In 2023, Canadians can expect significant changes as the Canada Pension Plan (CPP) and Old Age Security (OAS) will experience an increase. These adjustments will have a substantial impact on the lives of many individuals, particularly senior citizens who heavily rely on these government-funded programs for their financial stability.
The CPP is a retirement pension plan that provides a monthly benefit to eligible Canadians who have contributed to the plan throughout their working years. It is designed to supplement retirement income and ensure that individuals have a source of funds to support their needs after they retire. The increase in CPP benefits in 2023 means that retirees will receive a larger monthly payment, providing them with a higher standard of living.
Similarly, the OAS is an income supplement that provides financial assistance to eligible seniors aged 65 and older. It is a crucial source of income for many elderly Canadians who may not have other forms of retirement savings. In 2023, the OAS benefit will also increase, ensuring that seniors have a higher income to cover their living expenses and maintain their well-being.
It is important to understand how these changes will impact individuals and plan accordingly. The increase in CPP and OAS benefits can provide a welcome boost to retirees’ finances, allowing them to have a more comfortable and financially secure retirement. However, it is also essential to consider how these changes may affect other aspects of personal finance, such as taxation and eligibility for other government programs. It is advisable to consult with a financial advisor to fully understand the implications of these increases and make informed decisions.
CPP and OAS Increase in 2023: What to Expect
In 2023, the much-anticipated increase in CPP and OAS benefits will come into effect. These increases will have a significant impact on retirees and those planning for retirement in the future.
CPP Increase
The CPP (Canada Pension Plan) is a government-sponsored pension plan that provides income to eligible Canadians in retirement. The CPP increase in 2023 will result in higher benefit amounts for individuals who have contributed to the plan throughout their working years.
Currently, CPP benefits are calculated based on a formula that takes into account the average earnings of the contributor and the number of years they have contributed to the plan. The 2023 increase will see a higher earnings limit, meaning individuals who have earned more throughout their careers will receive a higher CPP benefit. This increase aims to provide retirees with a more adequate income, reflecting the realities of their lifetime earnings.
OAS Increase
The OAS (Old Age Security) program is a government-funded program that provides a basic income to Canadians aged 65 and older. The OAS increase in 2023 will result in higher monthly benefit amounts for eligible individuals.
Currently, the OAS benefit amount is adjusted quarterly based on changes in the Consumer Price Index. However, the 2023 increase will go beyond the usual adjustments and implement a higher baseline amount for OAS recipients. This increase aims to ensure that seniors have a higher basic income to support their daily living expenses and maintain a certain standard of living in retirement.
How will this increase in CPP and OAS benefits affect retirees and those planning for retirement in 2023? The answer depends on various factors such as individual earnings, contributions, and other sources of retirement income. It is essential for individuals to review their retirement plans and consult with financial advisors to understand how the CPP and OAS increase will impact their specific financial situations.
In summary, the CPP and OAS increase in 2023 will bring higher benefit amounts to eligible individuals. This increase aims to provide retirees with a more adequate income and ensure that seniors have a higher basic income in retirement. It is important for individuals to stay informed about these changes and consider how they may impact their long-term financial plans.
Changes in CPP Contribution Rates
The CPP, or Canada Pension Plan, is a government program that provides a monthly pension to eligible individuals upon retirement. In 2023, the CPP will undergo some changes in contribution rates.
Currently, CPP contributions are determined based on a percentage of eligible earnings, up to a certain maximum annual limit. Starting in 2023, the contribution rate for both employees and employers will increase gradually over the next several years.
So, how much will the CPP contribution increase? The exact increase will depend on your income. However, the current baseline contribution rate is 5.25% for both the employee and the employer, up to the maximum annual earnings limit. This rate will gradually increase to 5.9% for both parties by 2025.
It’s important to note that the CPP increase is being implemented to ensure the long-term sustainability of the program. The goal is to provide Canadians with a secure and adequate income during their retirement years.
In addition to the CPP increase, there will also be changes to the Old Age Security (OAS) program. These changes will gradually raise the eligibility age for OAS from 65 to 67, starting in 2023.
In conclusion, the CPP contribution rates will increase in 2023 and continue to rise over the next few years. It’s essential to understand how these changes will affect your future retirement income and to plan accordingly.
