% of what I would have got at age 65?
I was a stay at home mom for three kids and never worked outsideof the home. I'm now 62 and my husband is 67 and still working at his 35 year job til next summer. So if he was to pass before he retires or after he retires what would I get for a survivors benefit from CCP and OAS? I would get his work pension I know but that would be my only other income.
Hey Katsinky! Thanks for the great question! You would get 60% of his CPP ( whatever his amount is ) up to the max at 65 if you had CPP. So basically 60% Are you sure you were never gainfully employed? Because even if you had any kind of paid employment work you would have made a contribution to CPP which might qualify you for something. Even like a part time job before you were married would qualify. At any rate excellent question and welcome to the channel! Joe
@JoeMacek I got married a week after I graduated high school lol. And no I didn't have too lol. We did have a company in my name for a little bit and my husband who is a millwright contracted to other companies on his days of. It probably was maybe a year or less. It got to be to much for him to keep up. I will look into it for sure. He wants to retire next July and he will be 68. He's worked 50 years so it's definitely time. I won't contribute anything til I'm 65 so I do worry about money even though he will also have a work pension. I guess I should of worked lol. Thank you so much for responding.
Thanks for bringing this up, @jasonsherlock7480! The CPP survivor’s benefit should be applied for as soon as possible after the contributor’s death. They can only make back payments for up to 12 months. I really appreciate you adding this question, It’s great to have viewers like you who contribute!. Thanks for being part of the conversation, and welcome to the channel! DIRECTLY FROM CANADA CPP SITE Step 3 When to apply You should apply as soon as possible after the contributor's death. If you delay, you may lose benefits. The Canada Pension Plan can only make back payments for up to 12 months (11 months plus the month you apply).
Hey sir Wolly Yes IF you have the Tfsa successor holder information filled out. Rolls to the spouse. Make sure to have successor holder and not beneficiary for spouses. Joe
You say if you are legally separated, how about divorced, can you get survivor's pension? Neither my ex or i have any partners i always thought that if i go early the government keeps all my money, i did take my cpp early❤
You mentioned a separated spouse may be eligible to receive benefits.. what if the separated spouse has a court order for spousal support - does it continue?
Hi Forrestcityflygirl! this is an interesting question...HHMMMMMM I am not an expert in separation or divorce matters so would be not really qualified to give a concrete answers on this. But! I would think ( or guess) the pension benefits would be included in the incomes of both spouses and that would come into play when it came time to determine how much support would be paid to a spouse...but this would just be speculation... I would defer this question to a family lawyer...any in the house watching? If so please comment on this question. Thanks again and welcome to the channel! JOE
Cpp survivor benefits suck. I was divorced before my ex died. He had remarried but lived with me for 4 months before he died. My sister received maximum for her husband's benefits. When I died all my estate will receive is $2500. Doesn't seem fair.
Did you work in your country? If you did and you have not made at least 10 CPP contribution through out your contributory period in Canada there might be eligibility by combining your CPP contributions and the contribution you made in this other country to make up to at least 10. Note that not all countries have a Social Security agreement with Canada. You must have worked/lived at a country that does have one with Canada
Thanks for the feedback! Short answer is it’s much harder to get CAD pictures of money than USD but will mention ti my editors! I used to do my own but outsourced it to save time and be able to upload 2 times per week :)
That does not sound correct, they might be talking about OAS as OAS is the only benefit that is clawed back. Hope this helps welcome to the channel:) Joe
Depends how much you cashed in and how much you are over the allowable income threshold for tax year 2023. The CRA will impose a recovery tax of 15% on the amount over the threshold on your OAS. This is communicated to Service Canada and they will apply the recovery tax on your OAS benefit. If you happen to be getting a GIS along with your OAS you will no longer be eligible for the GIS and full OAS until the next period (provided you do not cash in again amounts that would bring you over the threshold). Your CPP will not be affected. You will get your CPP survivor’s benefit until you pass.
