Navigating retirement can be complex and stressful for seniors and others planning their retirement. That’s why we’re promoting two new tools that Canadians can use to help them plan for a secure and dignified retirement.
These tools help Canadians make informed decisions when it comes to retirement planning, so they can retire with confidence and peace of mind.
1. Retirement Hub
Service Canada has launched the Retirement Hub – a new user-friendly online tool which will provide a simple and improved experience for Canadians planning their retirement. The Retirement Hub helps Canadians understand the process of planning, applying for and receiving the retirement income security benefits like the Canada Pension Plan, Old Age Security and the Guaranteed Income Supplement.
A key feature of this online tool is the Retirement Ready Quiz. By answering a series of questions, the quiz gives users access to a personalized checklist to help them prepare for retirement.
We have included a short FAQ below on what the Retirement Hub is and how to use its features.
2. New version of the Old Age Security Benefit Estimator
Service Canada has also launched a new version of the Old Age Security Benefits Estimator on Canada.ca.
In a few easy steps, users can find out if they are eligible and get an estimate of how much they may be entitled to, based on their personal circumstances, for:
This version provides access to new features such as spousal estimates, the partial Old Age Security pension and the additional Guaranteed Income Supplement.
Attached is an infographic to help users get their estimate.
Have your say about the estimator
Help us make government digital services simpler and easier to use. Share your experience using the “feedback” link at the top of the page of the Old Age Security Benefits Estimator.
Other concrete actions
These two updates are just some of the concrete actions that the Government of Canada is taking to support seniors and improve service delivery. They build on the existing ways that the Government has supported seniors financially over the past eight years, including:
- providing over 9 million Canadians, including seniors, with the dental care that they need through the new Canada Dental Care Plan;
- putting hundreds of dollars back in the pockets of seniors who need it most through the July 5th grocery rebate;
- restoring the age of eligibility for the Old Age Security pension and the Guaranteed Income Supplement from 67 to 65;
- increasing the OAS pension by 10% for seniors 75 and over; and
- increasing the GIS by up to $947 per year for the lowest-income single seniors, benefiting close to 900,000 vulnerable seniors across Canada.
Recently, Minister O’Regan was at the Crapaud Community Curling Club in Malpeque, Prince Edward Island to speak with New Horizons for Seniors Program (NHSP) recipients. He highlighted the $105,197 for six community-based projects that support seniors in the area. He also announced a larger investment of over $490,000 for twenty-five community-based projects across Prince Edward Island.
The NHSP supports projects that help seniors stay active and engaged in their community. Every year, organizations can apply for up to $25,000 in grant funding. Since its inception in 2004, NHSP has funded more than 36,500 projects in hundreds of communities across Canada, with the Government of Canada having invested a total of more than $780 million.
Employment and Social Development Canada and Service Canada
For regular updates, please follow:
Facebook: Seniors in Canada
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1) How do the OAS Benefits Estimator and the Retirement Hub differ?
The Old Age Security Benefits Estimator is an interactive online estimation tool that can help individuals determine their eligibility and entitlement for the Old Age Security (OAS) pension, Guaranteed Income Supplement, Allowance and Allowance for the Survivor. The Retirement Hub provides assistance through a personalized checklist of tasks to help users plan for their retirement.
2) What is the Retirement Hub?
The Retirement Hub is an educational online tool that will improve how seniors, near seniors, and those who support them navigate their retirement years.
There are three main purposes for the Retirement Hub. First, to help prepare Canadians for retirement. Next, help near seniors understand the sources of income that they may have access to in their retirement, such as the benefits they could receive through federal retirement income programs like Old Age Security (OAS), the Guaranteed Income Supplement (GIS), and Canada Pension Plan (CPP). Finally, the Retirement Hub provides case studies and retirement stories that may help with decision making based on various scenarios.
3) What is the Retirement Ready Quiz?
By answering a series of 8 simple questions, users will be given a curated list of tasks to help them prepare for their retirement.
This quiz brings together information from several sources into one easy-to-use online tool. Should the user need to learn more, links to further reading will be provided.
4) Can I complete the Retirement Ready Quiz on behalf of another person?
Yes, a user can answer the quiz questions on behalf of another person. To electronically share the tailored quiz, a user simply shares the link to the completed quiz with whomever they wish.
5) Does the Retirement Hub cover all potential seniors’ benefits?
The Retirement Hub focuses on federal programs such as OAS, CPP, and GIS benefits, and provides tools that help users plan for their specific retirement situation and employment history.
6) Will completing the retirement ready quiz submit an application for pensions or benefits?
No, the quiz is solely for educational purposes to help Canadians plan for their retirement. No information from the quiz is submitted to or received by ESDC/Service Canada.
7) Do users have to answer all the questions in the retirement ready quiz?
No, the quiz will generate the checklist based on the questions answered.
8) Will the Retirement Hub give users investment advice?
No. Information provided on the Retirement Hub is for educational purposes only. It is not a substitute for professional investment, financial, accounting, legal, or tax advice.
9) Where does someone go if they have questions on how to use the Retirement Hub or need more information?
The traditional contact channels are still open. We encourage anyone with questions to call 1 800 O-Canada (1-800-622-6232) Monday to Friday from 8:00 a.m. to 5:00 p.m. (your local time).
Access the Retirement Hub by visiting https://retraite-retirement.service.canada.ca/en/home .