CPP Benefit Amounts
In 2023, the Canada Pension Plan (CPP) and Old Age Security (OAS) benefits are set to increase, providing retirees with more financial support. Understanding how much CPP benefits will increase in 2023 is important for individuals planning for retirement.
CPP Increase
The CPP benefits are designed to replace a portion of the income earned during a person’s working years in retirement. The amount of CPP benefit received by an individual is based on various factors, including how much and for how long they contributed to the CPP.
In 2023, the CPP benefits will increase by a certain percentage. The exact percentage of the increase will be determined closer to the time, based on the average wage growth in Canada. It is important to stay updated with the latest information to know the exact increase amount in 2023.
OAS Increase
In addition to the CPP increase, the Old Age Security (OAS) benefits will also see an increase in 2023. The OAS benefits are a basic income supplement provided by the government to seniors who are 65 years or older and meet certain residency requirements.
The OAS benefit increase in 2023 will also be determined based on the average wage growth in Canada. The exact percentage of the increase will be announced in the months leading up to 2023.
Overall, the CPP and OAS increases in 2023 will provide retirees with additional financial support during their retirement years. Keeping informed about the specific increase amounts will help individuals better plan for their financial future.
CPP Retirement Age
One important aspect of the CPP and OAS increase in 2023 is the change in the CPP retirement age. Currently, the standard age to qualify for CPP benefits is 65. However, starting in 2023, the CPP retirement age will gradually increase. The increase will be phased in over a six-year period, and by the year 2029, the CPP retirement age will be 67 for everyone.
This change is being implemented to address the changing demographics and increase the sustainability of the CPP program. With people living longer and healthier lives, it is important to ensure that the CPP program remains financially viable in the long term.
So, how much will the CPP and OAS increase in 2023? The exact amount of the increase will depend on various factors, such as the amount of your contributions, the number of years you have contributed to the CPP, and your average earnings over your lifetime.
It is important to note that while the CPP and OAS increase in 2023 will help provide higher benefits to retirees, it is also essential to plan and save for retirement independently. Relying solely on CPP and OAS may not be enough to maintain the desired standard of living in retirement. It is recommended to consult with a financial advisor to create a comprehensive retirement plan that takes into account your specific needs and goals.
OAS Eligibility Age
In 2023, the eligibility age for Old Age Security (OAS) will increase, just like Canada Pension Plan (CPP) benefits. Currently, Canadians are eligible to receive OAS at the age of 65. However, starting in 2023, the age of eligibility will gradually increase to 67.
This change is being made to reflect the fact that Canadians are living longer and healthier lives. It is also an attempt to ensure the sustainability of the OAS program, as the increasing number of retirees puts a strain on the government’s resources.
While this change may seem significant, it is important to note that it will be implemented gradually. The eligibility age will only increase by one month every three months, over a period of six years. This means that someone born in 1958 or later will be affected by the increased age of eligibility.
For those who may be concerned about how this change will impact their retirement plans, it is important to consider the other sources of retirement income, such as CPP. It is possible to start receiving CPP benefits as early as age 60, although the monthly amount will be reduced. By carefully planning and understanding how CPP and OAS work together, individuals can ensure they have a stable income throughout their retirement years.
It’s worth noting that the increase in OAS eligibility age is not expected to have a significant impact on most Canadians. While it may result in a delay in receiving OAS benefits, the overall amount received over a person’s retirement years will remain much the same. Understanding the changes and planning accordingly will be key in navigating the new OAS eligibility age in 2023.
OAS Payment Amounts
Starting in 2023, the OAS (Old Age Security) payment amounts will increase along with the CPP (Canada Pension Plan).
The CPP and OAS are two programs in Canada that provide retirement benefits to eligible individuals. While the CPP is based on a person’s work history and contributions, the OAS is a basic monthly pension that is available to most Canadians who meet certain criteria.
Currently, the maximum monthly OAS payment amount is $626.49. However, in 2023, this amount will increase. It is expected that the increase will be based on the average increase in the Consumer Price Index (CPI), which is a measure of inflation. This means that the exact amount of the increase will depend on how much the CPI increases in the relevant period.
It is important to note that not everyone will receive the maximum OAS payment amount. The actual amount a person receives depends on several factors, including their income level and the number of years they have lived in Canada after the age of 18. Those with higher income may receive a reduced OAS payment, while those with lower income may be eligible for additional benefits.
