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Please Explain
by Philip Sun 18 Jun 2023, 11:53 am
Would someone please in the simplest of terms explain. How collecting CPP and OAS will impact my CAF Pension and my VAC Pension/benefits. Thank you.
Philip- Registered User
- Posts : 3
Join date : 2023-06-18
Re: Please Explain
by Forcell Sun 18 Jun 2023, 12:44 pm
If you receive Canada pension Plan (Disability) prior to age 65, there will be an offset to your Canadian Forces Pension.
Meaning you would lose the Bidge Benefit from your Canadian Forces Pension.
Regular Canada Pension Plan at age 65 will also end your Bridge Benefit.
With regards to VAC benefits, if you receive the (Income Replacement Benefit), there will be an offset from your (CPP / OAS).
(The Income Replacement Benefit recognizes that your overall income can come from several sources, (Old Age Security, the Canada Pension Plan, or the Act respecting the Quebec Pension Plan [CQLR]).
To encourage activities that are beneficial and meaningful, the Income Replacement Benefit will allow you to earn up to $20,000 per year before any offsets are applied. Any employment and self-employment income above $20,000 will then be offset dollar-for-dollar.)
Forcell- CF Coordinator
- Posts : 539
Join date : 2017-10-08
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Re: Please Explain
by Philip Sun 18 Jun 2023, 1:51 pm
Thank you. I do not receive CPPD
I am on the eve of 65 and wondering about CPP and OAS
It seems like one cancels something else. I am just trying to avoid a bunch of paperwork. I am so exhausted by it.
I am on the eve of 65 and wondering about CPP and OAS
It seems like one cancels something else. I am just trying to avoid a bunch of paperwork. I am so exhausted by it.
Philip- Registered User
- Posts : 3
Join date : 2023-06-18
Re: Please Explain
by Accer Sun 18 Jun 2023, 2:32 pm
Philip wrote:Thank you. I do not receive CPPD
I am on the eve of 65 and wondering about CPP and OAS
It seems like one cancels something else. I am just trying to avoid a bunch of paperwork. I am so exhausted by it.
Your Bridge Benefit from your CAF Pension will end once you turn 65, and start to collect the Canada Pension Plan.
This is automatic, no paperwork necessary.
What happens to the Canadian Forces Superannuation Act pension when the annuitant turns 65?
The bridge benefit ceases being paid at the end of the month following the month of the annuitant's 65th birthday.
Accer- CF Coordinator
- Posts : 462
Join date : 2017-10-07
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Re: Please Explain
by Philip Tue 20 Jun 2023, 5:42 pm
So if I don’t draw CPP at 65 my pension monthly payment will be reduced?
I thought we could wait until 75
I thought we could wait until 75
Philip- Registered User
- Posts : 3
Join date : 2023-06-18
Re: Please Explain
by Lightning Tue 20 Jun 2023, 7:06 pm
Philip,
It does not matter when you decide to take the Canada Pension Plan, before or after age 65, your Canadian Forces Pension will be reduced by way of your bridge benefit being ceased at age 65.
The only time the Canadian Forces Pension is reduced via bride benefit being ceased other than age 65 is when a member starts receiving the Canada Pension Plan Disability.
Lightning- Benefits Coordinator
- Posts : 103
Join date : 2017-10-07
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