Thursday, 18 June 2015

Candian Armed Forces Benefits

I am entering my 6th year of service with the Canadian Armed Forces, with plans for at least another 13-14 years.  For those of you who are interested, these are the financial benefits of being a CAF member:
  • Good rate of pay: ~$60,000 after 4 years (min. grade 10 education)
  • Good medical coverage: full medical/dental for myself, and 90% coverage for family.
  • Pension: a Defined Benefits Pension
    • Full pension after 25 years service (~$37,000/year, after 25 years)
    • Earn 2% for every year served (max. 70% / 35 years)
    • Based on your best 5 years of salary (averaged to 1 year)
  • Life insurance: 2x Current Salary (~$115,500, after 4 years)
  • Additional Life insurance available at your own expense:
    • $600,000 for yourself
    • $600,000 for spouse
    • payable for almost any situation: including war & extreme sports
    • rates based on age and smoker/non-smoker
Usually there is no additional tax breaks, free food, or housing subsidies.

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