Old Age Security (OAS) Payment Rates for 2010
January – March 2010
The following chart shows the maximum and average monthly rates for Old Age Security (OAS), Guaranteed Income Supplement and the Allowance, as well as the maximum annual income to be eligible for these benefits.
For detailed monthly rates, please refer to the Tables of Rates for Old Age Security, Guaranteed Income Supplement and the Allowance.
Old Age Security benefit rates are reviewed in January, April, July and October to reflect increases in the cost of living as measured by the Consumer Price Index.
The term “spouse” includes a common-law partner.
Pensioners are not eligible for benefits if their income, or the combined income of them and their spouse, is more than the maximum income shown on the chart.
| Old Age Security Benefit Payment Rates January – March 2010 |
||||
| Type of Benefit | Recipient | Average monthly benefit (October 2009) |
Maximum Monthly Benefit | Maximum Annual Income |
| Old Age Security Pension | All recipients | $464.64 | $516.96 | See note |
| Guaranteed Income Supplement | Single person | $447.88 | $652.51 | $15,672 |
| Spouse of pensioner | $280.19 | $430.90 | $20,688 | |
| Spouse of non-pensioner | $444.37 | $652.51 | $37,584 | |
| Spouse of Allowance recipient | $376.25 | $430.90 | $37,584* | |
| Allowance | All recipients | $395.44 | $947.86 | $28,992 |
| Allowance for the survivor | All recipients | $593.57 | $1,050.68 | $21,120 |
* For Spouse of Allowance recipient, the Allowance stops being paid at $28,992 while the GIS stops being paid at $37,584.
If you are a pensioner but do not receive the maximum OAS pension you should contact us to receive accurate information about your benefits.
Note – Pensioners with an individual net income above $66,733 must repay part or all of the maximum Old Age Security pension amount. The repayment amounts are normally deducted from their monthly payments before they are issued. The full OAS pension is eliminated when a pensioner’s net income is $108,090 or above. return to table
More information:
Canada Pension Plan (CPP) – Payment Rates For 2010
Canada Pension Plan rates are adjusted every January if there are increases in the cost of living as measured by the Consumer Price Index. The table below lists the maximum and average monthly rates for Canada Pension Plan benefits for 2010, except for the death benefit which is a one-time payment.
More information on CPP rates and the CPI
| Canada Pension Plan Payment Rates | ||
| Type of benefit | Average benefit (July 2009) |
Maximum monthly benefit (2010) |
| Disability benefit | $803.33 | $1,126.76 |
| Retirement pension (at age 65) | $472.36 | $934.17 |
| Survivors benefit (under age 65) | $360.87 | $516.57 |
| Survivors benefit (age 65 and over) | $294.41 | $560.50 |
| Children of disabled contributors benefit | $213.99 | $214.85 |
| Children of deceased contributors benefit | $213.99 | $214.85 |
| Combined survivors & retirement benefit (pension at age 65) | $709.18 | $934.17 |
| Combined survivors & disability benefit | $961.60 | $1,126.76 |
| Death benefit | $2,242.97 | Maximum one-time payment $2,500.00 |
More information:
National Farm Business Advisor (FBA) Database
As part of the Growing Forward initiative, the Canadian Farm Business Management Council has created a national online database of farm business advisors and consultants. The National Farm Business Advisor (FBA) Database is now live and accepting registrations!
Farmers can use this website to search for agricultural advisors across Canada. A list of farm business advisory associations and organizations with links along with a glossary of acronyms are included.
Farm advisors and consultants can use this website to advertise their professional services to the agricultural community on a National scale.
Advisors will be able to create a personal profile and update their information at anytime, including:
- Location
- Preferred language(s)
- Professional affiliations
- Services provided and areas of specialty
- Designations/Credentials
- Biographical information – background, experience, etc.
- Photo (optional)
- Contact information
- Link to personal or organization’s website
To register, visit www.farmcentre.com/farmadvisors and click Register Now.
