S3 E6: What’s the Difference Between CPP and OAS?

Women's Wealth Canada

Welcome to the Women's Wealth Canada podcast, where we discuss everything related to government retirement benefits in Canada. In this episode, Glory Gray discusses everything you need to know about the Canadian Pension Plan or CPP, Old Age Security or OAS, and the Guaranteed Income Supplement or GIS.
In this episode, she will give an overview of both CPP and OAS, including how they are funded, what the maximum benefit amount is, and some of the advantages and disadvantages of starting CPP early or delaying it until 70 for an 8.4% guaranteed return. She'll also cover when OAS can be taken and the additional benefits of delaying it after 65.
She includes a brief overview of CPP and OAS.
The Canadian Pension Plan is a mandatory benefit for all working Canadians aged 18 or older. You contribute to this plan throughout your working years, and when you retire, you receive monthly payments based on your contributions. The amount you receive depends on factors such as the number of years you contributed, your average earnings, and your age when you start receiving payments.
On the other hand, Old Age Security is a benefit that is available to all Canadians aged 65 or older, regardless of whether they worked or not. Unlike CPP, you do not need to contribute to OAS, but the amount you receive is based on the number of years you lived in Canada after the age of 18.
She dives into some of the advantages and disadvantages of starting CPP early or delaying it until 70. Delaying CPP can result in a higher benefit amount, but it may not always be the best option for everyone. We'll explore different scenarios and help you determine what might be best for you. She will also discuss the basics of when OAS can be taken and the additional benefits of delaying it after 65. Delaying OAS can result in a higher benefit amount as well, and we'll explore whether this is a good strategy for you.
And what about a Guaranteed Income Supplement or GIS and how it provides additional support for lower-income retirees. She dives into the eligibility requirements and how to apply for this benefit.
So, if you're ready to learn everything you need to know about CPP, OAS, and GIS, be sure to tune in. Don't forget to download, subscribe, and share with your friends and family who may also benefit from this information.
PS - We are taking a break after this episode. See you in 2024!

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This podcast is for informational purposes only and should not be construed as investment, tax or legal advice. It is not an offer to sell or buy or an endorsement, recommendation or sponsorship of any entity or security cited. Mutual funds offered through Portfolio Strategies Corporation. Other products and services provided through Glory Gray Wealth Solutions.

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