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Need clarification
by prawnstar Sat 02 Mar 2019, 12:42 pm
I just turned the dreaded 65 where everything seems to be going for a shit. Get OAS but it's deducted from IRB. I get CIA and CIA supp but not sure how much it will be. From what I can gather I will lose 20% of my monthly income prior to 65. Isn't there a payment of 2% per year of how many years on ELB? I try to read up on everything I can find but until 1 Apr rolls around I don't know if I'm coming or going.
prawnstar- Registered User
- Posts : 38
Join date : 2017-10-09
Re: Need clarification
by Oliver Sat 02 Mar 2019, 1:18 pm
The payment of 2% your referring to is a taxable lump sum payment, (Supplementary Retirement Benefit).
The Supplementary Retirement Benefit will no longer exist on the 1 April 2019.
There is a transition act that details those entitled to the Supplementary Retirement Benefit before April 1, 2019 will receive it.
Supplementary Retirement Benefit
Amount paid — veterans
124 (1) The Minister shall pay the amount determined in accordance with subsection (2) to
(a) a veteran who was at any time entitled to continue to receive the earnings loss benefit under subsection 18(4) of the former Act but who, on March 31, 2019, was no longer entitled to that benefit, if that veteran has not received the supplementary retirement benefit to which they are entitled under subsection 25(1) of that Act before April 1, 2019; or
(b) a veteran who, on March 31, 2019, was entitled to continue to receive the earnings loss benefit under subsection 18(4) of the former Act.
Calculation of amount
(2) The amount payable to the veteran under subsection (1) is an amount equal to 2% of the total amount of the earnings loss benefit that would have been payable to the veteran under section 18 of the former Act until March 31, 2019, had any amounts that were payable to the veteran from prescribed sources referred to in subsection 19(1) of that Act not been taken into account.
At this point in time my advice to you would be to contact VAC either by phone or My VAC Account informing them you have just turned 65, and to mention the above info on the Supplementary Retirement Benefit.
The Supplementary Retirement Benefit will no longer exist on the 1 April 2019.
There is a transition act that details those entitled to the Supplementary Retirement Benefit before April 1, 2019 will receive it.
Supplementary Retirement Benefit
Amount paid — veterans
124 (1) The Minister shall pay the amount determined in accordance with subsection (2) to
(a) a veteran who was at any time entitled to continue to receive the earnings loss benefit under subsection 18(4) of the former Act but who, on March 31, 2019, was no longer entitled to that benefit, if that veteran has not received the supplementary retirement benefit to which they are entitled under subsection 25(1) of that Act before April 1, 2019; or
(b) a veteran who, on March 31, 2019, was entitled to continue to receive the earnings loss benefit under subsection 18(4) of the former Act.
Calculation of amount
(2) The amount payable to the veteran under subsection (1) is an amount equal to 2% of the total amount of the earnings loss benefit that would have been payable to the veteran under section 18 of the former Act until March 31, 2019, had any amounts that were payable to the veteran from prescribed sources referred to in subsection 19(1) of that Act not been taken into account.
At this point in time my advice to you would be to contact VAC either by phone or My VAC Account informing them you have just turned 65, and to mention the above info on the Supplementary Retirement Benefit.
Oliver- Benefits Coordinator
- Posts : 226
Join date : 2018-02-28
prawnstar- Registered User
- Posts : 38
Join date : 2017-10-09
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