FINANCIAL PLANNING > Retirement Plan > Government Benefits

CPP- Canada Pension Plan

• Eligibility based on how much you have contributed, for how long and the age you apply to receive your benefits
• Normal Retirement date is 65
• Early Benefit at 60 (monthly reduction 0.60%)
• 2018 monthly taxable maximum is $1,134.17
• Adjusted annually for inflation
• Lump sum taxable death benefit is $2,500
• Tax savings through “pension sharing”
• 5.1% matching contributions starting

CPP Benefits - 2018 Example *
Benefit starting age 2018 Maximum monthly taxable benefit Total taxable payments at age 74 Total taxable payments at age 78 Total taxable payments at age 80 Total taxable payments at age 82
60 $726 $121,968 $156,816 $174,240 $191,664
65 $1,134 $122,472 $176,904 $204,120 $231,336
70 $1,610 $77,280 $154,560 $193,200 $231,840
  • Total payments are the monthly amount multiplied by 12 and then by the number of years you collect benefits
  • The indexing of CPP payments to offset inflation is not factored into these numbers