Canada Pension Plan vs. Old Age Security

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OAS CPP CUTS
Apart from private money squirreled away in an RRSP or other savings vehicles, the OAS and complementary Canada Pension Plan are key components in the retirement planning of many Canadians. (Getty) | Getty

The federal government has sought to assure Canadians that their pensions are secure after Prime Minister Stephen Harper suggested last week that there could be changes coming to Old Age Security benefits.

On Monday, Harper revisited the issue and said the government would not cut the OAS, but would examine challenges facing the country's retirement income system.

"We will ensure our vital programs are sustainable in the long-term and for future generations," Harper said.

"The reality is that we aren’t cutting programs for seniors."

Apart from private money squirreled away in an RRSP or other savings vehicles, the OAS and complementary Canada Pension Plan are key components in the retirement planning of many Canadians. But many people confuse the two programs, how much they pay, and who's eligible for them.

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