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The Real Retirement: Why You Could Be Better Off Than You Think, and How to Make That Happen by Bill Morneau, Fred Vettese

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Appendix A: Pillar 1 and Pillar 2 Benefits

This appendix summarizes the benefits under Pillars 1 and 2, including changes that are currently being phased in. Below are benefits as of mid-2012.

Table A.1: Benefits from CPP, OAS, and GIS Payable by Age.

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Table A.2: Benefits from CPP, OAS, and GIS Payable by Income Level.

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Table A.3: CPP, OAS, and GIS Benefits and Income Cut-offs, 2012.

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Eligibility Age Raised for OAS and GIS

The 2012 federal budget proposed increasing the age of eligibility for Old Age Security (OAS) and Guaranteed Income Supplement (GIS) benefits gradually from age 65 to 67 starting in April 2023. The change will be fully implemented by January 2029. This proposed change to OAS/GIS eligibility will not affect anyone 54 years of age or older as of March 31, 2012, which means individuals who were born on March 31, 1958, or earlier will not be affected. Those who were born on or after February 1, 1962, will have an age of eligibility of 67. Those who were born between April 1, 1958, and January 31, 1962, will have an age of eligibility between 65 and 67, in accordance with Table A.4.

Table A.4: OAS/GIS Age of Eligibility by Date of Birth.

In line with the increase in age ...

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