I think you are forgetting something on the death benefit. My husband and I are both retired. When my mother passes away and we collect the death benefit to cremate her, not only is it taxable but now the government says we made to much income that year, but deducted it monthly off our cpp and oas for the entire next tax year. Been there. We, between the 2 of us had over $600 a month taken off our cheque's for 1 year and just about starved and almost lost our home
This is BEYOND horrible. It’s likely you got clawed back on OAS, not CPP. CPP is a paid into plan that cannot be clawed back… but if you make too much money your OAS can be. However, my videos try to include as much good information as possible but yes I can forget and not add things and could be missing something or mistaken. I try to help ensure all of my information is good and reliable but as the saying goes no one is perfect:) Thanks for the great question and welcome to the channel! Joe
Your CPP is not affect by the DTH benefit payable. Only OAS gets affected. So you either both made over the income threshold stipulated by CRA (which in this case there is no eligibility for GIS)) and you are each individually paying a monthly recovery tax on your OAS OR your combined income was higher than the previous year (but still within the range to be eligible for the GIS) and this affected your GIS and both of your GIS’s is less by $300.00 each for that GiS period. It is always best to describe the whole picture so true information is recorded for others to see.
Yup being single nice to work all your life and pass away and the CPP fund keeps your hard earned money oh sorry I forgot my 2500.00 taxable death benefit my estate would get, the CPP is not set up for the one who work for it or there estate it could be in the hundreds of thousands of dollars the CPP be getting the CPP is not set up for the one who worked for it.
CPP is there to pay you a reliable and predictable amount of money for as long as you live. It's a pension, not a tool to make your heirs rich. If you collect the max at 70 and live to over 90 you could get over $700K from it.
@@alanj9978but if you had invested that same amount of money through a reputable firm, and you died at, let’s say 70, your estate could pass to whomever you wanted, not to the government.
In my humble opinion, they should get nothing. All the benefits while living: rrsp income splitting etc is disgusting. Us poor singles get nothing. I am well off but am disappointed by lacking anything for singles!!
Sometimes one spouse has an excellent pension but the other has a very limited one. This helps soften pain and suffering. I know life is not fair but if I am suffering I really do not need everybody else to suffer too. I was a single for most of my life but happily met someone. I could easily be you. I simply planned my whole life around this eventuality
$2500....taxable, why even bother giving this? Should be $10k, min. and TAX FREE. Child benefit, again not sufficient. Survivor pension, truly sad - this is how seniors end up in the street.
What happens when an individual lives common law with multiple wives? For example my friend Baboo came to Canada 50 years ago and shacked up with 10 different women and knocked them all up and they all collected welfare as they raised over 50 children. I would try and ask him but he only can speak one single work in English, and that word is welfare.
Thank you for your honest, detailed, clear and very easy to understand information. God bless you. You made things easier for me, it's been very difficult lately. Thank you tremendously
Great information my friend. Thanks Joe.
You bet! Thanks so much!!
Would love to see a video of how much is paid in vs how much is paid out. I have wondered if mine and my employer contributions were thrown in bonds how much you have vs whatever CPP does.
Great information Joe.
Hahah Hey Ursula! Thanks for the support and welcome to my channel lol!
Joe
Could have used pictures of Canadian dollars, not US currency
Thanks for the feedback, @clydeleguerrier436! You’re right-Canadian dollars would have been more fitting. It’s surprisingly tough to find good pics of Canadian currency, but I’ll definitely keep that in mind for future videos. Appreciate you pointing it out, and thanks for watching!
It vanishes, just like everything else the government has any hand in.
Thank you
My question is, should you take your Canada pension before 65 is that a good idea because I am 62 and I have another three years to go. Should I be thinking of taking my Canada pension my husband just retired he gets his maximum pension. Canada pension
How to consider that we are commonly with my partner. We are living together for over 30 years, but we decided not to do any agreement because of our religion! Please ,I need your advice! Thank you . 😊
What about the 64 years old the time he passed away and the survivor spouse is below 65 years old?
What are you talking about, you can apply for your own benefits. You are not going to have two paychecks man!
Chances of explaining complex financial options to the elderly, leaves them open to abuse. Service Canada should have a Welcome Center for the elderly, in order to properly guide them through terrible times.
If my partner passed away before collecting CPP and I have yet to collect mine, am I still able to receive survivor benefits? They do not indicate a timeframe to apply, what if 10yrs passes before claiming?
For the Survivors Pension if I were planning to delay taking my Cpp until age 70 and died before I reached 70 without ever receiving any Cpp would my spouse still get the pension of 60% of what I would have got at age 65?
Short answer is yes, you do not get 60% of the pension at 70 :)
Thank you Joe, now I don’t have to worry about that.