For the first year (September 2009-2010), registration to the online listing will be free of charge. In subsequent years, advisors will be subject to a $50 fee for a 12-month listing. Banner space on the Farm Advisory Services pages is available to individual advisors only. Banner space is available to associations and corporations on Farmcentre.com by purchasing CFBMC membership for your association or corporation.
As an additional service to farmers, advisors, and the agricultural community at large, the National FBA Database includes a listing of farm business advisory associations and organizations with web links, along with a glossary of terms, acronyms and designations. The database also includes resources and publications to help farmers better understand farm advisory services and how to choose the right advisor.
Industry Transition—Planning for the Future
Workshop for Industry
Lower prices and rising costs have reduced margins placing significant financial pressure on hog producers. This has many producers contemplating the future direction of their farm business. Related industries are also affected and are becoming more invested in their cus-tomer’s business operations. Making decisions for a farm business is a challenge and in-dustry partners need to be aware of the current market conditions, what options producers have available to them and how to handle the stress of this growing industry decline. This 3 hour breakfast workshop provides information, planning tools, and resources to use in the farm decision making process.
Who Should Attend? Hog industry players including feed representatives, veterinarians, lenders and those in the agri-business.
Topics Include:
- Managing in Uncertain Times
- Markets – Impacts and Implications
- Making Choices – Assessing Options
- Farm Business Planning
- Resources
- Federal Hog Transition & Loan Programs
When: December 16th, 2009
Where: Arden Park Hotel, 552 Ontario Street, Stratford ON.
Registration/Breakfast: 7:30-8:30am ($15.00 fee payable at the door)
Session: 8:30-11:30am Pre-registration Required (space is limited):
1-877-424-1300 (Agricultural Information Contact Centre)
Specify workshop location.
Brought to you by:
OMAFRA, The Centre for Rural Leadership and Ontario Pork
Attention Farmers: Don’t miss your local Quest for New Farm Value – Value Plus™ Workshop this fall/winter.
Are you looking for or do you have a business idea for your farm? Not sure how to make your idea a reality? Local Stakeholders along with the Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA) are offering up to 10 Quest for New Farm Value – Value Plus™ workshops throughout the province this fall and winter.
Over 2 days, the participant will identify their specific value-added idea, put their idea into action, evaluate market channels, learn the importance and components of a business plan, explore how to finance the stages of the business and manage risk. Workshop leaders include Ontario farm business owners, entrepreneurs and advisors who will share lessons learned and best practices.
Since launching the workshops in 2007, the Quest for New Farm Value workshops continue to receive positive feedback from participants who are looking to implement business ideas that are marketable, profitable and contribute to the long term viability of the farm operation”, says Dorene Collins with the Business Management Unit of the Ontario Ministry of Agriculture, Food and Rural Affairs.
Here’s what some of last year’s participants shared about the workshop:
“Invaluable – well worth the investment – very supportive and nourishing opportunity being with experienced like minded people”
“Great information on planning your business from start up to exit including growth opportunities”
“Wow, this was really well done … One of the best seminars I’ve been to”
“Great course and many valuable contacts and ideas were gained”
Limited to only 25 registrants per location, interested participants are encouraged to register as soon as possible. Through the generous sponsorship of the Canadian Farm Business Management Council, OMAFRA and local stakeholders, the 2 day course is being offered at a low rate of $75 per participant. Registration includes 2 fun-filled days of learning, work-book, related print resources, refreshments and lunch.
To register for a workshop nearest you visit: www.ontario.ca/agbusiness or call 1-877-424-1300.
For workshop details contact: Dorene Collins at dorene.collins@ontario.ca or call 1-519-826-3166
This training opportunity is eligible for cost-share funding through the Growing Forward Business Development for Farm Businesses program. For more information on program requirements, please visit
www.omafra.gov.on.ca/english/about/growingforward/busdev.htm or call
1-877-424-1300.
