Get Ma Gic Retired Municipal Teacher Enrollment 2020-2024

If you are living in Canada, you must: be 65 years old or older. be a Canadian citizen or a legal resident at the time we approve your OAS pension application. have resided in Canada for at least 10 years since the age of 18.

The following payments, contributions, and deductions are not counted as income: Payments from OAS, GIS, Allowance, or Allowance for the Survivor. CPP or QPP contributions and your EI premiums. CPP or QPP contributions and your EI premiums of net self-employment income.

OAS starts at age 65, not age 67. There was a proposal to increase the age eligibility to 67 as of April 1, 2023. However, the liberal government stopped this change in 2016. Canadians can begin claiming their Old Age Security payment when they reach the age of 65.

Why do I have to pay a 1.45% Medicare tax? A. If you were hired on or after April 1, 1986, you are required to pay a 1.45% Medicare tax. While this does not earn you any Social Security “credits,” it does entitle you to Medicare coverage at age 65 if you have paid this tax for at least 10 years.

At retirement, you are eligible to continue your GIC health and life insurance coverage. You are eligible for retirement at any age with twenty or more years of state service, or at age 55 or 60 (depending on hire date) with ten or more years of state service.

As a retiree you may continue, change, or enroll in health coverage with the GIC, and may enroll in the GIC retiree dental Plan.

To be eligible for the GIS, you must be receiving the Old Age Security pension and meet the income requirements explained in the table on page 6. The Allowance is a benefit for low-income seniors between 60 and 64.