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Thread: Getting CPP and working: would you do this?

  1. #31
    Mastermind Shwa Girl's Avatar
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    Quote Originally Posted by dagney View Post
    Yes, that would be what the government would like you to think!
    Cause they will scoop all those payments from people who pass away between 65-70 years old.
    Use those payments between 60-65 to pay off debt, top up a TFSA, income split with your spouse too.
    @dagney , I agree with your post. One coworker is going for hip AND knee surgery this year at age 60s. She's afraid if the surgery is not great, she may need to stop working. This is why some take CPP at 60.
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  2. #32
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    Quote Originally Posted by Mudit View Post
    Auditor General of Canada on CPP Disability approvals showed that out of 70,000 annual CPP Disability Applicants, only about 40% were approved after the first application.
    Since then, Service Canada has simplified the forms and application process to make it easier for applicants. But CPP Disability denial rates are still considerably high compared to other countries. Most of the time the reasons for the denial are not immediately clear, leaving applicants confused as to what they need to do in order to actually be approved.
    Some of the reasons CPP Disability applicants get denied may include:

    1. The impairment not being recognized as eligible by the CPP Disability requirements
    2. A lack of information in the application to prove eligibility
    3. A lack of knowledge about certain provisions that if applied to the application, may have given it eligibility.

    I myself got denied for these benefits
    @Mudit , I have a friend who had medical issues way before 60. She applied for CPP disability and was denied. She got a lawyer to help her apply again. She was approved. She had to pay the lawyer but she said that the lawyer knew exactly what to do and had lots of experience so it was worth the fee.
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  3. #33
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    Quote Originally Posted by Mudit View Post
    Auditor General of Canada on CPP Disability approvals showed that out of 70,000 annual CPP Disability Applicants, only about 40% were approved after the first application.
    Since then, Service Canada has simplified the forms and application process to make it easier for applicants. But CPP Disability denial rates are still considerably high compared to other countries. Most of the time the reasons for the denial are not immediately clear, leaving applicants confused as to what they need to do in order to actually be approved.
    Some of the reasons CPP Disability applicants get denied may include:

    1. The impairment not being recognized as eligible by the CPP Disability requirements
    2. A lack of information in the application to prove eligibility
    3. A lack of knowledge about certain provisions that if applied to the application, may have given it eligibility.

    I myself got denied for these benefits
    Did you appeal it?
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  4. #34
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    Quote Originally Posted by dagney View Post
    Yes, that would be what the government would like you to think!
    Cause they will scoop all those payments from people who pass away between 65-70 years old.
    Use those payments between 60-65 to pay off debt, top up a TFSA, income split with your spouse too.
    I know several people that collected early and continued to work, some past 65, for that exact reason. If your spouse passes away, you get a widows pension, but the amount is less than what your spouse was collecting before their death.
    ROMEO likes this.

  5. #35
    CaToonie
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    this thread has given me a lot of food for thought as i approach 60. thanks for all the insights and helpful info. syndi
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  6. #36
    tightwad and proud of it! brunt's Avatar
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    I myself plan to take CPP at 60. A few reasons:

    • I will be able to collect it for more years. Yes, it is a smaller amount, but it will start five years earlier. The crossover for me is about 74, so if I live past 74, then I would have been theoretically better off waiting. Given that the "worst case" here is that I lived long, that's not a bad worst case.
    • The above crossover does not consider the time value of money - if you don't need the payments for day to day living. If you use your CPP payments to pay off debt (I don't have any, so this doesn't apply to me), then it is a no brainer to take it early - if you actually pay down your debt with your CPP payments. If your debt is at a high interest rate, it makes even more sense. If you have no debt, then investing this money will still do better than waiting for it by increasing the crossover year. But keeping it in the bank at 0.5% would not do as well as say bank stock dividends paying 4.5%.
    • Once you start collecting, any changes to the rules as to when people can start collecting should not apply to you. So, if they up standard CPP age to 67, and early to 62 (not a stretch that this could happen), then you still get to receive it. From an actuarial standpoint, it really should be increased. This is not some tinfoil hat conspiracy, but a serious topic with which countries around the world are struggling (https://www.macleans.ca/opinion/the-...owing-problem/).
    luvthefree likes this.

  7. #37
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    I too plan to take my CPP at 60. It will be a good chunk of spending cash in the pocket and less to withdraw from my RRIF.

    No debt at all just want to have the $$ as fun money!
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  8. #38
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    Also an important idea to consider BEFORE retiring, is to get a complete physical. If you are feeling “old and under the weather” and chose to retire, there maybe an underlying condition which will no longer be covered under your health plan. We recently lost a niece (42 years old) who took a lay-off and payout from her work only to discover she had bladder cancer - died 6 months later. She had been “doctoring” but nothing was confirmed til the week after she signed her layoff notice - no extra health coverage or death benefit for her family. So sad and for her kids and spouse.
    ROMEO and luvthefree like this.

  9. #39
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    Yes that What I did and I got approved this time
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  10. #40
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    I got approved too. Yeah thats what I DID, I also took some help but not lawyer as they seem to be charging fortune. I got it done through another company called Disability Credit Canada. They did all the work So it was all waiting and getting approved this time around.

    I recon if i wasn't in hurry to get approved they have pretty good content for someone who wants to get approved on their own.
    luvthefree likes this.

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