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As older Canadians near retirement, an understanding of pensions and other retirement benefits become very important. Retirees are often interested to know the differences between CPP and the Old Age Security pension.

Questions that are often asked include:

  • What is the difference between the Old Age Security and Canada Pension Plan?
  • How much can I expect in pension or retirement benefits?
  • Should I elect to take CPP early, or should I delay it by a few years?
  • What can affect my retirement benefits?
  • What is my life expectancy?

These are just a few of the questions that come up for seniors when retirement is on the horizon or for younger folks who want to start planning and saving for retirement. In this article, we will compare and contrast the CPP and OAS.

Canada Pension Plan (CPP) and Old Age Security (OAS) are two of the three main pillars of Canada’s retirement income system. The third pillar includes workplace pension plans and RRSP.

Although both CPP and OAS benefits are available to retirees, they are different in many ways including how they are funded, how much you can receive, how they are calculated, supplementary benefits, and eligibility rules.

CPP and OAS: Comparisons and Contrasts

For more information on retirement benefits, check out the following articles:

This post was originally published in 2017 and is regularly updated.

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