Latest news

When can I begin receiving the Canada Pension Plan (CPP)?

Ask the professionals – December 2016

Written by Dave Lee
December 14, 2016

Any month you choose from your 60th birthday to your 70th birthday.

The standard age for beginning to receive CPP is the month after your 65th birthday. The amount you receive will depend on how much you contributed to the CPP and on the age you want your pension to start.

If you take it before age 65, your pension will be reduced, by up to 36% at age 60. If you take it later, your pension may be larger, by up to 42% at age 70.

The maximum CPP payment amount at 65 is $1,092.50. At 60 this shrinks to $699.20, and at 70 it can be as much as $1551.35.

Your decision should be made carefully. When advising clients on the optimal time to start CPP, I consider their tax situation, marital status, other pensions, current health, family history of longevity and the size of their financial assets.