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Canada Pension Plan (CPP) benefits may be a key part of your retirement income. Learn how CPP works and who’s eligible to receive it.
Canada Pension Plan (CPP) benefits are monthly payments that become part of your retirement income. To qualify for CPP benefits, you need to be at least 60 years old and have made at least one CPP contribution through your work in Canada, or have received CPP credits from a former partner or spouse who paid into the plan. Once you apply and qualify for benefits, you will receive the payments for the rest of your life.
The amount you receive depends on your average earnings, whether you’ve maximized your contributions and when you started working in Canada. It also depends on the age at which you begin to receive benefits; you get more for each month you defer CPP, up to age 70. CPP payments are taxable and adjusted for inflation.
Example: “I’m waiting until I’m 70 to apply for CPP to maximize my benefit payments.”
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