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Pensions

Pensions are an important part of retirement planning for all older adults, and may come from company plans as well as government programs in order to provide ongoing financial support for older adults when they decide to stop working. Read more on this topic in our resources below.

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  • Web Resource Rating

    Canada's financial literacy blog

    Financial Consumer Agency of Canada
    Financial literacy involves knowledge and skills on how to manage money. Access this resource for information from experts on various financial topics.
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    Canadian Financial Literacy Database

    Financial Consumer Agency of Canada
    This resource is a database with information about financial literacy. Access this resource to learn about banking, fraud, insurance, taxes, and more.
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    Sources of retirement income

    Financial Consumer Agency of Canada
    If you are looking to retire or recently retired, it is important to understand your sources of income. Access this resource for information on the various pension plans you may be entitled to.
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    Saving for retirement

    Financial Consumer Agency of Canada
    Saving for retirement may seem like a daunting process. Access this resource for more information on how to effectively save and examples of monthly savings plans.
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    Financial Life Stages

    Canadian Deposit Insurance Corporation (CDIC)
    Older Canadians rely the most on their savings. They should know how the Canada Deposit Insurance Corporation (CDIC) protects their savings. Use these infographics to learn about the financial situation, and thoughts on savings protection, of older Canadians at the pre-retired, retired, and 75+ stages.
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    Canada Pension Plan - Overview

    Government of Canada - Benefits
    The Canada Pension Plan will provide you with partial replacement of earnings in the case of retirement, disability, or death. Access this resource for information about your eligibility.
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    Old Age Security — Overview

    Government of Canada - Benefits
    You may be entitled to the Old Age Security pension if you are over 65 and meet legal Canadian status and residence requirements. Access this resource for information on your eligibility.
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    Guaranteed Income Supplement – Overview

    Government of Canada - Benefits
    If you have a low income and live in Canada, you may be entitled to a monthly non-taxable Guaranteed Income Supplement. Access this resource for information on your eligibility.
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    Allowance for people aged 60 to 64 – Overview

    Government of Canada - Benefits
    If you are aged 60 to 64 and are the spouse or common-law partner to someone receiving the Guaranteed Income Supplement, you may be entitled to further allowance. Access this resource for information on your eligibility.
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    Allowance for the Survivor

    Government of Canada - Benefits
    If you are aged 60 to 64 and your spouse or common-law partner has died, you may be eligible for the Allowance of the Survivor. Access this resource for information on your eligibility.
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    Registered Retirement Income Fund (RRIF)

    Canada Revenue Agency (CRA)
    A registered retirement income fund is a financial arrangement between you and an insurance company registered by the Government of Canada. Access this resource for more details on this service and how to apply.
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    Lifelong Learning Plan (LLP)

    Canada Revenue Agency (CRA)
    The Lifelong Learning Plan allows you to withdraw amounts from your registered retirement savings plan to finance you or your spouse or your common-law partner's education. Access this resource for more information.
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    Registered Retirement Savings Plan (RRSP)

    Canada Revenue Agency (CRA)
    The RRSP is a retirement savings plan that you establish and the Government of Canada registers. You and your spouse can contribute to this plan, and it pays you back after retirement. Access this resource for more information.
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    Financial literacy self-assessment quiz

    Financial Consumer Agency of Canada
    After you have learned about financial literacy, take this fun quiz to test your knowledge!
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    Managing multiple financial priorities

    Financial Consumer Agency of Canada
    It may be difficult to manage your budget with multiple priorities. Access this resource for information on your current expenses and potential future expenses.
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    Making a will and planning your estate

    Financial Consumer Agency of Canada
    A will is a legal document that states how you want your estate divided when you die. Access this resource for more information on how to prepare one, and how to seek legal advice when doing so.
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    Income programs for older adults

    211 Ontario
    Many older adults require income assistance. Access this resource for information on available income programs for you.
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    Get help paying for long-term care

    Government of Ontario
    The Long-Term Care Home Rate Reduction Program helps low-income, long-term-care home residents pay for basic accommodation.
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    Retirement Literacy

    Association of Canadian Pension Management (ACPM)
    There are many different income programs available to retired seniors. Access this resource for information on choosing the right one for you.
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    Boomers need to consider savings protection

    Canadian Deposit Insurance Corporation (CDIC)
    Make sure your savings are safe by depositing it to a bank that is a member of the Canada Deposit Insurance Corporation (CDIC). The CDIC makes sure your savings are still available even if your bank failed. Use this resource to learn about two kinds of protection given by CDIC banks: RRIF and Trust funds.
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    Are you financially prepared for what's ahead?

    Investment Industry Regulatory Organization of Canada (IIROC)
    It is important to make informed decisions about financial investments. Access this resource for information about working with a financial advisor and how to choose someone appropriate for you.
  • Blog Post

    Fiscal measures to support older adults and reduce poverty

    Fiscal measures are often proposed to reduce the tax burden of older adults and reduce poverty. Finding the fiscal measures to which you are entitled can make anybody feel dizzy, but some professionals and tools can help you.
  • Blog Post

    How do we measure poverty?

    Measuring poverty is complex because indicators currently used have limitations. In addition to income and market-basket indicators, indicators based on the level of education, health status, geographic region, clothing, housing, food security and social inclusion provide a portrait of poverty closer to reality.
  • Blog Post

    A nest egg for our old days: Helping older adults manage their finances

    Older adults and their caregivers face a budgetary puzzle – making a realistic budget based on fixed and limited incomes - while juggling many priority expenses. Develop your knowledge, skills and self-confidence to make responsible financial decisions.

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