A Thought for Canadians on Our Pension Plan

@breepeace (3024)
Canada
March 31, 2007 2:58pm CST
I got this email today so I thought I would forward it on.. makes you think: Do not apply for your old age Pension. Apply to be a refugee instead. It is interesting that the federal government provides a single refugee with a monthly allowance of $1,890.00 per month and each can get an additional $580.00 in social assistance for a total of $2,470.00 per month. This compares very well to a single pensioner who, after contributing to the growth and development of Canada for 40 or 50 years, can only receive a monthly maximum of $1,012.00 in Old Age Pension and Guaranteed Income Supplement. Ouch!
2 people like this
2 responses
@suspenseful (40314)
• Canada
20 Feb 08
I did not work long, and I got $86.00 plus for my Canada Pension, and I will get less than $20 for the Saskatoon Pension Plan, the first thanks for my husband bugging me and telling me to get my Canada Pension at 60 instead waiting until I reached 65. Another thing our government is encouraging people to come to Canada while discouraging Canadians from having children. So they can have a mixture and so that the white people are at a minority.
• Canada
1 Apr 07
You can only be a refugee for 6 months i belive but there is somethign wrong when we get less for what we pay into. Ther ewas a article a few months ago the once all the baby boomers start retireing they will drain the fund to where there is nothing left and people who are working will have to supplement it.
@breepeace (3024)
• Canada
1 Apr 07
They've been talking about that for years.. the fact of the matter is that between 2010 and 2025, baby boomers are going to begin retiring en masse. First, the Canada Pension Plan is going to feel the effects of all these new applicants, and secondly because those near-future retirees currently represent about 50% of Canada's work force. By the time people my age are ready to retire, the CPP will be so depleted that the monthly payouts won't be enough to buy a month's groceries with. Just another reason to save for retirement when you're young, I guess.
1 person likes this
• Canada
3 Apr 07
Yup I know that i plan on retiring in abotu 15-20 yrs depending on how things are goin for me can go as early as 55. When i was doing my plannig my Finacial planner said do nto count on CPP being there for you when you are ready to retire.