Glossary of terms

CPP, OAS, probate, deemed disposition — every term families run into, in plain words.

Retirement income

CPP(Canada Pension Plan): The federal pension you paid into through every paycheque outside Quebec. It pays a monthly amount for life, starting anytime between 60 and 70. The amount depends on how much and how long you contributed.
QPP(Quebec Pension Plan (RRQ)): Quebec's version of CPP, run by Retraite Québec. If you worked in Quebec, your contributions went here instead. The rules and amounts are very close to CPP, and the two plans coordinate if you worked in both places.
Standard benefit: The monthly CPP or QPP amount you'd receive if you started it at 65 — the plan's reference age. Everything else is described as a percentage of this number.
Early retirement reduction: Starting CPP/QPP before 65 permanently reduces each payment by 0.6% for every month early — about 36% less at age 60. The reduction does not go away later.
Delayed retirement benefit: Waiting past 65 permanently increases each payment by 0.7% for every month you delay — about 42% more at age 70. There is no further increase after 70.
OAS(Old Age Security): A monthly payment from the federal government based on how long you've lived in Canada, not on your work history. It usually starts at 65 and can also be delayed to 70 for a larger amount.
OAS clawback(Recovery tax): If your income passes a yearly threshold, the CRA takes back part of your OAS through a recovery tax. Higher income means more is clawed back.
GIS(Guaranteed Income Supplement): A non-taxable monthly top-up for lower-income seniors who already receive OAS. It's income-tested every year, so it rises or falls with your tax return.

After a death

CPP death benefit: A one-time payment (up to $2,500) to the estate of a CPP contributor who has died. Apply through Service Canada, or Retraite Québec for QPP.
Survivor's pension: An ongoing monthly CPP/QPP payment to the spouse or common-law partner of someone who contributed. The amount depends on their contributions and the survivor's age.

Who's who

Service Canada: The federal office that handles CPP, OAS, GIS, the death benefit, and Social Insurance Numbers. Your first call for federal benefits outside Quebec.
Retraite Québec: The Quebec agency that runs the Quebec Pension Plan (RRQ) and its death and survivor benefits.
CRA(Canada Revenue Agency): The federal tax agency. It handles income tax returns, the clearance certificate, GST/HST credits, and benefit payments.
Revenu Québec: Quebec's provincial tax agency. Quebec residents file two returns each year: one with the CRA and one with Revenu Québec.

Savings & accounts

RRSP(Registered Retirement Savings Plan): A tax-deferred savings account. Contributions reduce your taxable income now; withdrawals are taxed later. It must be converted or cashed out by the end of the year you turn 71.
RRIF(Registered Retirement Income Fund): What an RRSP usually becomes at 71. You must withdraw a minimum percentage each year, and those withdrawals are taxable income.
TFSA(Tax-Free Savings Account): Savings that grow tax-free, with withdrawals that are never taxed and never affect OAS or GIS. Naming a successor holder keeps it simple for a spouse.
Beneficiary designation: The person named directly on a registered account or insurance policy. That money usually passes straight to them, outside the will and outside probate.

Estate & legal

Will: The legal document saying who receives your property and who administers your estate. Without one, provincial rules decide instead.
Executor(Liquidator in Quebec, estate trustee in Ontario): The person responsible for settling the estate: securing assets, paying debts and taxes, and distributing what's left.
Probate: The court process confirming a will is valid and the executor has authority. Names, fees, and timelines vary by province; Quebec instead uses notarial wills or court verification.
Estate administration tax(Probate fee): The provincial fee charged on the value of an estate going through probate. Ontario also requires an Estate Information Return within 180 days.
Power of attorney(Protection mandate in Quebec): A document letting someone you choose manage your finances or property if you can't. It ends at death, when the will takes over.
Personal directive(Living will, advance care plan): Your written health-care wishes and the person allowed to speak for you if you can't. Names differ by province.

Taxes after a death

Final T1 return(Terminal return): The income tax return covering January 1 to the date of death. It's due April 30 of the following year, or six months after death if that's later.
T3 trust return: The return for income the estate earns after the date of death, filed by the executor for as long as the estate holds assets.
Deemed disposition: At death, the CRA treats most property as if it were sold at fair market value. Gains are taxed on the final return, though transfers to a spouse can defer this.
Clearance certificate: The CRA's confirmation that all taxes are paid. An executor who distributes the estate before getting one can be held personally liable.

Home & equity

Principal residence exemption: The rule that shelters the gain on your main home from capital gains tax. It must be reported on the tax return for the year of sale or death.
Reverse mortgage: A loan against home equity for homeowners 55+, with no monthly payments. Interest compounds and the full balance is repaid when the home is sold or the last borrower dies or moves out.
HELOC(Home equity line of credit): A revolving credit line secured by your home. Cheaper than a reverse mortgage, but it requires monthly interest payments and income qualification.
Joint tenancy(Right of survivorship): Co-ownership where the property passes automatically to the surviving owner, outside the will and probate. It doesn't apply the same way in Quebec.