I was a stay at home mom for three kids and never worked outsideof the home. I'm now 62 and my husband is 67 and still working at his 35 year job til next summer. So if he was to pass before he retires or after he retires what would I get for a survivors benefit from CCP and OAS? I would get his work pension I know but that would be my only other income.
Hey Katsinky!
Thanks for the great question!
You would get 60% of his CPP ( whatever his amount is ) up to the max at 65 if you had CPP. So basically 60%
Are you sure you were never gainfully employed? Because even if you had any kind of paid employment work you would have made a contribution to CPP which might qualify you for something. Even like a part time job before you were married would qualify.
At any rate excellent question and welcome to the channel!
Joe
@JoeMacek I got married a week after I graduated high school lol. And no I didn't have too lol. We did have a company in my name for a little bit and my husband who is a millwright contracted to other companies on his days of. It probably was maybe a year or less. It got to be to much for him to keep up. I will look into it for sure. He wants to retire next July and he will be 68. He's worked 50 years so it's definitely time. I won't contribute anything til I'm 65 so I do worry about money even though he will also have a work pension. I guess I should of worked lol. Thank you so much for responding.
Can a common law widow claim benefits if there is no will?
Yes. You will have to prove through a paper trail that you were in C/L relationship.
well done ,thanks
how long does one have to apply for the cpp survivors benefit? 6mos? 1 year? 30 days?
Thanks for bringing this up, @jasonsherlock7480! The CPP survivor’s benefit should be applied for as soon as possible after the contributor’s death. They can only make back payments for up to 12 months. I really appreciate you adding this question, It’s great to have viewers like you who contribute!. Thanks for being part of the conversation, and welcome to the channel!
DIRECTLY FROM CANADA CPP SITE
Step 3 When to apply
You should apply as soon as possible after the contributor's death. If you delay, you may lose benefits.
The Canada Pension Plan can only make back payments for up to 12 months (11 months plus the month you apply).
My wi fe and I recently divorced and we are both receiving CPP and OAS. Is it possible to change our beneficiary upon death?
What happens to the spouses TFSA? Will it be simply moved into the surviving spouses TFSA ? Thank you
Hey sir Wolly
Yes IF you have the Tfsa successor holder information filled out. Rolls to the spouse. Make sure to have successor holder and not beneficiary for spouses.
Joe
@@JoeMacek Thanks a lot. Much appreciated.
What is the difference between successor and beneficiary.?
We’ve only been asked who is the beneficiary
You say if you are legally separated, how about divorced, can you get survivor's pension? Neither my ex or i have any partners i always thought that if i go early the government keeps all my money, i did take my cpp early❤
Can you explain why my CPP widows pension will DECREASE when I turn 65???
can my spouse get the survivor benefit if we both live in mexico? and how long do you need to have lived together for her to receive this
You mentioned a separated spouse may be eligible to receive benefits.. what if the separated spouse has a court order for spousal support - does it continue?
Hi Forrestcityflygirl! this is an interesting question...HHMMMMMM I am not an expert in separation or divorce matters so would be not really qualified to give a concrete answers on this. But! I would think ( or guess) the pension benefits would be included in the incomes of both spouses and that would come into play when it came time to determine how much support would be paid to a spouse...but this would just be speculation...
I would defer this question to a family lawyer...any in the house watching? If so please comment on this question.
Thanks again and welcome to the channel!
JOE
If I take my pension at 61, does my pension goes up yearly or it remain at 61 every year.
Cpp survivor benefits suck. I was divorced before my ex died. He had remarried but lived with me for 4 months before he died. My sister received maximum for her husband's benefits. When I died all my estate will receive is $2500. Doesn't seem fair.
What if you were divorced before your spouse passed
I would like to know where rrsps , GIC, tax free savings etc.. where do they go?
There assets you have to pay tax on If your over 50g
I have a Dual Citizenship that means i can be a Pensioners in both Countries?
Did you work in Canada for at least 10 years?
Yes, at least in some countries as long as you paid into the plan in each country at some point.
Did you work in your country? If you did and you have not made at least 10 CPP contribution through out your contributory period in Canada there might be eligibility by combining your CPP contributions and the contribution you made in this other country to make up to at least 10. Note that not all countries have a Social Security agreement with Canada. You must have worked/lived at a country that does have one with Canada
My husband died 26 YEARS AGO, and it was $2500 back then!
