WealthCPP / QPP — public retirement pension
The CPP (Canada Pension Plan) and QPP (Quebec Pension Plan) are public pensions funded by contributions on your work income. They pay a monthly income for life in retirement, indexed to inflation.
When to take it
You can start receiving it between 60 and 70. Taking it early (60) reduces the amount by about 0.6% per month early; delaying (to 70) raises it by about 0.7% per month deferred — up to 42% more at 70 than at 65.
How to decide
The right timing depends on your life expectancy, your other income, and the impact on OAS/RRIF. Delaying often pays off if you're healthy and have other income to bridge the gap.
Frequently asked questions
What's the difference between CPP and QPP?
QPP applies to workers in Quebec; CPP to the rest of Canada. The rules are very similar.
When is delaying worthwhile?
If you're healthy and can bridge with other income, delaying to 70 raises the pension up to 42% versus age 65.
Is the pension taxable?
Yes, it adds to your taxable income. After 65 it can be split with a spouse in some cases.
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