Are you feeling the effects of inflation and the housing crisis? Are you not sure whether you can stop working or not? Depending on your age and personal situation, you could be eligible for different financial support programs, even if you stay active in the job market. Here’s an overview of some of the financial help available to people in Quebec who are 60 or older.
You may be eligible for a retirement pension
As of age 60, you may be eligible for a retirement pension. This is an amount of money you receive from the government every month. You won’t receive it automatically. You need to file an application to request it.
To be eligible for this retirement pension, you need to have contributed to the Québec Pension Plan for at least one year. If you’re employed, these contributions are usually taken out of your pay cheque. The amount of your monthly retirement pension will depend on how much money you made while working since you turned 18, among other things.
Your age when you request your retirement pension also has an important impact on the amount you will receive. For example, your retirement pension will be higher if you wait until you’re 65 or older to file your application. You can wait as long as you want to request your retirement pension, but the amount you receive won’t increase anymore after you turn 72.
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Good to know! Depending on your profession, you may also be eligible for other Quebec pension plans. You could also take money out of private retirement plans if you contributed to those. Finally, depending on your situation, you could receive money from the federal government. The federal government manages the Old Age Security program and the Guaranteed Income Supplement program. |
The rules allow you to keep working
If it’s not time to fully retire yet, some of the government’s rules work in your favour if you choose to retire in phases or stay active in the job market. Here are two examples.
You’re allowed to request your retirement pension and keep working at the same time. If you keep contributing to the Québec Pension Plan, your retirement pension will automatically increase.
As of age 65, you’re no longer required to contribute to the Québec Pension Plan, which can allow you to save this money instead. You will automatically stop contributing on January 1st the year after you turn 72.
You could be eligible for tax credits
Depending on your age, you could also be eligible for certain tax credits. A tax credit is a way to reduce the amount of tax you pay to the government when you file your income tax return. Some tax credits become available once you turn a certain age.
If you’re working or thinking about going back to work, you can ask for a tax credit on your work income. This credit is currently available to people who were 60 or older on December 31, 2024. Just know that the law has changed and for your 2025 income tax return, you will need to be 65 or older to claim this tax credit.
If you or your partner are 70 or older and have a low income, you may also be eligible for the Senior Assistance Tax Credit.
In some cases, you may also be eligible for tax credits, programs and other services to help you remain independent while getting the help you need.