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Other Sources of Retirement Income

Where will your retirement income come from?

Having a variety of income sources can make it much easier to retire in comfort. In addition to the income you receive from your Retirement Income Options, here are some of the most common sources of other retirement income.

Employment-related sources

  • Salary
  • Pension plans
  • Other savings plans

Personal sources

  • Non-registered investments
  • Personal assets and income
  • Convert home equity into cash with a reverse mortgage
  • Other

More about government pension plans

As Canadians, we enjoy a secure social benefit system. Guaranteed retirement benefits have contributed to Canada's consistent ranking as one of the finest places in the world to live. To assess the impact of these programs on your retirement plans, speak to your investment consultant.


Canada Pension Plan (CPP)/Quebec Pension Plan (QPP)

CPP/QPP is administered by the Government of Canada. The QPP is the Quebec equivalent of the Canada Pension Plan. The following is an overview of CPP and QPP benefits.

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  • Benefits are taxable
  • Only those who have contributed to CPP/QPP are eligible to apply for CPP/QPP benefits
  • The amount of benefits you receive will depend on the amount and number of years you have contributed
  • The maximum benefit allowable is $863.75* per month

You can begin to collect CPP/QPP benefits as early as age 60. If you choose this option, any benefits collected between age 60 and 65 will be reduced by 6% annually (1/2% per month). If you start your CPP/QPP benefits after you reach age 65, any benefits received will be increased by 1/2% for each month of postponement up to age 70.


Old Age Security (OAS)

OAS is paid to eligible Canadian residents, age 65 or older. To receive OAS benefits, you must be a Canadian citizen or landed immigrant and have resided in Canada for at least 10 years since the age of 18 (benefits are reduced if residency requirements are not met).

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  • Benefits are taxable
  • OAS benefits are adjusted quarterly based on increases in the Consumer Price Index
  • The maximum monthly benefit is $491.93*

Guaranteed Income Supplement (GIS)

The Guaranteed Income Supplement is available to all eligible OAS recipients who have no other financial resources.

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  • Benefits are not taxable
  • GIS payments are indexed quarterly based on increases in the Consumer Price Index
  • Maximum monthly payments are $620.91* for a single pensioner and $410.04* for married pensioners

Explore your TD Retirement Options today

Visit any TD Canada Trust Branch

Call 1-866-222-3456 to discuss your options

* As of January 2007.