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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

    Promoting the labour force participation of older Canadians

    Health Canada
    This resource describes Canadian plans to help older adults to work for longer such as by increasing education, helping find jobs and handle health issues.
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    Taking SS Early Retirement: Weigh The Pitfalls First

    National Council on Aging (US)
    Learn about the benefits and disadvantages of taking pension money out early as social security during retirement.
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    9 Free Resources for Managing Your Money

    National Council on Aging (US)
    Use this resource to gain access to a variety of tools that an help you plan financially for your future. Consider using online resources to understand your finances and be able to make informed decisions.
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    Thinking about when you'll claim Social Security benefits is time well spent

    National Council on Aging (US)
    This resource describes Social Security Benefits and when seniors can claim this money. Learn about the best time to claim these benefits using evidence from financial literature.
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    Economic Security: Tools for Elder Hispanics

    National Council on Aging (US)
    This resource describes how hispanic seniors are at a greater risk for poverty and the barriers that prevent them from retiring on time. Use this resource to learn tips on how to achieve financial security using online tools.
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    What every older Canadian should know about: Income and benefits from government programs

    Employment and Social Development Canada
    Learn about income and benefits for older adults such as old age security, income supplement, pension plans and other federal programs. Resource shares more brochures about government programs.
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    Survivor's Pension

    Government of Canada - Benefits
    If your legal spouse or common-law partner is deceased, you may be eligible for a portion of their Canadian Pension Plan. Access this resource for more information about the Survivor's Pension.
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    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 Security Programs

    British Columbia Family & Social Supports
    Use this resource to learn more about government income security programs for seniors who need help maintaining a good quality of life. Links to government resources are also provided.
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    Will I receive financial assistance from the government when I retire?

    Settlement.Org
    This resource describes government pension benefit programs and who is eligible to apply for them. Other links are also provided for seniors who want more information about pension plans.
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    Financial Planning For the Elderly

    Elder Care ABC blog
    Learn how a financial planner can help you understand your financial decisions and assess your needs and resources.
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    Power of attorney basics

    Get Smarter About Money
    If you are starting to plan your finances for your loved ones, consider using this resource to learn more about power of attorneys and their importance.
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    Choosing who will act for you

    Get Smarter About Money
    If you are starting to plan your finances for your loved ones, consider using this resource to learn more about how to choose an attorney to take ace of your finances.
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    5 reasons to open an RRSP

    Get Smarter About Money
    If you are planning on opening an RRSP account, use this resource to understand what exactly an RRSP account is and how it can benefit you financially in the future.
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    3 types of RRSPs

    Get Smarter About Money
    If you are planning on opening an RRSP account, use this resource to understand the difference between the three types of accounts; individual, spousal and group RRSPs.
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    Opening an RRSP

    Get Smarter About Money
    If you are planning on opening an RRSP account, use this resource to guide you through the process and follow their guidelines to ensure you are fully prepared.
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    Unlocking Pension funds due to financial hardship

    Retire Happy
    Learn more about when and how you should unlock some of your pension funds in the case of financial hardship. Use this resource to explore your options and for a step by step guide on how to proceed with releasing your money.
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    Pensions in Canada: Defined Benefit vs Defined Contribution

    Retire Happy
    Learn more about the difference between defined benefit and defined contribution when it comes to pensions in Canada. Use this resource to keep updated on your retirement money.
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    Don’t enhance CPP, Leave the CPP alone!

    Retire Happy
    Use this resource to learn more about why not doubling the Canada pension Plan (CPP) is actually a good thing for retirees. Become more financially literate and read more about alternative savings plans.
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    PRPPs are the future of pension reform

    Retire Happy
    Learn more about PRPPs (Pooled Registered Pension Plan) and how it can affect your retired life. If you are a small business owner or self-employed, use this resource to stay updated on current government financial programs.
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    Income Options for Registered Retirement Plans

    Retire Happy
    Learn more about when and how you should convert you RRSPs into income and which income option will benefit you the most. Use this resource to also learn the rules when it comes to converting pension money into income.
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    3 More Costly Pension Mistakes and How to Avoid Them