In conclusion, starting in 2023, the OAS payment amounts will increase. The exact amount of the increase will depend on how much the CPI increases. Individuals should consult with the government or financial advisors to determine their specific OAS payment amount and any potential impact on their retirement plans.
CPP Disability Benefits
CPP Disability Benefits can provide much-needed support for individuals who are unable to work due to a disability. The amount of benefits that one can receive is determined by various factors, such as how much they have contributed to the CPP, the duration of their disability, and their age at the time of application.
In 2023, the CPP and OAS are set to increase, providing a boost in financial assistance for those in need. This increase in benefits can help individuals better meet their daily living expenses and medical needs.
It is important to understand how to apply for CPP Disability Benefits and what the criteria are for eligibility. Applicants must provide medical documentation to support their claim and go through a thorough review process. The amount of benefits received will depend on the individual’s average earnings before becoming disabled.
CPP Disability Benefits are designed to assist individuals in maintaining their standard of living and covering essential expenses. These benefits can provide financial stability during a difficult time and help individuals focus on their health and well-being.
If you or someone you know is living with a disability and unable to work, it is important to explore the CPP Disability Benefits available. Understanding the application process, eligibility criteria, and the potential increase in benefits in 2023 can help individuals make informed decisions about their financial situation and access the support they need.
OAS Clawback Threshold
As of 2023, both CPP and OAS will see an increase in their benefits. While the CPP increase will be determined by several factors such as contributions and average earnings, the OAS increase follows a different set of rules.
Under the OAS program, the amount of benefits you receive is based on your income level. However, the OAS clawback threshold determines whether you will be subject to a reduction in your benefits.
So, how much will the OAS clawback threshold increase in 2023? The exact amount is yet to be determined. However, the government has announced that starting from July 2023, the clawback threshold will be adjusted annually to keep up with inflation. This means that the threshold will increase over time.
The OAS clawback threshold is important to consider for individuals who have a higher income in retirement. If your income exceeds the threshold, you will be subject to a reduction in your OAS benefits. This reduction is based on a certain percentage of your income that exceeds the threshold.
It is important to note that the OAS clawback threshold is different for individuals and couples. The threshold for individuals is set at a lower amount than for couples. This means that couples with a combined income may be subject to a reduction in their OAS benefits even if their individual incomes are below the threshold.
In conclusion, the OAS clawback threshold will increase in 2023 to account for inflation. It is important for individuals and couples to consider their income levels in retirement to determine if they will be subject to a reduction in their OAS benefits.
CPP Survivor Benefits
Survivor benefits under the Canada Pension Plan (CPP) are designed to provide financial support to the surviving spouse or common-law partner and dependent children of a deceased CPP contributor. These benefits help ensure that the loss of income is mitigated and the family’s financial stability is maintained during such a difficult time.
In 2023, as part of the CPP and OAS increase, the survivor benefits will also see some changes. The CPP survivor’s pension will continue to be based on the deceased contributor’s pensionable earnings, but the percentage of the pension that a survivor is eligible to receive will gradually increase until it reaches 60% of the contributor’s pension. This change will be implemented in a phased manner over the course of several years, with incremental increases annually.
It is important to note that the eligibility criteria for CPP survivor benefits remain the same. To be eligible, the survivor must have been living with the deceased contributor at the time of their death or have been separated for reasons not related to their relationship. Additionally, the survivor must have either been in a married or common-law relationship with the contributor for at least one year or been a parent of the contributor’s child. These criteria ensure that the benefits are provided to those who were financially dependent on the deceased contributor.
For surviving children, the CPP also provides benefits until the age of 18 (or up to age 25 if they are in full-time education). The amount of the children’s benefits will also increase in 2023 as part of the CPP and OAS increase. These benefits aim to support the education and upbringing of the children, helping them maintain their standard of living.
How to Apply for CPP Survivor Benefits
If you have recently experienced the loss of a loved one who was a CPP contributor, it is important to apply for survivor benefits as soon as possible. You can apply by filling out the CPP survivor’s pension application form, which can be obtained from the government’s website or by contacting Service Canada. Along with the application form, you will need to provide supporting documents, such as the deceased contributor’s death certificate and proof of your relationship with them.
It is recommended to apply for CPP survivor benefits within 60 days of the contributor’s death to ensure uninterrupted financial support. However, applications can still be processed after this timeframe, but there may be delays in receiving the benefits.
