Canadian benefits glossary

Pensions & seniors

Canada Pension Plan (CPP)

A monthly retirement pension based on your contributions while working. You can start as early as 60 or delay to 70 for a higher amount.

Pensions & seniors

CPP post-retirement benefit (PRB)

Additional CPP contributions and benefits if you work while already receiving CPP retirement pension before age 70.

Pensions & seniors

CPP survivor benefits

Payments to eligible surviving spouses, common-law partners, and children after a CPP contributor dies.

Pensions & seniors

Guaranteed Income Supplement (GIS)

A monthly non-taxable top-up for low-income seniors receiving OAS. Amount decreases as other income rises.

GIS is highly income-sensitive, even small pension income can reduce payments.

Pensions & seniors

Indexation

Periodic adjustment of benefit payment amounts to reflect changes in the cost of living or program formulas.

Indexed benefits maintain purchasing power but adjustment dates vary by program.

Pensions & seniors

OAS recovery tax

A repayment mechanism that reduces OAS payments when your net income exceeds a yearly threshold.

Seniors with moderate retirement income may lose part or all of OAS through this recovery.

Pensions & seniors

Old Age Security (OAS)

A monthly pension for people 65 and older who meet residency requirements. It is not based on employment history.

OAS can be reduced or recovered at higher incomes through the OAS recovery tax.

Pensions & seniors

Seniors benefits (overview)

Federal and provincial programs for older adults, commonly including OAS, GIS, CPP, drug plans, and tax credits.

Enrollment in OAS is often automatic, but GIS and supplements may require application.