Canada

Opinion: Are we prepared for the wallop long COVID will deliver? - The Globe and Mail
- Mercer CFA Institute Global Pension Index 2022 - Canada received an overall grade of "B" while in 13th place globally.
CPP = Canada Pension Plan
- In Québec, the equivalent is QPP = RRQ = Le Régime de rentes du Québec
- See EverythingZoomer
- CPP Investments - Canada Pension Plan Investment Board (CPP Investments) was created in 1997 by an Act of Parliament with the objective to invest the Canada Pension Plan (CPP) fund assets to maximize returns without undue risk of loss, having regard to the factors that may affect the funding of the Canada Pension Plan.
- RRQ - CompuPension = RRQ - Simulation des revenus à la retraite
- 13 Things You Need to Know About the Canada Pension Plan - Everything Zoomer
- CPP Investments
  - Commitment to Canadians | CPP Investments
- Public pensions - Canada.ca
  - Canada Pension Plan - Overview - Canada.ca
- The best time to start CPP —if you don't know when you will die
  - Bear in mind that, like most pensions and annuities, CPP and OAS are income streams that "run out" or reduce upon the passing of a spouse, unlike personal assets that have both a survivor and estate benefits.
    What does this mean?
  - One thing the "delay CPP" crowd often forgets is the tricky issue of Survivor Benefits. We looked at this earlier this year but Diamond says that while you can receive both a CPP retirement pension and a survivor benefit, the sum of the two cannot exceed the maximum CPP retirement pension payable at age 65. So if both spouses wait until 65 or beyond and are at the maximum payout, there would be no CPP survivor benefit for the one who outlives the other. And OAS has no survivor benefit nor an estate value (CPP has a $2,500 death benefit).
    - Receiving Canada Pension Plan survivor benefits and more
- Should I collect CPP early?
  You can begin collecting CPP as early as 60 or wait until 70 at the latest. However, the government will penalize you (subtract 0.6 per cent a month before 65 if you begin collecting early) or incentivize you (add 0.7 per cent a month after 65) if you defer it. To illustrate the difference, suppose your annual CPP benefit is $10,000 a year, if you begin collecting at 60, you'll be penalized $3,600 over the five years. Conversely, if you delay to 70, you'll collect an extra $4,200. Runchey says if you live to 80 (the normal life expectancy), it doesn't matter what age you start receiving benefits: "Based on the math, by 80 the total payouts will be about equal."
  - 13 Things You Need to Know About the Canada Pension Plan - Everything Zoomer
FNEEQ (CSN) = Fédération nationale des enseignantes et des enseignants du Québec
- FNEEQ | A guide to Your retirement
- AREF - Association des retraitées et des retraités de l'enseignement de la FNEEQ - 1-888-513-2494
  - AREF-Info
  - Newsletter – AREF
OAS = Old Age Security
- Old Age Security (OAS) pension may be reduced based on other sources of income.
- Old Age Security-Overview - Canada.ca
  - Old Age Security payment amounts - Canada.ca
    - Maximum monthly OAS payment amount (taxable) = max. $596.67 (for $123,302 max. individual income) - 2018-07-01
  - Line 113 - Old age security pension (OAS) - Canada.ca
    - You may have to repay OAS benefits (see line 235) if your net income (T1-line 236) is more than $74,788 - 2018-07-01
  - If you have taxable income over a certain amount (for 2022 it was $81,761) you will start having to pay back some or all of your OAS (known as the OAS clawback).
OTPP - Ontario Teachers’ Pension Plan
- inquiry@otpp.com - 416-226-2700 or 1-800-668-0105
RRSP = Registered Retirement Savings Plan
- By the end of the year you turn 71, you need to either convert your RRSP to a Registered Retirement Income Fund (RRIF) or purchase an annuity (a monthly payment from an insurance company in exchange for your RRSP savings).
- RRSP .org - your rrsp mutual fund retirement and financial planning center
- Retraite Québec
- RRSPs: Registered Retirement Savings Plans, investing, taxes & more
- RRIF = Registered Retirement Income Fund
  - See EverythingZoomer
  - Understanding RRIFs
  - You can convert your RRSP whenever you want - even before you retire. But you must convert it by no later than the end of the year in which you turn 71. That’s when it’s time to stop contributing to your RRSP and start drawing retirement income from a RRIF.
  - Withdrawals are taxable. All the money in your RRIF will continue to grow tax-free until you take it out.
  - Seven year-end tax planning ideas for retirees - The Globe and Mail
    - "If you’re age 65 or over, you’re entitled to claim a pension credit on up to $2,000 of eligible pension income (generally, income from a registered pension plan, annuity or registered retirement income fund). Do this before year-end to receive that $2,000 with no or low taxes each year going forward."
  - Your annual minimum withdrawal percentage gradually increases with age. For example, at age 71, you will have to withdraw 5.28% of your portfolio’s value; at age 82, it’s 7.38%.
  - If you’re converting RRSPs from a number of financial institutions to a RRIF, it’s a good time to review your portfolio and consolidate your investments. Not only will you get a better overview of your investments, but it will also be easier for you to decide how much you’re going to withdraw each year and from which investments.
  - RRIF Minimum Withdrawal Chart | CIBC Wood Gundy
  - You must start taking withdrawals the year following the year you opened your RRIF.
  - Understanding the new RRIF minimum withdrawal rules | Manulife Investment Management
    - In the year the RRIF is opened, the minimum withdrawal is nil. (probably the year in which you turn 71)
  - Receiving income from a RRIF - Canada.ca
    - Death of a RRIF Annuitant or a PRPP member - Canada.ca
  - Investing for retirement goes way beyond RRSPs | IG Wealth Management
  - RRIF withdrawal rules for retirees need to be updated | Financial Post
- 401(k) - Wikipedia, the free encyclopedia (USA only) (Compare to Canada's Registered Retirement Savings Plan)
  - The Average 401k Balance By Age - Thanks to Erica Francis for recommending this site.
  - How to Grow Your 401k at Any Age - Thanks to Erica Francis for recommending this site.
  - 5 Tax Reasons to Start a 401k - Thanks to Erica Francis for recommending this site.
TFSA = tax-free savings account
- Although contributions made to a TFSA are not tax deductible, no tax is payable on income and growth, or on withdrawals.
- TFSAs Archives | MoneySense
  - How to make the most of your TFSAs in retirement | MoneySense
  - Know your TFSA contribution limit | MoneySense
- TFSA Contribution Limit - How Much Room Do I have?
- The Tax-Free Savings Account - Canada.ca