The Retirement Help Center | Answers to all your questions about retirement.
Jan
29
Posted on 29-01-2010
Filed Under (Retirement) by The Senior on 29-01-2010
coyoteborder asked:
I read that immigrants that become permanent residents in Canada, and that enter the labor market at a mature age (30+, 40+), and that retire at the normal retirement age of 65 or 67, are entitle to a portion only of Canada’s retirement funds. The reasoning behind it is that because they have not contributed as long as a native Canadian or another immigrant that had entered the labor market at an earlier age, they cannot withdraw equal amount of funds. If it is so, is there a % of the “normal pension” that an immigrant would receive in retirement funds depending on his/her age at the time he started working in Canada? Are there investment options, like in the USA (mutual funds, 401K, IRA, etc), to make up for the difference of what a native Canadian could receive at a retirement age?
I read that immigrants that become permanent residents in Canada, and that enter the labor market at a mature age (30+, 40+), and that retire at the normal retirement age of 65 or 67, are entitle to a portion only of Canada’s retirement funds. The reasoning behind it is that because they have not contributed as long as a native Canadian or another immigrant that had entered the labor market at an earlier age, they cannot withdraw equal amount of funds. If it is so, is there a % of the “normal pension” that an immigrant would receive in retirement funds depending on his/her age at the time he started working in Canada? Are there investment options, like in the USA (mutual funds, 401K, IRA, etc), to make up for the difference of what a native Canadian could receive at a retirement age?
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