Posted by Crazy Horse on March 28, 2017 at 05:55:49 from (108.173.200.81):
Lots of interesting threads on yesterday's post on your social security system south of the border. Here's a quick question ........ is the American social security program tied to your employment/work contributions over the years when you were/are in the work force? So in other words, you are paying into it over the years?
Up here we have the CPP or Canadian Pension Plan ...... a federal pension based on your employment contributions. You can start drawing that at 60 years of age (that might have changed now, not sure). The longer you wait after that, the more they send you every month.
We also have the federal OAS pension as well (old age security) which is not based on employment contributions but on your years of Canadian residency between 18 and 65 years of age (I think that's the basic formula they use for the OAS calculations). So for example, even a person who never entered the work force is still eligible at age 65 for the OAS up here (which is about $575 per month for somebody in residence for the whole 47 years of that time span).
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