Eligible seniors would receive up to $1,000 more annually
Advisors need to consider several aspects, such as life expectancy and whether the client will spend or invest CPP and OAS
Seniors aged 75 and older will receive the $500 payment in August
The Liberals also raised OAS payments and proposed a foreign real estate tax
The pandemic may cause your clients to rethink when to claim government benefits
OAS recipients will get $300 and GIS recipients will get $200
A paper from the C.D. Howe Institute makes several recommendations
Clients who put off receiving CPP and OAS payments can reduce their longevity risk. These clients will need other sources of income to bridge the gap until they begin collecting those benefits
Maximum basic OAS pension will increase in October
New tools are a starting point for individuals to confer with financial advisors