What local pension policies can you enjoy after obtaining a Canadian Maple Leaf Card?

The main and direct reason for immigration to Canada is the surge in the number of Chinese students. The basic reason is that Canada has a globally perfect education system and excellent teaching quality, as famous as the United Kingdom and the United States. The second is Canada's livable environment. Among the top 5 livable cities in the world, Canada has three seats, including Vancouver, Toronto and Calgary. This place is perfect for senior care. After you get a Canadian Maple Leaf Card, you can enjoy your local aged care policy.

1. Canadian Pension (OAS)

The legal retirement age in Canada is 65 years old. Canadian residents, regardless of their assets or income, are eligible for the Older Program as long as they have settled in Canada for more than a decade.

It should be noted that pensions will not be automatically paid by the government after your retirement age. You must apply to the government within 12 months before your 65th birthday before you can get a pension. In fact, pensions are similar to China's minimum living safety fund. The amount of pension is determined by the length of time the applicant lives in Canada and is paid monthly by the federal government.

Receiving of pensions is not related to assets or income and does not require donations, but depends on the year of residence, so new immigrants cannot enjoy the full pension. However, as a Canadian immigrant aged 65 and older, living in Canada for at least 18 years, you can get a partial pension.

All Canadian citizens and permanent residents who then live in Canada over 10 years of age and age 65 or older can apply for a pension. Canadian citizens and permanent residents are also applicable to residents who live overseas if they live in Canada for at least 20 years as an adult.

Pensions are income that can be collected every month. If you have lived in Canada for 40 years, you can receive a full pension.

Every three months, the Canadian government will increase the amount of pensions based on the "Housing Consumption Index". The current full-year pension is $546.07 per month. If you have lived in Canada for only 33 years, you can get a $450.50 senior pension per month. The specific calculation method is as follows: (33/40) * $546.07.

2. Canadian Pension Plan (CPP)

The Canadian Pension Plan (Plan) was established in 1966 to ensure that the donor himself and his family do not experience financial difficulties when retired in old age or when he loses his ability to work or die due to disability. This is a set of donations for income from employees, employers, self-employed persons, and Canadian Pension Plan Investment Funds. All Canadians can purchase Canadian retirement plans while working. Determine the specific income you can earn after retirement based on the total number of purchases you purchase and how you decide to withdraw. Typically, Canadian retirement plans are deducted from monthly salary. In addition to Quebec, it is implemented in other Canadian provinces, and the Quebec Pension Plan (QPP) offers similar benefits.

When can I get a CPP pension

The standard age to start getting a CPP pension is your age of 65 (i.e. one month after your 65th birthday). However, you can reduce your CPP pension as early as possible within one month after your 60th birthday. If your benefits start after the age of 65, you can also enjoy an increase in your pension.

(1) Those who choose pensions at the age of 65 can start receiving pensions one month after their 65th birthday. The amount received is 25% of the average monthly contribution income of annual contributions.

(2) Those who choose to receive pensions between the ages of 60 and 64 will receive less pensions than those who choose to receive pensions at the age of 65, and 0.6% less pensions per year (7.2% per year) than those who received pensions a month ago (7.2% per year), meaning that those who started receiving CPP pensions at the age of 60 are 36% lower than those who were older at the age of 65.

(3) Those who choose to accept pensions between the ages of 65 and 70 will receive more pensions than those who receive pensions for 65 years, 0.7% (8.4% per year) than one month later (8.4% per year), meaning 42% higher than those who start receiving pensions than those who receive pensions.