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Personal Banking > Investments > Investment Advice > Getting Ready to Retire > Assessing your Retirement Resources > Government Retirement Benefits
Roughly 16% of all Canadians will be 65 or older by the year 2016 and may be entitled to receive one or more of the following government pensions:
Government pensions are not automatic. You must apply in advance to receive most pensions – generally about six months before you're eligible to receive benefits.
If you worked and contributed to either the Canada Pension Plan or the Quebec Pension Plan, you are entitled to receive pension benefits under these plans. Full details are available on the Human Resources Development Canada Web site and on the Régie des rentes du Québec
site.
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For more information, please visit Service Canada .
Old Age Security is a basic taxable benefit paid monthly to most Canadians age 65 or older who meet Canadian residency requirements - regardless of whether they have ever worked.
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For more information, please visit Service Canada .
The Guaranteed Income Supplement is a monthly non-taxable benefit payable to low-income Canadian residents.
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In certain circumstances, some pensioners may also be eligible for provincial income supplements to subsidize their Old Age pension and GIS.
For more information, please visit Service Canada .