New Ebook: Cross Border Retirement Income: Canada Pension Plans, Canadian Old Age Security, U.S. Social Security and the Windfall Elimination Provision
Those who have worked in both Canada and the U.S. may be eligible for Social Security (SS), Canada Pension Plan (CPP) and Canadian Old Age Security (OAS), but it can be complicated. While SS depends on years worked, OAS is based on years of Canadian residency, and CPP is based on contributions. You may be able to take early reduced benefits or delay them to receive increased payouts. There may be clawbacks based on income levels. With SS, the Windfall Elimination Provision (WEP) is a complication that reduces benefits for those receiving foreign pensions like CPP. If you’re affected by WEP, you would be prudent to seek expert advice. Download the Ebook and learn why one should contact a Cardinal Point professional regarding cross-border retirement income.