Canada Pension Plan (CPP) and Pension Plan (Old Age Security, OAS) are two important sources of income for Canadians after retirement.

However, many people confuse these two concepts.

The Canada Pension Plan began in 1966.

The purpose of the establishment is to protect the contributor and his family from financial difficulties when he retires in old age, loses the ability to work due to disability, or dies.

This is a collection of contributions made by employees, employers, self-employed persons, and income from investments in Canada Pension Plan Investment Funds.

A pension is the monthly income that Canadian citizens aged 65 or over can receive.

Unlike the Canada Pension Plan, the amount of pension a person can receive does not depend on your income while working, but on the number of years you have lived in Canada, and you do not have to retire to receive it.

Who is eligible to receive it? Simply put, all Canadian citizens and permanent residents who have lived in Canada for more than 10 years after the age of 18 and are 65 years or older can apply for it.

This program is also available to Canadian citizens and permanent residents living overseas.

They must have lived in Canada for at least 20 years after reaching adulthood.