    Retire Happy
    Learn about mistakes seniors make when it comes to their pensions and use this resource to learn ways to avoid them. Some example scenarios are given to make it easier to understand.
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    3 Costly Pension Mistakes and How to Avoid Them

    Retire Happy
    Learn about mistakes seniors make when it comes to their pensions and use this resource to learn ways to avoid them. Some example scenarios are given to make it easier to understand.
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    Maximizing Your Income in Retirement

    Retire Happy
    Learn about ways you can maximize your income during retirement by claiming your CPP (Canada Pension Plan) early, splitting your CPP or your pension. Use this resource to understand your options when it comes to your savings.
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    Extreme mortgage burning: Pay your mortgage off early, save thousands

    Retire Happy
    Read one man’s story on how he paid off his mortgage in only 3 years and learn some tips on how you could pay off your mortgage early and enjoy your later years worry free.
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    Federal Income Support programs

    Office of the Senior Advocate Alberta
    Use this resource to learn more about government support programs for seniors who need financial help. Links to government websites are also provided.
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    Pension for Life

    Veterans Affairs Canada
    This resource shares types of benefits offered by Pension for Life to help veterans live with injuries and disabilities as a result of their service.
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    Determining how much money you need for retirement

    Financial Consumer Agency of Canada
    Plan for retirement by making goals based on your needs, future inflation, unexpected expenses, insurance, health needs and other factors. Resource shares more brochures about government programs.
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    Retirement savings gap

    Government of Ontario
    Learn how the Canada Pension Plan pays during retirement, how it affects your taxes and how the government helps lower-income workers save.
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    The Retirement income system in Canada

    Government of Ontario
    In Canada, you can save for retirement through many plans from personal accounts, employers, and the government. Resource lists plans that are available.
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    Public Pensions

    Government of Canada - Benefits
    Use this resource to explore pension programs offered by the government of Canada and access additional resources related to this topic.
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    Canada Pension Plan - Overview

    Health Canada
    Consider how to apply for the Canada Pension Plan and learn about benefits that are offered for retirement, disabilities, and care of children.
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    Lived or living outside Canada - Pensions and benefits - Overview

    Health Canada
    People who live or work in Canada and in another country have their pension programs paid through a social social security agreement between both countries.
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    Registered pension plan (RPP) lump-sum payments

    Health Canada
    This resource shares how to transfer savings from registered pension plan to other available retirement savings plans.
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    How RRSPs work

    Get Smarter About Money
    Learn the special tax advantages that come along with RRSPs and the types of investments that you can hold in an RRSP.
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    RRSP fees

    Get Smarter About Money
    If you are planning on opening an RRSP account, use this resource to learn about fees that you may be charged and questions you should ask.
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    Estate planning explained

    Get Smarter About Money
    If you are thinking of planning your finances, use this resource to learn about how you can plan to leave your estate to your loved ones and what legal documents you may need.
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    Communicating your estate plan

    Get Smarter About Money
    If you have created an estate plan, consider using this resource to communicate your plan to your loved ones by creating an information package and discussing the plan with family.
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    Veterans Affairs Disability Benefits

    Veterans Affairs Canada
    If you have a service related disability, use this resource to see what benefits you are eligible for and learn about the two types of benefits that the government of Canada offers; disability pensions and awards.
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    Transferring the eligible part of a retiring allowance

    Health Canada
    Learn how to transfer your eligible retiring allowance to your pension plan and how much can be transferred. Utilize resource to help complete your income tax and benefit return forms.
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    Transferring the non-eligible part of a retiring allowance

    Health Canada
    Learn how to transfer your non-eligible retiring allowance to your pension plan and how much can be transferred. Utilize resource to help complete your income tax and benefit return forms.
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    Amounts paid from an RRSP or RRIP upon the death of an annuitant

    Health Canada
    Consider how much income can be transferred to beneficiaries of deceased individuals with annuities and how to complete income tax returns.
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    Commutation payments from your RRSP

    Health Canada
    Consider how to report as well as complete your income tax and benefit return if you withdraw funds from your pension or savings plans.
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    Property from an unmatured RRSP

    Health Canada
    Consider how to transfer funds from an unmatured registered retirement savings plan to other savings account and complete income tax return.
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    Registered retirement income fund (RRIF) - Transfer of excess amounts and property