Workshops scheduled to date:
| LOCATION | Day # 1 | Day # 2 |
| Sudbury | November 27, 2009 | November 28, 2009 |
| Peterborough | January 30, 2010 | February 6, 2010 |
| Haldimand County | January 30, 2010 | February 6, 2010 |
| Middlesex County | February 22, 2010 | March 1, 2010 |
| West Carleton, Kinburn | February 23, 2010 | March 2, 2010 |
| Huron/Perth Counties | February 24, 2010 | March 3, 2010 |
| Alfred – French Language | March, 2010 | March, 2010 |
Proposed Harmonized Sales Tax (HST) Benefits for Ontario’s Farmers
Starting July 1, 2010, Ontario’s Retail Sales Tax (RST) would be converted to a value-added tax structure and combined with the federal Goods and Services Tax (GST) to create a single, federally administered Harmonized Sales Tax (HST).
It is estimated that Ontario farmers will save about $30 million annually under the HST on items that are currently not exempt from the RST. Farmers would continue to pay no tax on the majority of inputs purchased such as feed, seed, fertilizer, farm equipment and machinery, which are currently point of sale tax-exempt.
Under the HST, Ontario’s farmers would no longer pay sales tax on many items such as trucks, light vans and parts, furniture, lawnmowers, computers, freezers and other equipment. This would put Ontario farmers on a more level playing field with farmers in others provinces that have harmonized sales taxes.
The HST would follow the same rules and structure as the GST. Farmers who are currently remitting their GST paperwork would continue to do so and continue to receive input tax credits on any applicable purchased farm inputs. For additional information you can find an Infosheet on the OMAFRA website (pdf infosheet)
Programs for Ontario Hog Producers
Hog Industry Loan Loss Reserve Program
The Hog Industry Loan Loss Reserve Program (HILLRP) assists the pork industry to deal with immediate short-term cash-flow pressures. It is designed to increase access to credit for eligible producers currently producing hogs in Canada and who can provide a business plan which demonstrates that the business is or can be viable and has a reasonable prospect of repaying the loan. For more information visit the Agriculture and Agri-Food Canada website.
Hog Farm Transition Program
The Hog Farm Transition Program is a $75 million initiative designed to help eligible producers by providing payments to those who agree to set aside all hog production in their enterprise for a minimum of three years.
The program is open to all hog producers that were in the business of hog production as of April 1, 2009 and are willing to set aside their entire hog production facilities for a minimum of three years. For more details visit the Canadian Pork Council website
Growing Forward Business Development for Farm Businesses
Business Development for Farm Businesses: A customized program just for you
The recently launched Business Development for Farm Businesses program incorporates self-assessment and action plan development with a range of cost-share advisory services and skills development opportunities.
Growing Your Farm Profits workshops are the entry point to the Business Development for Farm Business program. Set in a relaxed atmosphere where personal and financial details are not required to be shared, the workshop teaches you how to do a self-assessment of your business. Identifying your business strengths and planning needs will allow you to take the next steps: developing an Action Plan and receiving sign-off from your GYFP workshop leader. Location of a Growing Your Farm Profits Workshop near you.
The cost share components of the program include:
Farm Financial Assessment – hire a Farm Financial Advisor who will work with you to complete an assessment that will identify choices that you can make to reach your profitability goals.
Agriculture Skills Development cost-share – access farm-related courses and training opportunities that can help your farm business become more viable.
Advanced Business Planning services provide cost-share funds to work with a consultant to build an Advanced Business Plan that focuses on business management goals.
Business Plan Implementation cost-share program can help you implement items identified in your advanced business plan.
As part of the commitment by Canada’s federal, provincial and territorial governments under Growing Forward, the Business Development for Farm Businesses program, developed by OMAFRA, delivered by the OSCIA, can equip you with innovative tools that can help you be competitive in your business. To get started, visit www.ontariosoilcrop.org and sign up for a Growing Your Farm Profits Workshop in your area today!
Growing Forward, a federal-provincial-territorial initiative.
