My Service Canada: [ Ссылка ]

Episode Two: [ Ссылка ]
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You can start collecting CPP anytime between your 60th and 70th birthday. As long as you made at least 1 payment to CPP in your lifetime, you qualify for a benefit.

How much can you get? The 2021 numbers are:

Maximum at age 65: $1,203.75

Average at age 65: $689.17

Your CPP payment is based on the amount and years you contributed to CPP.

As said above, you have a big 10 year window to decide when you want to start collecting your payments...how do you decide when to start? First we need to understand the factors that will play into that decision.

If you decide to start collecting CPP payments before the age of 65, you will have a 0.6% reduction for each month = 7.2% per year.

If you decide to start collecting CPP payments after the age of 65, you will have a 0.7% increase for each month = 8.4% per year.

CPP is taxable income, so consider other income sources and tax rates when determining when to start CPP

5 things you must consider when applying for CPP:

1. Do you have a pension plan from your employer

2. How much RRSP and other registered investments do you have

3. Are you married or single?

4. Personal and family health

5. Are you still working?
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

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