    Health Canada
    Consider how to manage property and income from a registered retirement income fund and how to complete tax returns.
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    Specified pension plan (SPP) lump-sum payments

    Health Canada
    Learn about transferring specified pension plan payments to your pension savings plans and rules that apply for deduction.
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    PRPP transfers

    Health Canada
    Learn how to transfer money from your pooled registered pension plan to other types of pension plans. Resource shares further information on forms for transfer.
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    Withdrawing from your own RRSPs

    Health Canada
    This resource shares forms needed for approval to withdraw money from your registered retirement savings plans before retirement.
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    Receiving income from an RRSP

    Health Canada
    Learn how to set up regular payments from your registered retirement savings plan and consider other rules about withdrawal.
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    Matured RRSP

    Health Canada
    Consider how to withdraw money and file for taxes as the surviving spouse or beneficiary of a mature registered retirement savings plan.
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    Unmatured RRSP

    Health Canada
    Consider how to withdraw money and file for taxes as the surviving spouse or beneficiary of a unmatured registered retirement savings plan.
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    What is an RRSP scheme?

    Health Canada
    Be careful of fraudulent registered retirement savings plan schemes that offer unrealistic gains on investment and tax-free withdrawal.
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    Definitions for RRSPs

    Health Canada
    This resource gives a large list of the technical definitions that are used when discussing registered retirement savings plans.
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    Setting up an RRSP

    Health Canada
    Learn how to set up a self-directed or spousal registered retirement savings plan. Resource links the government application guide and forms for application.
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    How contributions affect your RRSP/PRPP deduction limit

    Health Canada
    Consider who can contribute to your registered retirement savings program and how much can be added yearly. Resource shares technical limits and definitions used for calculations.
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    What to do with unused RRSP, PRPP or SPP contributions

    Health Canada
    Consider how to calculate and file taxes for unused pension or savings plan contributions.
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    What happens if you go over your RRSP/PRPP deduction limit?

    Health Canada
    Learn about penalties for putting too much money into retirement savings plans, filing taxes late or not paying taxes. Consider contacting the Canadian Revenue Agency to correct errors in taxes or explain excess savings contribution.
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    How to claim your RRSP, PRPP or SPP contributions on your tax return

    Health Canada
    Learn how to claim savings and pension plans on your tax return if you are using a Canada revenue agency electronic tax filing method.
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    How much you need to save for retirement

    Get Smarter About Money
    Use this resource as a guide for saving for retirement and learn about ways to maximize savings and how much you should save for the future.
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    Ways to save for retirement

    Get Smarter About Money
    Use this resource to learn the three main ways to save for retirement in Canada and use the attached resources for more information.
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    Government benefits (CPP, OAS, GIS)

    Get Smarter About Money
    Use this resource to learn about the main government benefits that seniors in Canada are eligible for and how they can help you financially.
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    Getting retirement income from your RRSP

    Get Smarter About Money
    Learn about your options when converting RRSP money into retirement income and use this resource to choose the best option for you and your family.
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    Budgeting during retirement

    Health Canada
    Learn to make a budget for retirement. Consider personal needs such as travel, housing and healthcare. Resources on tracking budgets and estimating income included.
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    Old Age Security - While on Old Age Security

    Health Canada
    This resource shares details about old age pensions such as how to apply and how much money you could get.
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    Living or travelling abroad when you retire

    Health Canada
    If you live or travel outside Canada, consider how you are taxed as well as the pension and medical care you can get. Resource shares links for provincial and territorial information.
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    Working while collecting a pension

    Health Canada
    Consider how much you need to pay for taxes and your pension plan if you are working or retired and over 60.
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    Canadian Retirement Income Calculator

    Health Canada
    Use this calculator to estimate your retirement income by entering your pension plan and savings information.
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    Annuities

    Health Canada
    To plan for retirement, consider what annuities are, how they can help you and the different types of annuities available. Resource compares pros and cons of different options and describes how to protect your income.
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    What every older Canadian should know about financial planning

    Employment and Social Development Canada
    Financial planning is important as you get older and face changes such as retirement. Use this resource to learn about making a financial plan based on your current income and expenses, and where you want to be in the future.
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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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