Updates for Pensioners in Canada Pension Plan

Click the link below for updates on a number of CPP updates for pensioners, including:

  • Annual indexation
  • 2017 Tax statements
  • Do you have to pay income tax every year when you file your tax return?
  • Coordination of benefits with the Canada Pension Plan and Quebec Pension Plan
  • Marriage after retirement
  • Enrol now for direct deposit!
  • Important reminders
  • Contact information

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Direct Deposit for Retirees Abroad

Thinking of retiring outside Canada and liking the idea of your Canada Pension Plan pension payment deposited directly into your bank account? Get it done easy! Send a written request to the Pension Centre (LINK BELOW) with a void cheque or a document with the IBAN/NUBAN/CLABE number (or bank sort code) and your bank account number. The link below will also take you to a list of participating countries.

Click HERE for link to Pension Centre …


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Marriage after retirement

If you are a retired member  of the Canada Pension Plan or Quebec Pension Plan and marry after retirement, your spouse is NOT entitled to a survivor pension in the event of your death. However, you may choose to provide your spouse with a pension at the time of your death, by having your pension reduced. You must apply for this option within one year from the date of your marriage or one year from the date your pension starts, whichever is later.Facebooktwittergoogle_plusredditlinkedinmail

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Indexing rate – Retired members – Pension

The indexing rate for 2018 in Canada is 1.6%.

The indexing of public service pension plan benefits is governed by two pieces of legislation; the Public Service Superannuation Act (PSSA) and the Supplementary Retirement Benefits Act (SRBA).

Pension increases for retired members and their survivors are calculated each year using Consumer Price Index (CPI) data published by Statistics Canada. In accordance with the SRBA, the increase is based on a comparison of the twelve-month average of the monthly CPI for the year just ended, to the twelve-month average of the monthly CPI for the previous year. The SRBA specifies that the twelve-month period from October 1 to September 30 is to be used to calculate the increase payable the following January. The index used for the calculation is the CPI for Canada for all items (not seasonally adjusted).

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New Monies for Canadian Military Disability Plan

The Service Income Security Insurance Plan (SISIP), a long-term disability insurance plan for members of the Canadian military, is getting $622 million in new funding to backstop the plan’s deficit, according to budgetary numbers tabled this week in the House of Commons.

The SISIP has struggled with funding issues for years, especially as claims have increased greatly in recent years “largely owing to increased awareness and recognition of post-traumatic stress disorder and mental health,” according to the budgetary documents.

The care of veterans has become a political hot-topic of late as disabled vets struggle with financial burdens while pointing out that the government seems to have no problem taking care of other priorities. Last week, for example, during a town hall meeting, a vet who lost his legs in Afghanistan asked Prime Minister Trudeau why his government could come up with $10.5 million to pay for a settlement to Omar Khadr, who was in Afghanistan fighting against allied forces, and yet his government is fighting in court against vets who are seeking additional funds. Trudeau responded that the veterans are “asking for more than we are able to give right now.”


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