CampCricket
Jr. Member
- Reaction score
- 11
- Points
- 80
I did not find any of the above helpful. I believe that RTD021 wants to know more about how all your sources of income are treated - now just the adjustment to 70% (and what this 70% amount is applied against). I have the same questions too.
A few years ago, all DEC (and SISIP recipients) got a 20% top up. So... at age 65, does the top just disappear and now the new amount is simply 70% of your former indexed salary... or is the reference to 70% is against the benefit before the top-up (do DEC/SISIP recipients now get 70% of that 70%)?
Also, is your canada pension and public works pensions clawed back like they are when you are in receipt of the Earnings Loss Benefit. This is a huge concern and would impact whether or not you defer CPP until age 70. Right now I get CPP Disability that automatically converts to regular CPP at age 65. Taking early CPP would impact the tax benefits of receiving CPPD (like DTC, and exempt years applied to your CPP calculation where it takes your best 25 years of 40 years to determine your CPP benefit). With my CPPD, each year I receive that is treated as a year where I made the maximum pension amount and I get credited the full amount in the calculation. If I take early CPP, those 5 years are treated as $0 income years and could shrink a person's CPP depending on whether they had 25 years of max earning years.
So I think that is the question that RTD021 would like to know... 70% of what, and are your other sources of income still clawed back once you turn 65 (ie CF superannuation, Public service pensions, employment earnings).
If anyone can speak from experience on these matters - that would be super helpful.
A few years ago, all DEC (and SISIP recipients) got a 20% top up. So... at age 65, does the top just disappear and now the new amount is simply 70% of your former indexed salary... or is the reference to 70% is against the benefit before the top-up (do DEC/SISIP recipients now get 70% of that 70%)?
Also, is your canada pension and public works pensions clawed back like they are when you are in receipt of the Earnings Loss Benefit. This is a huge concern and would impact whether or not you defer CPP until age 70. Right now I get CPP Disability that automatically converts to regular CPP at age 65. Taking early CPP would impact the tax benefits of receiving CPPD (like DTC, and exempt years applied to your CPP calculation where it takes your best 25 years of 40 years to determine your CPP benefit). With my CPPD, each year I receive that is treated as a year where I made the maximum pension amount and I get credited the full amount in the calculation. If I take early CPP, those 5 years are treated as $0 income years and could shrink a person's CPP depending on whether they had 25 years of max earning years.
So I think that is the question that RTD021 would like to know... 70% of what, and are your other sources of income still clawed back once you turn 65 (ie CF superannuation, Public service pensions, employment earnings).
If anyone can speak from experience on these matters - that would be super helpful.
