Personal Finance

Question on retirement forms

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  • Apr 16th, 2016 2:20 pm
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[OP]
Newbie
Jan 17, 2009
66 posts
1 upvote

Question on retirement forms

I'm helping my Dad fill out his CPP and AOS application. I have questions on two things.
1. Pension sharing
I believe this is only good when there's a high disparity of income between the spouses and in my parents case they both make approx the same amount give or take a few thousand.

Am I correct they shouldn't do this as it doesn't benefit either?

2. Child bearing provision
I'm confused by this, both of my parents have always worked so none stayed at home. More importantly, we came to Canada when I was 12 years old. I have to clue if my parents ever got any sort of child tax benefits. I guess I'd have to ask.
We're three children born 1971,1973 and 1975.

Right now I'm leaning towards filling the section that says 'Waiver of child bearing provision' is this right?

BTW. Dad is 64 and mom 63, so I guess I'll be doing this next year for my mom too :-)

Thanks
3 replies
Deal Addict
User avatar
Oct 13, 2007
3805 posts
2542 upvotes
Edmonton
princessa15 wrote: I'm helping my Dad fill out his CPP and AOS application. I have questions on two things.


2. Child bearing provision
I'm confused by this, both of my parents have always worked so none stayed at home. More importantly, we came to Canada when I was 12 years old. I have to clue if my parents ever got any sort of child tax benefits. I guess I'd have to ask.
We're three children born 1971,1973 and 1975.

The purpose of this is that if a parent stayed home full-time to care for kids instead of working full-time, CPP takes this into account and does not factor in low or no wage earning years. It appears in this case, it would not apply so yes, you would waive this.
Sr. Member
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Dec 12, 2012
911 posts
682 upvotes
Courtenay
princessa15 wrote: I'm helping my Dad fill out his CPP and AOS application. I have questions on two things.
1. Pension sharing
I believe this is only good when there's a high disparity of income between the spouses and in my parents case they both make approx the same amount give or take a few thousand.

Am I correct they shouldn't do this as it doesn't benefit either?

2. Child bearing provision
I'm confused by this, both of my parents have always worked so none stayed at home. More importantly, we came to Canada when I was 12 years old. I have to clue if my parents ever got any sort of child tax benefits. I guess I'd have to ask.
We're three children born 1971,1973 and 1975.

Right now I'm leaning towards filling the section that says 'Waiver of child bearing provision' is this right?

BTW. Dad is 64 and mom 63, so I guess I'll be doing this next year for my mom too :-)

Thanks
1. You're correct that pension-sharing would have little to no impact if their earnings were similar.

2. The "waiver" is if your mom wants to waive her rights to the child-rearing dropout in favour of your dad, so "no" don't have her sign the waiver. Since it appears that all 3 children were over age 7 when you arrived in Canada, there's no point in completing the child-rearing details at all.

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