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Get To Know The Different Varieties Of Old Age Benefits Which You Can Get In Canada

Get To Know The Different Varieties Of Old Age Benefits Which You Can Get In CanadaOld age often seems to be a liability for any man or woman, as their regular earnings stop after their retirement from their jobs. So many people dread their old age and feel lost at the thought of their financial status at a ripe age of above 65. However, things are lot better for the senior citizens in Canada, due to the number of old age benefits provided by the federal government of this country.

Prominent financial benefits of the aged people in Canada

  • Old Age Security (OAS) is a monthly pension scheme for the senior citizens of Canada, who have crossed the age of 65. But they need to be born citizens of Canada or should reside here continuously for minimum 10 years, before they can apply for this benefit. If a Canadian citizen has been working in any other country for a Canadian employer, his/her residential status will be counted as legally eligible for granting OAS pension. Moreover, the Canadians working in the countries with which Canada has signed International Social Security Agreements are also eligible for getting this benefit after their retirements.
  • Guaranteed Income Supplement (GIS) is provided to the aged people in the age group of 60 to 64 years, who have very low income in spite of their spouse receiving OAS pension benefits. The widowed men and women in the same age group are also eligible to receive Allowance for the Survivor from the Canadian government. However, they need to apply for this benefit before or maximum within 12 months of turning 60; else as soon as their spouses pass away while they are still ageing between 60 – 64 years.
  • Canada Pension Plan (CPP) is a pension scheme that provides monthly payments to the retired Canadian citizens who have contributed to this scheme all through their working tenures in Canada. Usually, both the employers and the employees deposit money regularly to this fund of CPP, which are offered as pension credits to the retired people above the age of 60. The Canadians working in other countries may also apply for this pension benefit, if they were working in the countries with whom Canada has entered into International Social Security Agreement. As per this pension scheme, the aged people are offered not only retirement and survivor benefits; but also the disability and children’s benefits, in case of special circumstances of physical disability or the liability to raise young kids.
  • Home Adaptations for Senior’s Independence Program is intended to provide aids to the senior citizens of Canada for the renovations of their old residences, if they cannot financially afford to do it.

There are many more beneficial programs launched by the federal government of Canada for the aged citizens, among which the War Veterans Allowance, International Benefits Program and First Nations People are the notable ones. However, it is important for the elderly applicants to submit all the relevant documents to the concerned department of the government to avail the benefits of these financial programs.


Why Should You Contribute To RRSP Dont Pass The Deadline

Every year you’re allowed to contribute up to a maximum amount to your RRSP, where how much you should put into your RRSP account, based on your income, your living place and tax rates. You should avail this opportunity before the deadline to receive maximum income tax refund and get the most out of from your RRSP account.

RRSP Deadline Canada 2012

For RRSP contributions deadline in Canada for the Tax Year 2011 is February 29th, 2012! You may have been already contributing it through out a year while deducting your pay cheque. Or perhaps you are new and never been contributed to RRSP, but willing to put some money towards it before the RRSP deadline. If  you are unaware of your RRSP situation is, you can try RRSP Calculator before the deadline to see how much savings and refunds you can get while putting money into your RRSPs this year. RRSP contribution limit for the year 2012 is lower of 18% of your earned income or $22,450.

Why Should You Contribute To RRSP?

Because you are curious about your financial future; Although RRSPs are created with a concept of retirement in which your contribution towards RRSP goes throughout your career history that brings tax benefits, protection and peace of mind. Early adoption of RRSP Contribution and keep it oten can help you reach your perfect retirement and goals you have been dreaming of. You will feel secure and confident. Although there is a contribution limit but more RRSP contributions mean more money in your pocket.

Your Contribution towards RRSP and using its tax deductions to your advantage is a very simple way to save smartly. As long as your RRSP sits in its account, it’s exempt from taxes, also means it will continue to increase in value. Like if you withdraw $5000 from your RRSP, that becomes your taxable income. However, if you don’t withdraw it from your RRSP, then its not treated as taxable while it can continue to increase in money value.


RRSP Deadline is Coming! File Your Taxes Before March 1st To Maximize Your Funds

The last week of February is an important week for Tax Payers because of the tax filing spike in Canada is due to the March 1st deadline for RRSP (equivalent to US 401) contributions. During this last week of February, QuickTax sales will typically rise tremendously, due to many taxpayers try to file their taxes before the deadline. I would recommend that you get yourself ready for this special week in advance.

When you’ve worked hard all your life, you deserve a little luxury during retirement. There are intelligent decisions, you can do while you are still working if ensure that relaxation days await you.

The RRSP QuickTax Wizard can help you determine how much to contribute to your RRSP with such ease, it is as if by magic. The tool helps you maximize your RRSP funds and is available for all Canadian taxpayers.

Other factors to consider when making them contributions to an RRSP and complete your tax return:

  • If you think that your income will be more than your spouse when the time comes to retirement, it will be good to consider contributing towards a spousal RRSP. A spousal RRSP now provides income tax savings for you while  allows your spouse of his/her pension request later.
  • If neither you nor your partner earned as much as you could hope for 2009, but expect to earn more in 2010, QuickTax will advise postpone you all or part of your contributions to a deduction for a future when your taxes will be most important year and most valuable of deduction.

Remember, you have less than ten days now to contribute towards your RRSP before the date limit on March 1.  Don’t wait because its a perfect answer to your question how you Maximize Your Funds!

RRSP Deadline is coming! don’t wait and file your taxes now



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