You can earn income while receiving pensions
(NC) Employment income may affect your benefits, but you can indeed work while receiving pensions. Here's the scoop.
If your net income is over $70,954 a year, you will have to pay back some of your Old Age Security (OAS) benefits. If you earn over $114,640, you must pay it all back.
You and your employer must contribute to the Post-Retirement Benefit if you want to collect Canada Pension Plan (CPP) benefits while working after age 60. This will increase your CPP income later.
After 65 years of age, CPP contributions become voluntary and increase your benefits later. All CPP contributions stop at age 70. To increase your benefit income later, you can delay receiving CPP benefits until you are 70.
You can work while receiving Quebec Pension Plan (QPP) benefits after age 65—or as early as 60, if your employer reduces your pay by at least 20 percent.
The Financial Consumer Agency of Canada has information and resources to help you plan your retirement finances at itpaystoknow.gc.ca.
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