FYI | London Edition | October 2011 - p. 9 Personal CLASSICS ON DISPLA Y


Can you take advantage of Canada Pension Plan changes?


Shift


By Melanie Hall-Szyszkiewicz The Canada Pension Plan (CPP) is changing in gradual phases between 2011 and 2016 with the fi rst big change beginning in 2011. Does that mean you need to rethink when to begin receiving your CPP pension? Maybe – here's why: These days, “retirement” means many things, from ceasing employment to working part-time or even starting your own business, and the CPP changes are intended to provide more financial fl exibility depending on the retirement path you choose. They are also meant to encourage Canadians to work longer before starting to draw a government pension. Your monthly CPP pension amount will


increase (gradually from 2011 to 2013) by a larger percentage if you take it after age 65 but you'll see a bigger decrease if you opt to take it between age 60 and 64. If you are age 65 in 2011, the maximum CPP benefi t is $960 per month. If you wait until 2013 (and are age 70), your CPP cheque will be 42 per cent more than that. Taking your CPP pension before age 65 makes sense when: • Your life expectancy is below the average of age 80-85. • You have an illness that does not qualify for CPP disability. • You have little or no other income.• You are permanently unemployed.


Delaying your CPP pension beyond age 65 makes sense when: • Your health is good. • Your life expectancy is above average. • You have a reasonable income or intend to continue working after 65.


They don’t build ‘em like that anymore Photos by Steven Der-Garabedian, special to Metroland Media Group


A classic-car show was among highlights of a day of festivities on Sept. 17 as Heritage Glen Community for Seniors in Mississauga threw a party. Residents were invited to inspect the vehicles on display. Pictured: Jack Ooijevaar’s 1950 candy-apple-red TD MG showcased unique grillwork; Gordon Crawford shared a laugh


with Barb Rosary near his 1964 3.8 Mark II Jaguar; John Bon sits in a 1930 lemon lime pearl Model A Ford with a 350 crate motor; and Doug Ellis puts the shine on his pink 1956 Oldsmobile. The event also featured a barbecue and live music by the Sandra Cohen Band.


The work-cessation rule has been eliminated. Before the changes you had to be at least 60 years of age and not working for at least two months in order to collect CPP. Now, starting at age 60, you can continue working and still receive CPP benefi ts. Under the old rules, once you began collecting CPP you never again had to contribute to the plan. Now, however, if you are under 65 and working while receiving a CPP pension, you (and your employer) will have to continue making CPP contributions (that will increase your CPP benefi ts beginning in 2013). If you are between 65 and 70 and work while receiving CPP benefi ts, you have the choice of continuing to make CPP contributions (that will increase your CPP benefi ts beginning in 2013) or not.


The earnings drop-out provision, which allows you to exclude a portion of your pensionable earnings that can reduce your CPP benefi t, has been changed. Previously, if you retired at 65, you could “drop-out” seven


of your lowest earning years from age 18 to 65 when you were eligible to contribute to CPP. Under the revised rules, that drop-out period increases to 7.5 years in 2012 and eight years in 2014. – Investors Group information library.


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DAY TOURS 2011


Nov. 8 ROYAL WINTER FAIR for the day Nov. 16 ELVIS at the Black Forest Inn Dec. 3 OH CANADA EH? Christmas Show DEC. 7 MARY POPPINS (Book Now!) LONGER TOURS 2011


Oct. 11 TIM CONWAY & FRIENDS, 3DAYS Oct. 21 SHOPPING SHOPPING, Niagara Outlets, ERIE PA. 3DAYS (NOTAX!)


Nov 4 RENFROVALLEY Classic Car Show, 3DAYS Barn Dane & Jamboree & Gatherin’


Nov 11 SHOPPING Birch Run / Great Lakes Crossing, Bronners


Nov 17 BRANSON for Christmas 8DAYS - 9 shows Daniel O’Donnell & more, 11 meals.


Nov 28th FESTIVAL OF LIGHTS - 2 Days


and Daniel O’Donnell, Ray Stevens Nov 29th


Lori Morgan, Ronnie Prophet Dec. 29 NASHVILLE FOR NEWYEARS


Feb. 16 FLORIDA Gulfside 16 days Efficiency - side tour - great tour


Advance Notice 2012 Florida/ Ireland/Hawaii/Netherlands/ Belgium & Paris 2012


Call for More Info and Trip Listing Reg. No. 4626487 PICK-UP LONDON AND AREA


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