Residential Loan Application For Reverse Mortgages Page 2

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Section 8
You may be eligible for a Post-Retirement Benefit if you are 60 to 70 years
of age and you are working or return to work in Canada (outside Quebec) while receiving
a retirement pension from the Canada Pension Plan or Quebec Pension Plan.
The Post-Retirement Benefit will allow you to increase your retirement income even if
you are already receiving the maximum Canada Pension Plan pension amount. It is a
secure monthly benefit that will rise with increases in the cost of living and be payable for
the rest of your life.
You do not need to apply for the Post-Retirement Benefit. If you are eligible, it will be
paid to you automatically.
For each year that you make a valid contribution to the Canada Pension Plan while
receiving your retirement pension, you become eligible for a new Post-Retirement
Benefit the following January. Like the Canada Pension Plan retirement pension, the
amount of each Post-Retirement Benefit will depend on your level of earnings, the
amount of Canada Pension Plan contributions you made during the previous year,
and your age as of the effective date of the Post-Retirement Benefit.
Each new Post-Retirement Benefit will be added to any previously earned
Post-Retirement Benefits and to any other Canada Pension Plan benefits to which
you are entitled.
Contributions to the Post-Retirement Benefit are mandatory for working CPP retirement
pension recipients under age 65 and their employers. If you are self-employed, you will
have to contribute both the employee and employer portions.
If you work in the same year that your retirement pension begins, we will determine
which portion of that year’s contributions will go toward the retirement pension and which
portion, if any, will go toward the Post-Retirement Benefit.
If you are at least 65 years of age, you can choose not to contribute. At age 70, you will
stop making CPP contributions. To find out more about how to stop contributing to the
CPP, visit the Canada Revenue Agency Web site at or call
SC ISP-1003A (2014-03-03) E
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