We have basically three programs to provide income to retirees:
1) Canada Pension Plan, a worker-funded defined benefit pension managed by the government via an arms-length investment board.
2) Old Age Security, a guaranteed income program for everyone 65 and older.
3) Registered Retirement Savings Plan, an income tax sheltering program where you can contribute up to 18% of your income into registered accounts and have the contributions deducted from your taxable income. This gets drawn down during retirement for income.
1) Canada Pension Plan, a worker-funded defined benefit pension managed by the government via an arms-length investment board.
2) Old Age Security, a guaranteed income program for everyone 65 and older.
3) Registered Retirement Savings Plan, an income tax sheltering program where you can contribute up to 18% of your income into registered accounts and have the contributions deducted from your taxable income. This gets drawn down during retirement for income.