Planning Your Retirement

Government Plans

When you retire, government plans will replace a portion of your income from employment. Your personal savings and your supplemental pension plan are good complements to these plans.

Federal Programs

  • The Canada Pension Plan

Canadians 60 years of age or older, except those residing in the province of Quebec, are entitled to the Canada Pension Plan if they have contributed at least once to the plan. They will receive an amount equivalent to a percentage of the income they earned before retirement out of which they paid contributions.

For residents of Quebec, the Québec Pension Plan replaces the Canada Pension Plan.

  • Old Age Security

If you are 65 years of age or older, a Canadian citizen or a resident and if you have lived in Canada for at least 10 years after the age of 18, you are probably entitled to Old Age Security. The pension amount is the same for everyone but is reduced for high-income individuals or couples.

Certain persons may also qualify for the Guaranteed Income Supplement, the Allowance or the Allowance for the Survivor—federal government benefits for low-income persons.

Provincial and Territorial Programs

Your provincial or territorial government provides assistance that complements the federal benefits.

  • The Québec Pension Plan

The retirement pension under the Québec Pension Plan is provided to Quebecers who have contributed to the plan for at least one year. It is determined on the basis of the income you have earned during your career and your age when you start receiving it. You are eligible for your pension as of the age of 60. The plan also pays a joint and survivor benefit and disability benefits to those eligible.

For Further Information

Canadian Bankers Association (CBA)
The Canadian Bankers Association (CBA) provides a retirement planning guide.

Québec Pension Plan

Old Age Security and Canada Pension Plan

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