You must reach the age of 59 1/2, and your Roth IRA must have been open for five years, before you can take out any earnings with no taxes or penalties. If you withdraw earnings before five years have passed, you will be subject to a 10 percent penalty plus ordinary income tax.
The Elderly Waiver is a program that is designed to provide in-home services to those 65 and older who may be at risk of going to a nursing facility. 1  Adult Day Care.
The Old Age Security (OAS) program and the Canada Pension Plan (CPP) enhance the quality of life of Canadian seniors by providing a modest base upon which to build additional income for retirement. The OAS program is funded through general tax revenues and provides a basic monthly income for Canadian seniors.