Did you know: CPP may be the main source of retirement income for many Canadians – but it doesn’t have to be the only source.
An advisor can help you understand the best time to start taking your CPP and see how it fits into your overall retirement plan.
Now that you know your estimated monthly CPP income, try adjusting your starting age to see how this affects your results. More info - Adjusting your starting age
An advisor can help you put together a retirement income plan that’s right for you.
The age at which you start drawing CPP and your life expectancy aren’t the only factors that can affect your CPP income. Learn more about other factors that could make a difference in your CPP income. Check the boxes beside the items you’d like to include in your personalized printout.
See how your marital status can affect your CPP pension. Check the boxes beside the items you’d like to include in your personalized printout.
See how your marital status can affect your CPP pension. Check the boxes beside the items you’d like to include in your personalized printout.
See how your employment status can affect your CPP pension. Check the boxes beside the items you’d like to include in your personalized printout.
See how your employment status can affect your CPP pension. Check the boxes beside the items you’d like to include in your personalized printout.
See how where you’ve worked can affect your CPP pension. Check the boxes beside the items you’d like to include in your personalized printout.
See how where you’ve worked can affect your CPP pension. Check the boxes beside the items you’d like to include in your personalized printout.
See how other factors can affect your CPP pension. Check the boxes beside the items you’d like to include in your personalized printout.
See how other factors can affect your CPP pension. Check the boxes beside the items you’d like to include in your personalized printout.
The Canada Pension Plan (CPP). You’ve paid into the Canadian government pension plan because you worked/are working in any territory or province other than Quebec.
The Quebec Pension Plan (QPP). You’ve paid into the Quebec government pension plan because you worked/are working in Quebec.
Both CPP and QPP. You’ve worked in Quebec and elsewhere in Canada. You can only take QPP if you live in Quebec; otherwise, it will be CPP.
Neither CPP nor QPP. You’ve never worked anywhere in Canada.
Married or common-law couples in an ongoing relationship may voluntarily share their CPP retirement pensions to reduce their tax bill..
When you die, a pension may be paid to your surviving spouse. If your spouse dies after having contributed to CPP/QPP, you may apply for a one-time, lump-sum death benefit. The death benefit is a flat $2,500 if you have made sufficient contributions to the plan (at least one-third of calendar years in your contributory period but no less than 3 calendar years, or 10 calendar years)
Credit splitting for divorced or separated couples: The CPP contributions you and your spouse or common-law partner made during the time you lived together can be equally divided after a divorce or separation. This may result in lower (if you had contributed more than your partner) or higher (if you had contributed less) CPP/QPP payments than you would have received had you not divorced or separated. Your lawyer can help you understand your options.
The longer you pay into CPP/QPP and the more you earn during that time, the higher your CPP/QPP payments will be when you retire. So any significant interruptions in your working life or reductions in your earnings – such as long periods of unemployment, caregiving, part-time work or attending school – can reduce your eventual CPP/QPP income. The CPP drop-out provision partly protects you from employment interruptions or stretches of low income, by automatically dropping 17% (up to 8 years) of your lowest earnings from the calculation of your pension amount.
Child-rearing provision. If you stopped working or took a lower-paying job so you could stay home to raise your children, you may be able to use the child-rearing provision to increase your CPP benefits.
If you’re self-employed, you’re responsible for your entire CPP/QPP contribution. (Employers and employees share the contribution equally.)
Early/late retirement. You can apply for and receive a full CPP retirement pension at age 65, a reduced amount as early as age 60, or an increased amount as late as age 70.
Your pension will be paid by the plan that applies to your place of residence. That’s QPP if you live in Quebec, CPP if you live anywhere else in Canada. It doesn’t matter where in Canada you have worked. If you have worked in Quebec as well as elsewhere in the country, you don’t have to apply to both plans.
If you've never worked in Canada up to now, you won't receive a CPP/QPP pension. You have to work here and contribute to CPP/QPP to be eligible. If you were to start working in Canada and contributing to CPP/QPP, you could get a CPP/QPP pension when you're ready to retire. If you worked before you came to Canada, you may qualify for a pension from that country. Your advisor should be able to help you find out where you stand and how to apply for a foreign pension, and help you start saving and planning for other sources of retirement income.
February 28, 2017
If you start taking your CPP at age x, we estimate your CPP income will be $ monthly and $ annually.
Did you know: CPP may be the main source of retirement income for many Canadians – but it doesn’t have to be the only source.
An advisor can help you understand the best time to start taking your CPP as part of your overall retirement plan. Review your results with an advisor.
See what happens if you adjust your CPP starting age.
Desired CPP starting age: 65 years old
The age at which you start drawing CPP and your life expectancy aren’t the only factors that can affect your CPP income. Learn more about other factors that could make a difference in your CPP income.
*The lifetime CPP/QPP income calculations are from 2022. CPP/QPP rate increases are calculated once a year and come into effect each January. These increases are legislated under the Canada Pension Plan/Quebec Pension Plan.