Social Security Agreement Cra

The Social Security Agreement (SSA) between Canada and the Republic of Korea, also known as the Canada-Korea Retirement Saving Agreement (CRA), is a significant milestone for both countries. The agreement aims to ensure that people who have lived and worked in both Canada and Korea can receive their social security benefits from both countries.

The agreement was signed on March 11, 2016, and took effect on January 1, 2017. It benefits Canadians who have lived and worked in Korea and Koreans who have lived and worked in Canada. The agreement eliminates the double contributions that individuals would have paid if there was no agreement in place. This is because both countries` social security systems have specific rules, such as eligibility, contributions, and benefits, that individuals must follow.

The SSA between Canada and Korea covers old age, survivor, and disability benefits. The agreement also covers the Canada Pension Plan and the Quebec Pension Plan in Canada, and the National Pension in Korea. Under the agreement, individuals can receive their social security benefits, even if they have not contributed to the program for the minimum number of years in one country.

For example, a Canadian who has contributed to the Canada Pension Plan for ten years and the National Pension in Korea for five years can now receive benefits from both programs without having to meet the minimum contribution requirements in either country. The same applies to a Korean who has contributed to the National Pension program for ten years and the Canada Pension Plan for five years.

The agreement also provides protection for certain family members of beneficiaries. This includes survivors` benefits for widows, widowers, and children, and the ability to transfer credits earned in one country to the other country for those who have not met the minimum requirement.

To benefit from the SSA between Canada and Korea, individuals must apply for their benefits. This can be done through the local social security office in each country. People who have lived and worked in both countries should keep records of their employment history and contributions to the social security systems in each country.

In conclusion, the Social Security Agreement between Canada and Korea is an essential agreement for individuals who have lived and worked in both countries. It eliminates the double contributions that individuals would have paid if there was no agreement in place and ensures that people receive their social security benefits from both countries. To benefit from the agreement, individuals should keep records of their employment history and contributions to the social security systems in each country and apply for their benefits through the local social security office.