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Moonshoe
Blue Mantis


Registered: 05/28/04
Posts: 27,202
Loc: Iceland
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Re: Canadian Pensions for All! [Re: Icelander]
#19230244 - 12/05/13 07:52 AM (10 years, 1 month ago) |
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Quote:
Icelander said: Let me judge. 
Are you a YANKEE?!
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Everything I post is fiction.
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Patlal
You ask too many questions



Registered: 10/09/10
Posts: 44,795
Loc: Ottawa
Last seen: 11 hours, 34 minutes
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Re: Canadian Pensions for All! [Re: Moonshoe]
#19230286 - 12/05/13 08:07 AM (10 years, 1 month ago) |
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I believe the system works in a way where if you make a sufficient income, they deduct your pension. Once you below a certain income (no matter the reason) they give you your pension.
Homeless people "retire" when they reach 65 years old.
Wealthy people simply live off their own means.
The system wasn't designed by idiots.
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Moonshoe
Blue Mantis


Registered: 05/28/04
Posts: 27,202
Loc: Iceland
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Re: Canadian Pensions for All! [Re: Patlal]
#19230348 - 12/05/13 08:37 AM (10 years, 1 month ago) |
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Quote:
Patlal said: I believe the system works in a way where if you make a sufficient income, they deduct your pension. Once you below a certain income (no matter the reason) they give you your pension.
Homeless people "retire" when they reach 65 years old.
Wealthy people simply live off their own means.
The system wasn't designed by idiots.
So if I work my entire life and pay my taxes, can I expect to receive an old age pension when I turn 65?
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Everything I post is fiction.
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Patlal
You ask too many questions



Registered: 10/09/10
Posts: 44,795
Loc: Ottawa
Last seen: 11 hours, 34 minutes
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Re: Canadian Pensions for All! [Re: Moonshoe]
#19230396 - 12/05/13 09:02 AM (10 years, 1 month ago) |
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Quote:
Moonshoe said:
Quote:
Patlal said: I believe the system works in a way where if you make a sufficient income, they deduct your pension. Once you below a certain income (no matter the reason) they give you your pension.
Homeless people "retire" when they reach 65 years old.
Wealthy people simply live off their own means.
The system wasn't designed by idiots.
So if I work my entire life and pay my taxes, can I expect to receive an old age pension when I turn 65?
Unless you're rich enough not to qualify.
But then again, that's being talked abiout a lot lately. Will the baby boomers suck old age security dry and will there be anything left for us? That's the issue.
But in theory, yes, you will get OAS. At 67 years old.
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zappaisgod
horrid asshole


Registered: 02/11/04
Posts: 81,741
Loc: Fractallife's gym
Last seen: 7 years, 7 months
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Re: Canadian Pensions for All! [Re: Patlal]
#19231255 - 12/05/13 01:30 PM (10 years, 1 month ago) |
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Quote:
Patlal said: I believe the system works in a way where if you make a sufficient income, they deduct your pension. Once you below a certain income (no matter the reason) they give you your pension.
Homeless people "retire" when they reach 65 years old.
Wealthy people simply live off their own means.
The system wasn't designed by idiots.
Fact not in evidence
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Icelander
The Minstrel in the Gallery



Registered: 03/15/05
Posts: 95,368
Loc: underbelly
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Re: Canadian Pensions for All! [Re: Moonshoe]
#19231542 - 12/05/13 02:39 PM (10 years, 1 month ago) |
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Quote:
Moonshoe said:
Quote:
Icelander said: Let me judge. 
Are you a YANKEE?!
Yup but I've been fishing in Canada several times.
-------------------- "Don't believe everything you think". -Anom. " All that lives was born to die"-Anom. With much wisdom comes much sorrow, The more knowledge, the more grief. Ecclesiastes circa 350 BC
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DirtyTomFlint
( ಥـْـِـِـِـْಥ)




Registered: 11/26/13
Posts: 1,879
Loc: United Kingdom
Last seen: 1 year, 1 month
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Re: Canadian Pensions for All! [Re: Icelander]
#19231557 - 12/05/13 02:42 PM (10 years, 1 month ago) |
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Interesting read considering I just moved to Vancouver last year. Though I won't be retiring for at least 40-50 years (I hope). Shit is so expensive here though lol.
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   Know Your Body, Know Your Mind, Know Your Substance, Know Your Source
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TheOtherAdamSmith
Stranger


Registered: 11/28/13
Posts: 40
Last seen: 10 years, 1 month
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Re: Canadian Pensions for All! [Re: Patlal]
#19236045 - 12/06/13 11:18 AM (10 years, 1 month ago) |
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This isn't true. They claw back your OAS and GIS if you make sufficient income. Your Canadian pension is yours and you will receive it regardless of income. How much you receive depends on how much you contributed but everyone has to contribute if they worked.
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57-71
Stranger


Registered: 10/03/09
Posts: 289
Loc: Canada
Last seen: 10 years, 1 month
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Re: Canadian Pensions for All! [Re: Patlal]
#19238444 - 12/06/13 09:00 PM (10 years, 1 month ago) |
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Quote:
Patlal said:
Quote:
Moonshoe said:
Quote:
Patlal said: I believe the system works in a way where if you make a sufficient income, they deduct your pension. Once you below a certain income (no matter the reason) they give you your pension.
Homeless people "retire" when they reach 65 years old.
Wealthy people simply live off their own means.
The system wasn't designed by idiots.
So if I work my entire life and pay my taxes, can I expect to receive an old age pension when I turn 65?
Unless you're rich enough not to qualify.
But then again, that's being talked abiout a lot lately. Will the baby boomers suck old age security dry and will there be anything left for us? That's the issue.
But in theory, yes, you will get OAS. At 67 years old.
Not quite the full story. A person qualified to receive a CPP benefit can begin collecting at 60 yo. The caveat is that he/she will lose .5% per month of eligibility 6% per year) for every month before age 65 (soon to be 67) On the plus side, a person receives .5% more for every month they delay getting benefits past 65. These numbers are in flux at the moment and we could see the 60 yo penalized 7.5% per year, and 7.5% per year on the plus side as well.
Many men take the CPP as soon as possible on the law of averages which says that the male will live to 73 or 74 yo. Taking it later and dying on the average means a person received less than full average benefit.
Women also receive credit now for staying home and raising children. It amounts to roughly $100 per month per child of pension money, taken at 65yo with the same debit /credit scenario as above.
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