Planning for the CPP and OAS Increase in 2023
With the upcoming CPP and OAS increase in 2023, it is essential to consider these changes while planning for your financial future. The increased survivor benefits can provide additional support for your family in the event of a tragedy.
Consulting with a financial advisor or planner can be helpful in understanding how these changes will impact your overall financial situation and suggesting strategies to optimize your CPP benefits. Additionally, staying informed about any updates or changes to the CPP and OAS programs from reliable sources, such as the Government of Canada’s official website, can ensure that you are making informed decisions.
In conclusion, the CPP survivor benefits will see adjustments in 2023 as part of the CPP and OAS increase. These changes aim to provide increased financial support to surviving spouses or common-law partners and dependent children. Understanding the eligibility criteria and taking proactive steps in applying for these benefits can help ensure you receive the support you need during a difficult time.
CPP and OAS Application Process
For those who are eligible to receive CPP and OAS benefits and are planning to apply for them in 2023, it is important to understand the application process.
First, individuals need to determine their eligibility for the OAS and CPP benefits. The eligibility criteria may vary for both programs, and it is essential to review the requirements and ensure that they meet them.
OAS Application Process
To apply for the OAS benefit, individuals can do so online or by mail. Online applications are typically faster and more convenient.
Before starting the application process, it is necessary to gather all the required documents, such as a valid identification document, proof of Canadian citizenship or legal residency, and any additional supporting documents that may be required.
When applying online, individuals need to create an account on the Government of Canada’s website and follow the instructions to complete the application. It is important to provide accurate and up-to-date information.
If applying by mail, individuals can download the application form from the Government of Canada’s website or request it through the mail. They need to complete the form and include all the required documents. The completed application can then be sent to the designated address.
CPP Application Process
The application process for CPP benefits also requires individuals to gather the necessary documents, such as a valid identification document, Social Insurance Number (SIN), and any other supporting documents that may be applicable.
Individuals can apply for the CPP benefit online, by mail, or in person at their local Service Canada office. Online applications are considered faster and more convenient.
When applying online, individuals need to create an account on the Government of Canada’s website and follow the instructions to complete the application. Again, it is crucial to provide accurate and up-to-date information.
If applying by mail or in person, individuals can download the application form from the Government of Canada’s website or pick it up at a Service Canada office. The completed form, along with the required documents, can then be sent or submitted in person to the designated location.
After submitting the applications for both OAS and CPP, it may take some time for the applications to be processed. It is advisable to check the application status regularly or follow up with the relevant authorities if necessary.
It is important to note that the exact process and requirements for applying for OAS and CPP benefits may differ depending on individual circumstances and eligibility. It is recommended to consult the official government websites or seek professional advice for accurate and updated information.
CPP and OAS Information and Resources
In 2023, the CPP (Canada Pension Plan) and OAS (Old Age Security) will experience an increase in benefits. It is important to understand how these increases will impact individuals and what resources are available to provide more information.
CPP Increase
- The CPP benefits will be increased to account for inflation and rising costs of living.
- It is estimated that the increase in CPP benefits will be around 2% in 2023.
- This increase will provide individuals with a higher retirement income to support their financial needs.
- For more information on the CPP increase, individuals can visit the official website of the Canada Pension Plan.
OAS Increase
- The OAS benefits will also be increased to address the changing economic landscape.
- It is expected that the OAS benefits will see a similar increase of around 2% in 2023.
- This increase will help seniors to maintain their standard of living and meet their expenses.
- Individuals can find more information on the OAS increase on the official website of the Old Age Security program.
Overall, the CPP and OAS increases in 2023 will provide individuals with additional financial support during their retirement years. It is important to stay informed and utilize the available resources to understand how these increases will impact your specific situation.
CPP and OAS Scams
With the increase in CPP and OAS benefits set to take effect in 2023, it’s important to be aware of potential scams that may arise. Scammers are always looking for ways to take advantage of unsuspecting individuals, especially when there is a promise of more money.
It’s crucial to remember that the Canadian government will never contact you through phone or email to ask for personal information, such as your social insurance number or banking details. They already have this information on file and will not need to confirm it with you. If someone claiming to be from the government asks for this information, it is likely a scam.
How can you protect yourself?
Here are some tips to avoid falling victim to CPP and OAS scams:
1. Be cautious of unsolicited calls or emails
If you receive a phone call or email from someone claiming to represent CPP or OAS and asking for personal information, be skeptical. Hang up the phone or delete the email. Instead, contact CPP or OAS directly using the official contact information provided on their website or through a government directory.
