Other Sources of Retirement Income
- Pension plans
- Other savings plans
- Non-registered investments
- Personal assets and income
- Convert home equity into cash with a reverse mortgage
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)
- 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
- For the maximum allowable benefit per month, please refer to Canada Pension Plan payment amounts – Canada.ca
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.
Guaranteed Income Supplement (GIS)
- Benefits are not taxable
- GIS payments are indexed quarterly based on increases in the Consumer Price Index
- For the maximum allowable benefit per month, please refer to Guaranteed Income Supplement (GIS) amounts – Canada.ca
Explore your TD Retirement Options today
* As of January 2007.