This is a Canadian vlog why are you showing American dollar bills at the opening ?
Thanks for the feedback! Short answer is it’s much harder to get CAD pictures of money than USD but will mention ti my editors! I used to do my own but outsourced it to save time and be able to upload 2 times per week :)
I was told i would get my cpp survivor benefit for life. Now they say after cashing in some rrsp's that i made too much money. Is this correct?
That does not sound correct, they might be talking about OAS as OAS is the only benefit that is clawed back.
Hope this helps welcome to the channel:)
Joe
Thank you
I will have to check further.
Is it because I'm over 65?
Depends how much you cashed in and how much you are over the allowable income threshold for tax year 2023. The CRA will impose a recovery tax of 15% on the amount over the threshold on your OAS. This is communicated to Service Canada and they will apply the recovery tax on your OAS benefit. If you happen to be getting a GIS along with your OAS you will no longer be eligible for the GIS and full OAS until the next period (provided you do not cash in again amounts that would bring you over the threshold). Your CPP will not be affected. You will get your CPP survivor’s benefit until you pass.
I think you are forgetting something on the death benefit. My husband and I are both retired. When my mother passes away and we collect the death benefit to cremate her, not only is it taxable but now the government says we made to much income that year, but deducted it monthly off our cpp and oas for the entire next tax year. Been there. We, between the 2 of us had over $600 a month taken off our cheque's for 1 year and just about starved and almost lost our home
This is BEYOND horrible. It’s likely you got clawed back on OAS, not CPP. CPP is a paid into plan that cannot be clawed back… but if you make too much money your OAS can be.
However, my videos try to include as much good information as possible but yes I can forget and not add things and could be missing something or mistaken. I try to help ensure all of my information is good and reliable but as the saying goes no one is perfect:)
Thanks for the great question and welcome to the channel!
Joe
Your CPP is not affect by the DTH benefit payable. Only OAS gets affected. So you either both made over the income threshold stipulated by CRA (which in this case there is no eligibility for GIS)) and you are each individually paying a monthly recovery tax on your OAS OR your combined income was higher than the previous year (but still within the range to be eligible for the GIS) and this affected your GIS and both of your GIS’s is less by $300.00 each for that GiS period. It is always best to describe the whole picture so true information is recorded for others to see.
For CPP, does it make a difference if the surviving souse (over 65) has never collected CPP?
Yup being single nice to work all your life and pass away and the CPP fund keeps your hard earned money oh sorry I forgot my 2500.00 taxable death benefit my estate would get, the CPP is not set up for the one who work for it or there estate it could be in the hundreds of thousands of dollars the CPP be getting the CPP is not set up for the one who worked for it.
CPP is there to pay you a reliable and predictable amount of money for as long as you live. It's a pension, not a tool to make your heirs rich. If you collect the max at 70 and live to over 90 you could get over $700K from it.
@@alanj9978but if you had invested that same amount of money through a reputable firm, and you died at, let’s say 70, your estate could pass to whomever you wanted, not to the government.
Honestly lololo no one can live on that 😂😂😂 and the system will taxes us again no matter what!
Pensioners get screwed one way or another!
For the 60%, is it 60% of what the person is collecting now or what it was when they started at 65?
We appreciate the government calculate so stingy to most retired people 😢
In my humble opinion, they should get nothing. All the benefits while living: rrsp income splitting etc is disgusting. Us poor singles get nothing. I am well off but am disappointed by lacking anything for singles!!
Sometimes one spouse has an excellent pension but the other has a very limited one. This helps soften pain and suffering. I know life is not fair but if I am suffering I really do not need everybody else to suffer too. I was a single for most of my life but happily met someone. I could easily be you. I simply planned my whole life around this eventuality
$2500....taxable, why even bother giving this? Should be $10k, min. and TAX FREE. Child benefit, again not sufficient. Survivor pension, truly sad - this is how seniors end up in the street.
Your credibility took a nose dive even before the video started because you used an image in the intro showing U.S. Dollars.
It’s over don’t listen to any of the horse crap they tell you
What happens when an individual lives common law with multiple wives? For example my friend Baboo came to Canada 50 years ago and shacked up with 10 different women and knocked them all up and they all collected welfare as they raised over 50 children. I would try and ask him but he only can speak one single work in English, and that word is welfare.