I am a Colombian citizen and have been living in Canada for 15 years, I am 55 years old and I intend to continue living in Canada and retire here. However, I worked for 12 years in Colombia, and after I arrived, I continue to pay my retirement plan in Colombia. I know there is no agreement between Canada and Colombia. So the question is when I`m 65, can I receive pension funds from Canada and Colombia? Because I pay in both systems? Or should I expect Canada to forbid me and not allow me to get my pension benefits from my Colombian system? Hello Carolyn – With 5 years of maximum contribution to the CPC, your CPP pension at age 65 is about $142 per month. If you were in Canada for 5 years, your OAS at age 65 would be approximately $73 per month (5/40th of the full OAS of $583.74) if you qualify under the agreement. However, it may be advisable to delay your OAS until the age of 70, as it will double during these 5 years and you will be “breakeven” at 75 years. If you are a widow, widower or child of someone who has contributed to retirement programs in both countries, this agreement can help you qualify for: Hello Doug. The question of the method of calculation. I lived in Canada for 15 years during my OAS assistance period, then moved to the United States and worked there for 10 years before moving abroad. I understand that I can receive payments from the OAS on the basis of the agreement that has been reached in that country. But my question is, what do I get paid for? An agreement between the United States and Germany, which came into force on December 1, 1979, improves the protection of social security for people who work or have worked in both countries.
It helps many people who, in the absence of the agreement, would not be entitled to monthly pension, disability or survival benefits under the social security system of one or both countries. It also helps people who would otherwise have to pay social security contributions to the two countries with the same incomes. Note As shown in the table, an American worker employed in Germany can only be covered by U.S. Social Security if he or she works for a U.S. employer. A U.S. employer includes a company organized under U.S. or state law, a partnership if at least two-thirds of the partners are based in the United States, a person residing in the United States, or a fiduciary company if all directors are based in the United States. It is also a foreign subsidiary of a U.S. employer when the U.S.
employer entered into an agreement with the Internal Revenue Service, pursuant to Section 3121 (l) of the Internal Revenue Code, to pay Social Security taxes for U.S. citizens and residents employed by the subsidiary. I am a U.S. citizen and Canadian permanent resident who worked in the United States for 17 years before moving to Canada with my family in 2012. I intend to leave the CPC full-time next year with 5 years of contributions. Assuming that I could use my work history in the United States to obtain eligibility under the U.S.-Canada agreement, how would my benefit amount be calculated? I ask the question because I am trying to determine the relative benefits of the U.S. Social Security benefit over the KKPp benefit. The SS consultant I spoke with said that I could only get benefits under one of the two plans, not both. My annual income in Canada is about $80,000 to $90,000 a year.
In the last 6 years 6 pre 7 of my years in the U.S. my income was comparable to this one, but it was much lower upstream and the total amount I will receive from SS is relatively small because they calculate benefits on the basis of an average over a number of years. I suppose I would do better under CPC, but I do not know how my amount of benefits would be calculated here in Canada. Perhaps you could let me know. Thank you very much. Australia currently has 31 bilateral international social security agreements. The Social Security Agreement between Canada and Germany came into force on April 1, 1988. A complementary agreement came into force on 1 December 2003