Canada Pension & Social Security WEP (windfall)

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elgerzawy
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Canada Pension & Social Security WEP (windfall)

Post by elgerzawy »

My wife and I worked in both Canada (over 20 years) and the USA (over 20 years). We are both Dual Citizens and eligible for both social security and CPP.

We are about to retire and reside in Toronto, Canada. However before we apply, we are finding it hard to understand how WEP will be applied and reduce our pension.

Does it mean we get FULL Social Security + WEP REDUCED Canada Pension (or is it the other way around).

Also when they combine the total of both SSI and CPP is it possible that we get less than social security alone (in our case SSI is higher than CPP).

What do you think?

Ed
Dogger1953
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Re: Canada Pension & Social Security WEP (windfall)

Post by Dogger1953 »

Hi Ed - The WEP provision applies to your US social security, so you will get your "full CPP" and a reduced US social security. I'm not an expert on the WEP provision, but I understand that the maximum reduction would equal 1/2 of your CPP so you'll always be better off receiving both. Here's a weblink with some more details: https://www.ssa.gov/planners/retire/wep.html
DR Pensions Consulting (http://www.DRpensions.ca)
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cannew
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Re: Canada Pension & Social Security WEP (windfall)

Post by cannew »

When you contact S.S remember to ask about Healthcare also. Once you've applied for both they'll let you know what you qualify for.
elgerzawy
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Re: Canada Pension & Social Security WEP (windfall)

Post by elgerzawy »

Dogger1953 wrote: 08 May 2017 22:47 Hi Ed - The WEP provision applies to your US social security, so you will get your "full CPP" and a reduced US social security. I'm not an expert on the WEP provision, but I understand that the maximum reduction would equal 1/2 of your CPP so you'll always be better off receiving both. Here's a weblink with some more details: https://www.ssa.gov/planners/retire/wep.html
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Thank you .. this is helpful. I will go to the US Social Security office and ask them to do the math (using my CPP statement).
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