CanadianKam
Registered Users (C)
With the Social Security and Medicare going bankrupt in a few years, is there a way we can transfer our SS contributions to CPP. If so, how and when? Please guide me to the right place to find info on this.
Transferring Social Security to CPP
- Thread starter CanadianKam
- Start date
It's called "Equialization" or "Totalization" depending on which country you ask.
For Canada specific CPP Benefits if worked outside Canada look here:
http://www.servicecanada.gc.ca/en/sc/isp/internationalbenefits.shtml
As far as I know it's all automatic you should look up your US Credits here: http://www.ssa.gov/
If you have worked in the US for 1 year or more you should have received an SSA Benefits statement in the mail. I get them every 6 months I've already contributed more than the max here to get full bennies if the program is still running around 2028 and I'm still alive and kicking.
For Canada specific CPP Benefits if worked outside Canada look here:
http://www.servicecanada.gc.ca/en/sc/isp/internationalbenefits.shtml
As far as I know it's all automatic you should look up your US Credits here: http://www.ssa.gov/
If you have worked in the US for 1 year or more you should have received an SSA Benefits statement in the mail. I get them every 6 months I've already contributed more than the max here to get full bennies if the program is still running around 2028 and I'm still alive and kicking.
Last edited by a moderator:
TheRealCanadian
Volunteer Moderator
First, US Medicare contributions are not transferrable at all.
Second, Social Security isn't going bankrupt. It can maintain solvency indefinitely based on benefits at around 75% of the current level.
Third, your "contributions" are not yours to transfer, but you can claim credit - I believe you are credited as contributing within a quarter, but at a zero amount.
nelsona
Registered Users (C)
Your work history in US will have no impact on CPP, since you already qualify for CPP with your Cdn work history (the agreements help one qualify for benefits, not increase or merge benefits).
Your Cdn work history, on the other hand, can help you qualify for SS if you do not gain the required 40 quarters of SS contributions. you need at leat 6 quaters of SS contributions, plus the enough years of CPP to equal 10 years.
So, 6 quarters in US plus 9 years working in Canada gets you some, albeit very little, SS when you retire. The lees quarters you have (between 6 and 40) will exponentially decrease you SS payout.
For medicare, you absolutely need the 40 quarters, and you need to also become permanent resident.
Your Cdn work history, on the other hand, can help you qualify for SS if you do not gain the required 40 quarters of SS contributions. you need at leat 6 quaters of SS contributions, plus the enough years of CPP to equal 10 years.
So, 6 quarters in US plus 9 years working in Canada gets you some, albeit very little, SS when you retire. The lees quarters you have (between 6 and 40) will exponentially decrease you SS payout.
For medicare, you absolutely need the 40 quarters, and you need to also become permanent resident.