2. Do not click on suspicious links or download attachments
Scammers will often use phishing techniques, such as sending emails with links or attachments that contain malware. Be cautious of any links or attachments in emails that you were not expecting to receive. Hover over the link to see the URL before clicking, and make sure it is a legitimate government website.
By being aware of potential scams and taking necessary precautions, you can protect yourself from falling victim to fraudsters. Remember, the CPP and OAS increase in 2023 will provide you with more financial support, but it’s essential to stay vigilant and safeguard your personal information.
CPP and OAS Tax Implications
With the CPP and OAS set to increase in 2023, many people might be wondering how this will impact their taxes. The Canada Pension Plan (CPP) and Old Age Security (OAS) are two key government programs that provide income support to Canadians in their retirement years. These programs are funded through taxes and other sources, and any changes to their benefit amounts can have tax implications.
CPP Increase
The CPP is a contributory pension plan, which means that individuals make regular contributions throughout their working years and receive benefits in retirement. The CPP is set to gradually increase its benefit amount starting in 2023, with the goal of providing Canadians with a more sustainable income in retirement. The CPP increase will be phased in over several years, and the exact amount of the increase will depend on various factors.
One important tax implication of the CPP increase is that individuals will have higher taxable income in retirement. The CPP benefits are considered taxable income, which means that individuals will have to pay taxes on the increased benefit amount. This may result in a higher tax bill for those receiving CPP benefits.
OAS Increase
The OAS is a government pension program that provides a basic income to Canadians who are 65 years or older. Like the CPP, the OAS benefit amount is set to increase in 2023. The increase will be based on the Consumer Price Index and will be announced closer to the implementation date.
One important tax implication of the OAS increase is that individuals will also have higher taxable income. The OAS benefits are considered taxable income, and the increased benefit amount will be subject to income tax. This means that individuals receiving OAS benefits may see an increase in their tax liability.
It is important for individuals to be aware of the tax implications of the CPP and OAS increases and to plan accordingly. This may involve setting aside funds for taxes or adjusting their overall financial plan to account for the higher tax liability. Consulting with a tax professional or financial advisor can provide guidance on how to navigate these tax implications.
In conclusion, the CPP and OAS increases in 2023 will have tax implications for individuals receiving these benefits. The increased benefit amounts will be subject to income tax, potentially resulting in a higher tax liability. It is important to plan accordingly and seek professional advice to ensure proper tax planning.
CPP and OAS for Non-Residents
Starting in 2023, both the CPP (Canada Pension Plan) and OAS (Old Age Security) benefits will see increases for non-residents. This is an important development for those who are living abroad or planning to move outside of Canada during their retirement years.
What is OAS?
The OAS is a monthly payment provided by the Canadian government to eligible individuals who have reached the age of 65. It is targeted towards Canadian seniors who have resided in Canada for at least ten years after the age of 18. However, individuals who have lived in Canada for less than ten years can still receive partial OAS benefits.
The 2023 increase in OAS will provide non-residents with a higher monthly payment to support their retirement income. This is great news for individuals who have contributed to the Canadian tax system but have chosen to retire overseas.
What is CPP?
The CPP is another important retirement benefit program in Canada. It is a contributory plan that provides a monthly payment to Canadians who have made contributions during their working years. Similar to OAS, CPP benefits will also see an increase in 2023 for non-residents.
Non-residents who have contributed to the CPP during their time in Canada can expect a higher monthly payment in 2023. This increase will help to bridge the gap between their retirement living expenses and their CPP income.
It is important to note that the amount of CPP and OAS benefits received will depend on various factors, including the number of years of contributions and the age at which benefits are claimed. Non-residents should consult with a financial advisor or the relevant Canadian government agencies to determine how much CPP and OAS income they can expect to receive in 2023 and beyond.
The CPP and OAS increases scheduled for 2023 will provide non-residents with a much-needed boost to their retirement income. This is an important development that recognizes the contributions made by non-residents to the Canadian tax system and their ongoing connection to Canada even after moving abroad.
CPP and OAS Benefits for Low-Income Individuals
In 2023, the CPP and OAS will experience an increase in benefits. This means that low-income individuals will receive a higher amount of support from these programs.
