Different sources of retirement income
Sources of income from the government
|
|
QPP |
OAS |
GIS |
|
Minimum retirement age |
60 years old |
65 years old |
65 years old |
|
Maximum retirement age |
70 years old |
70 years old |
70 years old |
|
Eligibility criteria |
Worked in Quebec for more than 40 years for the maximum1, otherwise a prorated calculation is made |
|
|
|
Taxable |
Yes |
Yes |
Yes |
- If a person is under 40, a prorated calculation will be made
- Talk to your advisor to learn if you qualify – https://www.canada.ca/fr/services/prestations/pensionspubliques/rpc/securite-vieillesse/supplement-revenu-garanti/admissibilite.html
Sources of income from your employer
|
|
Defined contribution plan |
Defined benefit plan |
Group RRSP |
DPSP |
|
Yield |
Not guaranteed |
Guaranteed * |
Not guaranteed |
Not guaranteed |
|
Yield risks |
Assumed by the participant |
Assumed by the employer |
Assumed by the participant |
Assumed by the participant |
|
Amount accumulated |
Variable |
Based on years of service |
Variable |
Variable |
*According to an actuarial review of the plan that determines the pension. Reviewed every 3 to 5 years.
Personal savings
|
|
RRSP |
TFSA |
Not registered |
Reverse mortgages |
Annuities (term-certain or lifetime annuities) |
|
Contribution deductibility |
Yes |
No |
No |
No |
No |
|
Maximum |
18% of income or $30,780 (1) |
$6,500 (2) |
None |
None |
None |
|
Croissance |
Non-taxable |
Non-taxable |
Partially taxed |
Non-taxable |
Partially taxed |
|
Withdrawal |
Taxable |
Non-taxable |
Partially taxed |
Non-taxable |
Partial and level taxation for prescribed annuity, decreasing taxation for non-prescribed annuity |
|
Minimum age |
As soon as the individual generates earned income |
18 years old |
18 years old |
18 years old |
Variable |
|
Maximum age |
70 years old |
None |
None |
None |
None |
- Indexed annually, and accumulated from the time the individual began earning an income
- Indexed to inflation to the nearest $500 and accumulated since the age of majority (18 in Quebec)
To learn more about the different sources of income applicable to you, or to get the financial support you need, book an appointment with one of our advisors.