2009 Farm Tax and Business Seminars
The Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA) presents the annual Farm Tax and Business Seminar for Professional Advisors. The seminar is offered in 11 locations across the province during the month of October. The seminar is offered as a Webinar for those interested in attending the seminar via the web.
The seminar is an excellent opportunity for accountants, lawyers, lenders and other financial professionals to update their knowledge of tax, business and legal matters related to agriculture and farm business activities. The topics this year include:
- Farm Family Business Structures: Partnerships and Corporations
- OMAFRA Business Update
- Legal – Conflict Resolution – Practical Strategies for Avoiding Court
- Farm Tax Update
- Growing Forward Programs—Business Risk Management and Best Practices Programs Update
The locations and dates are:
| Dates and Locations | |||
| Week 1 | Guelph | Tuesday, October 27, 2009 | |
| Ingersoll | Wednesday, October 28, 2009 | ||
| Hanover | Thursday, October 29, 2009 | ||
| Week 2 | Alliston | Kemptville | Tuesday, November 3 , 2009 |
| Stratford | Belleville | Wednesday, November 4, 2009 | |
| London | Peterborough | Thursday, November 5, 2009 | |
| Week 3 | Hamilton | Wednesday, November 10, 2009 | |
| Chatham | Thursday, November 12, 2009 | ||
The registration fee is $150 per person on or before October 19, 2009 and $180 per person after October 19, 2009.
For complete agenda, speaker and registration information, including a registration form, visit the OMAFRA Business Development website under conferences and workshops at www.ontario.ca/agbusiness or call the OMAFRA Agricultural Information Contact Centre at 1-877-424-1300.
Iowa Study Says 30 Percent of Farmers Plan to Never Retire
The following article is an excerpt from a Iowa State University news release. What it tells me is that the next generation entering the farm business should be talking with their parents about their “retirement” and what that word really means to them. There is absolutely no problem if a parent never wants to retire. That is their decision to make. But what does retirement mean to them? Is it being able to drive the tractor when they feel like it and not drive when they don’t? Or does it mean maintaining control and management right to the end? If the latter then the next generation should know up front. This is a conversation that needs to occur as soon as the child makes a commitment to the business, not 10 or 15 years later. I have witnessed that conversation at year 10 or 15 and believe me, it’s not usually the answer the child wants to hear.
AMES, Iowa – Retirement is something many long for with plans of traveling, more family time or relaxation in mind. But for the majority of Iowa farmers, full retirement is hardly considered.
According to the new publication, “Iowa Farmers Business and Transfer Plans” (PM 2074) by Ethan Epley, Michael Duffy and John Baker of the Beginning Farmer Center at Iowa State University, only 23 percent of Iowa farmers plan on retiring, and 30 percent say they never will. These statistics are part of the findings from the International Farm Transfers Study done in 2000 and 2006. It focused on the transfer of intangible assets and produced results that didn’t surprise Baker.
The study is a replication of a previous Farm Succession Survey written by Professor Andrew Errington of the University of Plymouth, England. In 1999, Errington, Baker and Duffy formed a research partnership that allowed Baker and Duffy to conduct Errington’s study in Iowa in 2000. Six years later, in 2006, they replicated it and began to analyze the data and feedback.
According to Baker, for every 10 farmers that want to get into farming, only one is getting out. Additionally, more than 70 percent haven’t identified a successor despite the high interest in the occupation, because for many, farming is more than simply a career. It’s a lifestyle that retirement will completely disrupt.
“Retirement is seen as not only a loss of occupation, but also a loss of a way of life,” the publication states. Beyond the wills, estates and trusts that determine the future of land and physical assets are things like labor, management and decision-making power that also must be handed down. This reality makes the process and idea of retirement more complicated and less appealing to those whose entire lives have been about farming. However, Baker urges farmers to reconsider.
“Farmers need to develop a retirement plan and also be willing to retire,” he said. “We have to think about what this means to rural Iowa and rural communities around the nation.” Instead of liquidation, a plan and identified successor can ensure continued sustainability and a future for young farmers, both of which excite Baker.
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