Low-income individuals often rely on CPP and OAS benefits as a significant portion of their income. With the expected increase, it is important to understand how much more money they can expect to receive.
The CPP is a contributory plan, meaning that the amount individuals receive is based on their contributions throughout their working years. The increase in benefits will depend on how much an individual has contributed and how many years they have been in the workforce.
For the OAS, the payment is not based on contributions but is instead a universal benefit for Canadian seniors. This means that the increase in OAS benefits will affect all low-income individuals who qualify for the program.
It is difficult to say exactly how much the CPP and OAS benefits will increase in 2023 without specific details from the government. However, typically, the increases are designed to keep pace with the cost of living to ensure that seniors and low-income individuals are not left behind financially.
The increase in benefits will provide much-needed relief for low-income individuals who rely on these programs to cover their basic needs. It will help to alleviate financial stress and improve the overall well-being of those who may be struggling to make ends meet.
As more information becomes available about the specific changes to CPP and OAS benefits in 2023, it is crucial for low-income individuals to stay informed and understand how these changes will impact their income. Seeking guidance from professional financial advisors or government resources will ensure that they can make the most of the increased benefits and improve their financial stability.
CPP and OAS Benefits for Self-Employed Individuals
If you are self-employed, you may be wondering how much CPP and OAS benefits you will receive in 2023 and how the increase will affect you. The CPP (Canada Pension Plan) and OAS (Old Age Security) are two important government programs that provide financial support to Canadian retirees.
The CPP is a contributory pension plan, which means that you have to contribute a portion of your earnings to the plan throughout your working years. The amount of CPP benefits you receive will depend on your contributions and how long you have contributed to the plan. Starting in 2023, the CPP benefits will be increased, providing a higher income for retirees.
The OAS, on the other hand, is a non-contributory pension plan, which means that you do not have to contribute to the plan in order to receive benefits. The OAS benefits are available to all eligible seniors, regardless of their work history or income level. Starting in 2023, the OAS benefits will also be increased, providing additional financial support to retirees.
If you are self-employed, you will be required to contribute both to the CPP and OAS programs. The increase in CPP benefits will mean that you will receive a larger pension payment in 2023. This can be particularly beneficial for self-employed individuals, as they do not have access to employer-sponsored pension plans and may need to rely more heavily on government benefits during retirement.
It is important to note that the exact amount of CPP and OAS benefits you will receive in 2023 will depend on various factors, such as your earnings, contributions, and age. The government has a formula in place to calculate these benefits, and it is recommended that you consult with a financial advisor or use the government’s online calculators to get an estimate of your expected benefits.
In conclusion, self-employed individuals will benefit from the increase in CPP and OAS benefits in 2023. This increase will provide a higher income during retirement and help ensure financial security for those who are self-employed. It is important to stay informed about these changes and plan accordingly for your retirement.
| Program | Contribution | Benefit |
|---|---|---|
| CPP | Contributory | Higher income in 2023 |
| OAS | Non-contributory | Additional financial support in 2023 |
Q&A:
What is CPP?
CPP stands for Canada Pension Plan, which is a contributory social insurance program in Canada. It provides income support to retirees, disabled individuals, and families of deceased contributors.
Will CPP increase in 2023?
Yes, CPP will increase in 2023. The government has announced that there will be a phased-in enhancement to CPP, starting in 2023 and continuing until 2025.
How much will the CPP increase in 2023?
The exact amount of the CPP increase in 2023 has yet to be determined. However, the enhancement is expected to lead to an increase of 1% of pensionable earnings per year, up to a maximum of 33.33% by 2025.
Who will be eligible for the CPP increase in 2023?
All CPP contributors will be eligible for the CPP increase in 2023, as long as they meet the necessary requirements, such as having made enough contributions to the CPP over their working years.
What will be the impact of the CPP increase in 2023?
The CPP increase in 2023 will provide retirees with higher retirement income. This will help to ensure that Canadians have a more secure and comfortable retirement, as the CPP is a stable and reliable source of income.
Who is eligible for CPP and OAS?
Both CPP (Canada Pension Plan) and OAS (Old Age Security) are benefits available to eligible individuals in Canada. CPP is a contribution-based program that provides a retirement pension, disability benefit, and survivor benefit to individuals who have made contributions during their working years. OAS, on the other hand, is a non-contributory, tax-funded program that provides a basic income security benefit to Canadian seniors.