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- Herausgeber: LMT Press
- Kategorie: Fachliteratur
- Sprache: Englisch
Get the Most out of Your Canadian Government Pension!
Are you getting everything you can from the government?
The public pension system is complex and often changes, which means many people are not claiming money that they’re entitled to.
Do you know all of your options for maximizing your pension?
Many people missed out on government pensions because they failed to take action to maximize their benefits.
Could you use more money to pay your bills?
Read this book to make sure you’re not missing out on benefits that could help you pay your bills.
Did you know?
- Government pensions are not automatic. You have to apply for it.
- You do not have to stop working to receive your government pension.
- You may be eligible for government pensions from Canada even if you are living abroad and have never worked in Canada.
- You may have to pay back part or all of your Old Age Security pension if your annual income is higher than a certain level. This is also known as the OAS clawback.
- Many people missed out on government pensions because they failed to take action to minimize the clawback.
- You can minimize the clawback, maximize your pension, and save taxes by following a few simple and proven strategies.
This book was written to help you get the most out of your government pensions. Inside you'll find everything you need to know about Canada's public pension system and the actions and strategies that you can take to reduce the clawback on your OAS pension. Specifically, you will learn:
- What benefits are offered, how to qualify, and how to apply for it.
- Why it is important to have an RRSP withdrawal strategy.
- Why it is important to have a tax efficient investment strategy.
- How you can minimize the clawback, maximize your pension, and save taxes by following a few simple and proven strategies.
- at or approaching retirement age
- a Canadian living abroad
- a new immigrant to Canada
- a financial planner
- an immigration consultant
- a human resources professional
- a student of public policy
Das E-Book können Sie in Legimi-Apps oder einer beliebigen App lesen, die das folgende Format unterstützen:
Veröffentlichungsjahr: 2017
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Get the Most Out of Your Canadian Government Pension!
Are you getting everything you can from the government?
The public pension system is complex and often changes, which means many people are not claiming money that they’re entitled to. Could you use more money to pay your bills? Do you know all of your options for maximizing your pension? Many people missed out on government pensions because they failed to take action to maximize their benefits.
Read this book to make sure you’re not missing out on benefits that could help you pay your bills.
Did you know?
Government pensions are not automatic. You have to apply for it.
You do not have to stop working to receive your government pension.
You may be eligible for government pensions from Canada even if you are living abroad and have never worked in Canada.
You may have to pay back part or all of your Old Age Security pension if your annual income is higher than a certain level. It is also known as the OAS clawback.
Many people missed out on government pensions because they failed to take action to minimize the clawback.
You can minimize the clawback, maximize your pension, and save taxes by following a few simple and proven strategies.
This book was written to help you get the most out of your government pensions. Inside you'll find everything you need to know about Canada's public pension system and the actions and strategies that you can take to reduce the clawback on your OAS pension. Specifically, you will learn:
What benefits are offered, how to qualify, and how to apply for it.
Why it is important to have an RRSP withdrawal strategy.
Why it is important to have a tax-efficient investment strategy.
How you can minimize the clawback, maximize your pension, and save taxes by following a few simple and proven strategies.
Read this book and start getting the money you deserve!
Title: Canada's Public Pension System Made Simple
Subtitle: The Secrets to Maximizing Your Retirement Income from Government Pensions
Author: Lee Tang
Publisher: LMT Press (lmtpress.wordpress.com)
Copyright © 2015, 2017 by Lee Tang
All rights reserved. Aside from brief quotations for media coverage and reviews, no part of this book may be reproduced or distributed in any form without the author’s permission. Thank you for supporting authors and a diverse, creative culture by purchasing this book and complying with copyright laws.
Issued in print and electronic formats.
ISBN 9780994764010 (ebook)
ISBN 9781514784686 (paperback)
ISBN 9781987062915 (paperback)
Library and Archives Canada Cataloguing in Publication
Tang, Lee, 1951-, author
Canada's public pension system made simple: the secrets to maximizing your retirement income from government pensions / Lee Tang.
Includes bibliographical references and index.
