Re: IT’S ALMOST THAT TIME…

by Unknown Soldier Wed 05 Apr 2023, 20:31

By the Bay wrote:I can answer a few of these questions:

SISIP LTD and VAC Income Replacement Program payments stop the day you turn 65. However...

'If you have a Diminished Earning Capacity and have reached 65, your benefit will be reduced and you will receive 70 percent of the IRB amount payable prior to age 65 minus offsets. If you are still participating in the program and turn 65, your monthly amount will be recalculated starting at the beginning of your birth month. It then reduces to 70 percent of the amount you received the month earlier.' In some case, IRB can surpass age 65 if you are participating rehabilitation before you turn 65.

You may earn up to $20,000 in wages per calendars year before and reductions are made to the Income Replacement Benefit.
Here is the list that VAC considered as 'less offsets':

Canadian Forces Superannuation
Canadian Forces Long-term Disability Benefits (SISIP)
Canada Pension Plan CPP, CPP-D or Quebec Pension Plan (QPP)
Short or Long term Disability Insurance Benefits
Public Service Superannuation / Public Service Pension
Provincial Workers' Compensation
Other pension or retirement plans
Royal Canadian Mounted Police Superannuation - retirement portion only
Old Age Security (OAS)
Guaranteed Income Supplement (GIS)

I strongly recommend those who have SISIP LTD and are deemed totally disabled to apply for VAC IRB (top-up portion), Rehabilitation Service and Vocational Assistance Program and DEC. Once VAC has determined that you are unable to engage in suitable gainful employment as a result of a disability or condition that you were approved for services under VAC's Rehabilitation Services and Vocational Assistance Program, you will meet this diminished earning capacity (DEC) criteria, and your IRB may continue for life.

For those veterans who are not eligible for continued LTD, IRB or the Canadian Forces Superannuation and are low income can apply for the Canadian Forces Income Support (monthly payments).

Hope this helps,

Cheers
By the Bay

my understanding is oas,cpp comes off dec so I'm just not going to apply for either til I'm 70, maybe legislation will change by then

by By the Bay Sun 26 Mar 2023, 22:04

I can answer a few of these questions:

SISIP LTD and VAC Income Replacement Program payments stop the day you turn 65. However...

'If you have a Diminished Earning Capacity and have reached 65, your benefit will be reduced and you will receive 70 percent of the IRB amount payable prior to age 65 minus offsets. If you are still participating in the program and turn 65, your monthly amount will be recalculated starting at the beginning of your birth month. It then reduces to 70 percent of the amount you received the month earlier.' In some case, IRB can surpass age 65 if you are participating rehabilitation before you turn 65.

You may earn up to $20,000 in wages per calendars year before and reductions are made to the Income Replacement Benefit.
Here is the list that VAC considered as 'less offsets':

Canadian Forces Superannuation
Canadian Forces Long-term Disability Benefits (SISIP)
Canada Pension Plan CPP, CPP-D or Quebec Pension Plan (QPP)
Short or Long term Disability Insurance Benefits
Public Service Superannuation / Public Service Pension
Provincial Workers' Compensation
Other pension or retirement plans
Royal Canadian Mounted Police Superannuation - retirement portion only
Old Age Security (OAS)
Guaranteed Income Supplement (GIS)

I strongly recommend those who have SISIP LTD and are deemed totally disabled to apply for VAC IRB (top-up portion), Rehabilitation Service and Vocational Assistance Program and DEC. Once VAC has determined that you are unable to engage in suitable gainful employment as a result of a disability or condition that you were approved for services under VAC's Rehabilitation Services and Vocational Assistance Program, you will meet this diminished earning capacity (DEC) criteria, and your IRB may continue for life.

For those veterans who are not eligible for continued LTD, IRB or the Canadian Forces Superannuation and are low income can apply for the Canadian Forces Income Support (monthly payments).

Hope this helps,

Cheers
By the Bay

by sports1977 Sat 18 Mar 2023, 08:59

Well im wondering if (Old Age Security, the Canada Pension Plan, or the Act respecting the Quebec Pension Plan [CQLR]). is consider up to 20000. after the 20000 then the offset starts

Offsets
The benefit monthly amount is offset by other income sources, like amounts paid to you through the Canadian Forces Superannuation Act—better known as a military pension.

The Income Replacement Benefit recognizes that your overall income can come from several sources, (Old Age Security, the Canada Pension Plan, or the Act respecting the Quebec Pension Plan [CQLR]).

To encourage activities that are beneficial and meaningful, the Income Replacement Benefit will allow you to earn up to $20,000 per year before any offsets are applied. Any employment and self-employment income above $20,000 will then be offset dollar-for-dollar.

by skidsteer Fri 17 Mar 2023, 15:58

Found this

At age 65 how is the 70% IRB calculated? What offsets are considered?
If you have a Diminished Earning Capacity prior to age 65, the IRB may be payable for life. After you reach the age of 65, the benefit will be reduced to 70 percent of your previous IRB amount, less offsets. The benefit is offset by other income sources, like benefits payable under the Canadian Forces Superannuation Act (commonly known as the CAF military pension), the Canada Pension Plan or Quebec Pension Plan, and short or Long-term Disability Insurance Benefits or the Benefits payable under the Old Age Security Act.

by skidsteer Fri 17 Mar 2023, 09:47

Following and hopeing someone can shed some light on this topic. Does VAC pay 70% of the LTD you lose or is that income just gone?

by bog6 Thu 16 Mar 2023, 21:50

Hey I have the same question, weird that you have not had an answer yet..
i'll follow to see if you get the answer

by Halfpint Tue 07 Mar 2023, 14:25

Kramer wrote:I am not able to provide clarification....hopefully someone 65 and or older who has gone through the process could shed some light.

Thanks, Kramer. That’s what I’m hoping for. I’m just looking to get an idea as to what to expect.

I know one thing gets replaced dollar for dollar, another drops from 90% to 70%. I’m just unclear what happens as far as my LTD….if anything?

‍�

by **Kramer** Tue 07 Mar 2023, 12:31

I am not able to provide clarification....hopefully someone 65 and or older who has gone through the process could shed some light.

by Halfpint Mon 06 Mar 2023, 15:43

Good afternoon, all…

I’m happy to be a newbie here. I come with a question I hope isn’t too terribly complicated. What happens to my “income” when I turn 65?

Is there an offset with VAC to cover my loss of LTD with SISIP?

Thanks in advance.

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