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:

• Canada/Quebec Pension Plan (CPP/QPP)
• Old Age Security (OAS)
• Guaranteed Income Supplement (GIS)

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.

Canada/Quebec Pension Plan (CPP/QPP)

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.

Features

• Retirement pension is paid monthly and is taxable
• Only those who have contributed to CPP/QPP and meet eligibility requirements will receive pension payments
• Benefit amount Payment is based on your pensionable earnings and the amount of your contribution
• For 2011, the maximum benefit amount is $960.00 per month.

For more information, please visit Service Canada .

Old Age Security (OAS)

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.

Features

• Generally, you should apply for the OAS benefit six months before you turn 65
• For 2011, the maximum OAS benefit is approximately $533 per month
• OAS benefits are subject to a "clawback provision" which requires high-income pensioners to repay all, or a portion of their OAS benefits.

For more information, please visit Service Canada .

Guaranteed Income Supplement (GIS)

The Guaranteed Income Supplement is a monthly non-taxable benefit payable to low-income Canadian residents.

Features

• Benefit is available only to those receiving OAS
• The amount payable depends on a person’s marital status and income
• Payments are made monthly

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 .