1. Retirement income--Canada--Planning. 2. Pensions--Canada. 3. Finance, Personal--Canada. I. Title.
HG179.T33 2015
332.024'014
C2015-904096-5
C2015-904097-3
To my wife, Lillian, who is the source of energy and love for everything I do, and to Andrew and Amanda: watching you grow up has been a privilege.
Disclaimer
The publisher and author make no representations or warranties regarding the accuracy or completeness of these contents and disclaim all warranties such as warranties of fitness for a particular purpose. The author or publisher is not liable for any damages. That an individual or organization is referred to in this document as a citation or source of information does not imply that the author or publisher endorses the information that the individual or organization provided. The website addresses in the book were correct at the time going to print. However, the publisher and author are not responsible for the content of third-party websites, which are subject to change.
This publication provides competent and reliable information regarding the subject covered. Its sole purpose is to assist readers in understanding the public pension system in Canada, independently of other financial issues. It will not explain every possible option for every individual, and the information provided is not intended as a substitute for complete financial planning. The author will do his best to keep the information current and accurate; however, given the ever-changing nature of the subject, no guarantee can be made on the accuracy of the information contained within.
Although every effort has been made to provide accurate and authoritative information regarding the subject covered, it is offered with the understanding the author and publisher are not engaged in rendering legal, financial, tax, or other professional advice for specific individual situations. The author and publisher make no written or oral representations or warranties of any kind, and specifically disclaim any liability incurred from the use or application of the contents of this book. Please consult with an attorney, accountant, or financial planner if you have any questions about your individual financial situation.
Table of Contents
Title Page
Copyright Page
Dedication
Disclaimer
This Book Is For You
Preface
Part One: Know Your Public Pensions
1. The Government Giveth
2. When You Become a Senior
3. When You Become Disabled
4. When You Die
5. When You Have Lived Abroad
6. The Government Taketh Away
Part Two: Know Your Employer Pensions and Personal Savings
7. Employer Pension Plans
8. Your Personal Tax Shelter
Part Three: Know the Secrets To Maximizing Your Retirement Income from Government Pensions
9. Finding Out Where You Stand
10. Maximizing Your Public Pensions
11: Applying to Specific Situations
12: The Grass Is Greener
Conclusion
Exhibit I Government Benefits Administration Offices
Exhibit II Provincial Income Supplement Programs
Exhibit III Documents Required by the OAS Application
Acronyms
Bibliography
Index
About the Author
This Book Is For You
THIS BOOK IS for you if you are:
At or approaching retirement age wanting to discover what government benefits are available to you and how you can get the most out of it.
A Canadian living abroad wanting to discover whether you are eligible for government pensions from Canada.
A new immigrant to Canada wanting to know what your adoptive country's public pension system provides.
A financial planner wanting to improve client services by getting a deeper knowledge of how to help your clients maximize income from government pensions.
An immigration consultant wanting to improve client services by getting a deeper knowledge of how international social security agreements can help your clients qualify for public pensions.
A human resources professional wanting to serve your employees better by understanding how public pension benefits relate to your employer’s plans.
A student of public policy wanting an in-depth understanding of the system.
This book is for anyone with a stake in Canada’s public pension, and for those who assist others with retirement, disability, or death.
Preface
Retirement is undergoing dramatic change. People are living longer and spending more time in retirement. As life expectancy continues to increase, and fewer employers are offering defined benefit pension plans, people are by necessity becoming responsible for a greater share of their retirement funding. To help yourself prepare for a comfortable and sustainable retirement, you must understand where your retirement income is coming from and plan it accordingly.
Most Canadians have two sources of retirement income:
Canada's public pensions such as the Old Age Security program and the Canada/Quebec Pension Plan.
Private retirement savings such as employer pension plans, registered retirement savings plans, and other personal savings.
According to Statistics Canada, 41.2% of the total income of senior citizens in 2011 came from public pensions; 33.7% from private pensions and registered retirement savings plans; and the remaining 25% from investment income and other sources. Canada's public pension system plays an important role in your retirement finances. Understand how the system works and what you can do to get the most out of it.
