The Canada Pension Plan (CPP) and Old Age Security (OAS) are two essential government programs that provide financial assistance to Canadians during retirement. Applying for these benefits is a crucial step in ensuring financial security in later years.
CPP is a contributory program, meaning that workers make regular contributions throughout their working lives. OAS, on the other hand, is a non-contributory program, meaning that all Canadian citizens and permanent residents who meet certain eligibility criteria can receive benefits, regardless of their work history.