Canada Pension Plan
The Canada Pension Plan (CPP) pays benefits based on earnings and contributions during your time spent in the workforce.
The CPP pension amount also depends on your age at retirement. Benefits are payable in full when you retire at age 65; however, reduced benefits are payable as early as age 60, and increased benefits are payable after age 65. Benefits are paid monthly and adjusted each January 1 to reflect increases in the cost of living.
- Go to the Service Canada website for more details.
Old Age Security
The Old Age Security pension is a flat-rate pension payable from an age between 65 and 67 (depending on your date of birth), provided certain Canadian residency requirements are met. Benefits may be reduced or eliminated if your income exceeds certain levels.
Old Age Security benefits are paid monthly and adjusted each quarter to reflect increases in the cost of living.
- Go to the Service Canada website for more details.
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