Latvia and Canada Pension Agreement: What You Need to Know
Latvia and Canada recently signed an agreement that will benefit individuals who have worked in both countries. The Agreement on Social Security between the Government of Canada and the Government of the Republic of Latvia will enable eligible individuals to combine their periods of contribution to the pension systems of both countries.
What is the Latvia-Canada Pension Agreement?
The Latvia-Canada Pension Agreement was signed on November 26, 2020, and will take effect on January 1, 2022. The agreement is intended to eliminate dual social security coverage and ensure the portability of pension benefits between Canada and Latvia.
Under the agreement, individuals who have contributed to the pension systems of both countries may qualify for benefits from one or both countries. The agreement will also provide for cooperation and exchange of information between the social security authorities of both countries.
What are the Benefits of the Agreement?
The Latvia-Canada Pension Agreement has several benefits for those who have worked or are currently working in both countries. Some of the key benefits include:
1. Avoidance of Double Social Security Coverage
The agreement aims to prevent double coverage by a worker of the social security systems of both countries. This is a significant advantage for those who are working in one country but are also contributing to the pension system of another country.
2. Combined Pension Benefits
Under the agreement, eligible individuals may receive benefits from one or both countries based on their contributions. This means that if you have contributed to the pension system of both Latvia and Canada, you can combine these contributions to increase your total pension entitlement.
3. Transfer of Pension Credits
The agreement also provides for the transfer of pension credits for those who have lived or worked in both countries. This means that individuals who have worked for a certain period in one country and then moved to another can transfer their pension credits to the new country.
Who is Eligible?
To be eligible for the benefits under the Latvia-Canada Pension Agreement, an individual must meet certain criteria. These criteria include:
1. Being a resident or citizen of either Latvia or Canada
2. Having contributed to the pension system of both countries
3. Meeting the eligibility criteria for each country’s pension system
4. Having reached the minimum age for pension entitlement in each country
How to Apply for Benefits
To apply for benefits under the Latvia-Canada Pension Agreement, eligible individuals must contact the social security authorities of the country in which they reside. In Canada, individuals can contact Service Canada, while in Latvia, they can contact the State Social Insurance Agency.
In conclusion, the Latvia-Canada Pension Agreement is an excellent opportunity for those who have worked in both countries to combine their contributions and receive pension benefits. The agreement also provides for cooperation and exchange of information between the social security authorities of both countries, ensuring a smoother process for eligible individuals. If you believe you may be eligible for benefits under this agreement, be sure to contact the appropriate social security authority.
