Canadians retiring in India - Canadian Pensions payable abroad
Canadians planning to retire in India and their entitlement to CP, OAS & GIS payments
Canadian government pensions generally consist of Canada pension, Old Age pension and Guaranteed Income Supplement. While all these types of pension benefits are available to Canadians who qualify as per set criteria and continue to live in Canada, some benefits are not available to Canadians who retire abroad. Canada Pension (CP) is based on the number of years worked in Canada. This pension is payable anywhere in the world. Old Age pension (OAS) this pension is payable on reaching age 65. Although it was probably meant to help retires living in Canada, under some circumstances it can be paid worldwide. See OAS* rules below: Guaranteed Income Supplement (GIS) to help those retirees who have a low income. For example, an individual (single person) with total income less than $17,304 can apply for GIS benefit. In 2016 I believe the maximum GIS benefit works out to about $773.60 per month. This amount is reduced according to your income and once a person makes more than $17,304 they are not eligible to apply. The eligibility amounts are adjusted each year. GIS benefit is not payable to retirees who do not live in Canada. *OAS Rules All Canadian citizens or legal residents living in Canada who have lived in Canada for at least 10 years since turning 18, are entitled to collect OAS benefits once they reach age 65 provided the live in Canada. If they leave Canada then they lose their OAS benefit after six months of absence from Canada. However, under some conditions OAS payments can continue even after leaving Canada. See below: Eligible to collect OAS when they leave Canada and retire abroad after reaching age 65. 1. They were a Canadian citizen or legal resident on the day before leaving Canada AND 2. Lived in Canada for at least 20 years after turning age 18. Some people who do not meet the two conditions mentioned above may still be eligible to receive OAS payments if they retire abroad provided the country where they move to from Canada has a social security agreement with Canada. In case anyone is wondering, Canada and India now do have an agreement. The Agreement on Social Security between Canada and the Republic of India was signed on July 29, 2015 and came into force on August 1, 2015.
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional
accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has
been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail.
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Canadians retiring in India -
Canadian Pensions payable
abroad
Canadians planning to retire in India and
their entitlement to CP, OAS & GIS
payments
Canadian government pensions generally consist of Canada pension, Old Age pension and Guaranteed Income Supplement. While all these types of pension benefits are available to Canadians who qualify as per set criteria and continue to live in Canada, some benefits are not available to Canadians who retire abroad. Canada Pension (CP) is based on the number of years worked in Canada. This pension is payable anywhere in the world. Old Age pension (OAS) this pension is payable on reaching age 65. Although it was probably meant to help retires living in Canada, under some circumstances it can be paid worldwide. See OAS* rules below: Guaranteed Income Supplement (GIS) to help those retirees who have a low income. For example, an individual (single person) with total income less than $17,304 can apply for GIS benefit. In 2016 I believe the maximum GIS benefit works out to about $773.60 per month. This amount is reduced according to your income and once a person makes more than $17,304 they are not eligible to apply. The eligibility amounts are adjusted each year. GIS benefit is not payable to retirees who do not live in Canada. *OAS Rules All Canadian citizens or legal residents living in Canada who have lived in Canada for at least 10 years since turning 18, are entitled to collect OAS benefits once they reach age 65 provided the live in Canada. If they leave Canada then they lose their OAS benefit after six months of absence from Canada. However, under some conditions OAS payments can continue even after leaving Canada. See below: Eligible to collect OAS when they leave Canada and retire abroad after reaching age 65. 1. They were a Canadian citizen or legal resident on the day before leaving Canada AND 2. Lived in Canada for at least 20 years after turning age 18. Some people who do not meet the two conditions mentioned above may still be eligible to receive OAS payments if they retire abroad provided the country where they move to from Canada has a social security agreement with Canada. In case anyone is wondering, Canada and India now do have an agreement. The Agreement on Social Security between Canada and the Republic of India was signed on July 29, 2015 and came into force on August 1, 2015.
