Retirement Income Security Benefit

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Retirement Income Security Benefit

Post by Guest on Fri 27 Jan 2017, 17:48

Retirement Income Security Benefit


The Retirement Income Security Benefit (RISB) is a monthly taxable benefit.

This benefit tops up a Veteranís total annual income to at least 70% of what he or she received in financial benefits from VAC before age 65.

Survivors may also be eligible for this benefit.

Eligibility details


Veterans of the Canadian Armed Forces who:

  • have reached age 65, and;

  • are eligible for a disability benefit, and;

  • were eligible for the Earnings Loss Benefit
at the age of 65 as a result of
  • being totally and permanently incapacitated,
or;
  • were eligible for SISIP LTD on or after April 1, 2006.


Survivors:

  • who are no longer eligible for Earnings Loss; or

  • of Veterans who were eligible for RISB.


What you need before you start


Veterans Affairs Canada will contact Veterans and survivors who appear to be eligible for this benefit.

If you have not been contacted and feel you meet the eligibility criteria, please contact us.

http://www.veterans.gc.ca/eng/services/financial/retirement-income-security-benefit

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Re: Retirement Income Security Benefit

Post by loggie on Thu 23 Mar 2017, 16:13

Is this guaranteed if you have been receiving ELB, PIA and PIAS?
Are ELB and PIAS payable until 65

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Re: Retirement Income Security Benefit

Post by BinRat on Thu 23 Mar 2017, 17:09

Hey Loggie....

The Pia /Pias are a taxable income For Life, so those don't end at 65 they end when you die.

And YOU MUST BE RECEIVING ELB when you hit 65 to Convert that over to the RISB

If you were on ELB and then finished your rehab, and are no longer receiving the Elb, like
you finished it say at 63, When your Elb stopped, Then No you will not get RISB.

So To get the RISB, one has to be at the age of 65 and be a Current Elb recipient
is what I understand

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Re: Retirement Income Security Benefit

Post by loggie on Fri 24 Mar 2017, 12:45

Thanks BinRat I appreciate that info.

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Re: Retirement Income Security Benefit

Post by Nemo on Fri 24 Mar 2017, 17:40

It is also for those that were on SISIP LTD. Recently (at least I never saw it before) they have all the criteria down. http://www.veterans.gc.ca/eng/about-us/policy/document/2218#anchor56254 This page should go direct to the LTD eligibility but just scroll up and down for the rest.
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Re: Retirement Income Security Benefit

Post by Nemo on Fri 24 Mar 2017, 17:51

Missed that LTD recipient must also be a disability award recipient ordisability pension under Pension Act
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Re: Retirement Income Security Benefit

Post by bigrex on Fri 24 Mar 2017, 20:26

@Nemo, yes because SISIP does not really care about how or why you are disabled (as long as it isn't self inflicted or resulted from an injury incurred while committing a crime). So if you were severely injured while mountain climbing, or in a car accident, you could still be covered simply by the extent of the disability. But in order to receive any benefit from VAC, you need to have proven that at least part of your disability, was caused or aggravated by the military.

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Re: Retirement Income Security Benefit

Post by Vet1234 on Thu 30 Mar 2017, 17:49

Does anyone know how RISB works when drawing from a RRSP or RDSP?
Are registered pensions considered income(prescribed sources)? does RISB get reduced by RRSP withdrawal amounts?
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Re: Retirement Income Security Benefit

Post by Guest on Thu 30 Mar 2017, 18:22

Vet1234 wrote:Does anyone know how RISB works when drawing from a RRSP or RDSP?
Are registered pensions considered income(prescribed sources)? †does RISB get reduced by RRSP withdrawal amounts?

The RISB is a fairly new benefit brought forward by the Conservatives in their final year in power.

So there's not a lot of info we can gather from those who are receiving this RISB, we don't even know the number of Veterans who are receiving this benefit since it was implemented.

It suppose to top up a Veterans annual income to at least 70% of what he or she received in financial benefits from VAC before age 65.

They specifically state financial benefits from VAC in regards to explaining what they claim to be annual income.

From this I would assume that the RRSP or RDSP would not be considered as income for determining the RISB.

This is just my guess, the benefit itself has not been out long enough to hear or review the feedback of it's merits.

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Re: Retirement Income Security Benefit

Post by Vet1234 on Thu 30 Mar 2017, 18:34

Thanks Trooper.
It's kind of a big deal to me finding this out, as I sent in my DTC application yesterday. The DTC has an RDSP plan where the government matches investments 2X or 3X up to a certain amount. If I got penalized for saving, the money would do better in my pocket.
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Re: Retirement Income Security Benefit

Post by Nemo on Thu 30 Mar 2017, 18:52

They do NOT consider if you have and RRSP or RIF or a million bucks in the bank.
But they will deduct CPP and OAS as well as the following

Long-term Disability benefits with SISIP Financial
Long-term disability insurance
Canadian Forces Superannuation (CFSA)
RCMP Superannuation (Retirement benefits only)
Public Service Superannuation
Government Employee Compensation
Provincial Workers' Compensation
Other employer pension plan benefits
Employment Insurance benefits
Employment earnings
Self-employment earnings

So you can rest easy if you have any amount in your investments.
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Re: Retirement Income Security Benefit

Post by Guest on Thu 30 Mar 2017, 19:00

nemo wrote:They do NOT consider if you have and RRSP or RIF or a million bucks in the bank.
But they will deduct CPP and OAS as well as the following

Long-term Disability benefits with SISIP Financial
Long-term disability insurance
Canadian Forces Superannuation (CFSA)
RCMP Superannuation (Retirement benefits only)
Public Service Superannuation
Government Employee Compensation
Provincial Workers' Compensation
Other employer pension plan benefits
Employment Insurance benefits
Employment earnings
Self-employment earnings

So you can rest easy if you have any amount in your investments.

nemo,

Your absolutely correct, I would like to know the number of Veterans who are now receiving the RISB.

From our past discussions on the RISB it was acknowledged that this benefit is geared towards those Veterans with no CF pension, and very little annual income after age 65.

If it helps just one Veteran, it served it's purpose, but I think it's one of those benefits that very little will benefit from.

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Re: Retirement Income Security Benefit

Post by Nemo on Thu 30 Mar 2017, 19:05

Oops and missed this one....that they will deduct

Note - Veterans Affairs Canada's Earnings Loss Benefit and Permanent Impairment Allowance (and
Supplement) are also considered in the calculation of the Retirement Income Security Benefit. VAC
will input these monthly amounts (if applicable) on your behalf.
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Re: Retirement Income Security Benefit

Post by NAVRATILOVA on Thu 30 Mar 2017, 19:14

I thought the ELB and Sisip ltd ceased at age 65 so how can Vac deduct these?

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Re: Retirement Income Security Benefit

Post by Guest on Thu 30 Mar 2017, 19:43

NAVRATILOVA wrote:I thought the ELB and Sisip ltd ceased at age 65 so how can Vac deduct these?

What is meant by this is using the amount received prior to age 65 from either the ELB or SISIP to add into VAC's calculation in determining the 70%, not to mention other VAC benefits.

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