Finance, Pension and Benefits

Financial resources for seniors

A number of sources of financial information are available regarding benefits for seniors, retirement income, accessing retirement savings, banking and taxes.


Banking in Canada: information for all ages about banking in Canada

See the Banking section under Discounts for Seniors

Financing for seniors' education and programs

Lifelong Learning Plan: federal program that allows you to withdraw from your RRSP to finance full-time training or education for yourself or your spouse or partner

New Horizons for Seniors: this program provides grants and funding for projects that make a difference in the lives of seniors and their communities

General information

Providing seniors in Canada with greater security and a better quality of life: the federal government's position on programs and services that respond to seniors' needs

Government benefits

Allowance: benefit for those aged 60 to 64, with a low income and a spouse or partner receiving GIS. The Allowance for the Survivor program may provide benefits if your spouse or partner has died

Canada Pension Plan – Overview: details regarding eligibility, applying for and payments under the CPP

Guaranteed Income Supplement: facts about the GIS, a monthly non-taxable benefit to OAS pension recipients who have a low income and live in Canada

Old Age Security benefits: information on how to apply for OAS and the amount you could receive

Ontario Guaranteed Annual Income System: If you're a low-income senior in Ontario, you may qualify for monthly GAINS payments

Splitting CPP credits on divorce or separation: when and how to split CPP credits following a divorce or separation

View and update information for CPP and OAS: log in to your account (or create one) at My Service Canada to ensure your information is current

Retirement savings

Canadian Retirement Income Calculator: tool to provide retirement income information, including CPP and OAS amounts

Pension income splitting: circumstances under which you could split your pension income with a spouse or partner

Phased retirement: information regarding phased retirement agreements where you receive a partial pension under a defined benefit plan and continue to accrue pension benefits in the same plan

Registered Retirement Savings Plans and Registered Retirement Income Funds: background information on the RRSP and RRIF savings plans

RRSP options when you turn 71: a guide to transferring funds out of an RRSP

Your retirement financial checklist: federal government pointers for managing financial well-being


Making withdrawals from your Registered Retirement Savings Plan: tax consequences of withdrawing funds from your RRSP

Senior Homeowners' Property Tax Grant: If you're a low-to-moderate income senior in Ontario, you may be eligible for up to $500 back on your property taxes

Taxation after retirement or at age 65 or older: details regarding the types of income that begin on retirement or at age 65 that you need to include on your tax return