This is perhaps not surprising, given that Mr. Runchey spent more than three decades with the federal government, where he specialized in CPP and Old Age Security legislation, regulations and policy. After retiring from the government and then doing a stint at Home Depot, in he started DR Pensions Consulting , which he runs out of his home on Vancouver Island. That generates about a third of the business, and the other two-thirds is clients coming directly.
Out of curiosity, I compared Mr. Robertson said. Got a question about CPP or any other money topic? E-mail your questions to jheinzl globeandmail. Follow John Heinzl on Twitter: johnheinzl Opens in a new window. Report an error. We're sorry. Your request cannot be completed at the moment. We're currently working to fix the problem so please try again soon. Married or common-law couples in an ongoing relationship may voluntarily share their CPP retirement pensions to reduce their tax bill..
When you die , a pension may be paid to your surviving spouse. Credit splitting for divorced or separated couples: The CPP contributions you and your spouse or common-law partner made during the time you lived together can be equally divided after a divorce or separation.
Your lawyer can help you understand your options. Child-rearing provision. If you stopped working or took a lower-paying job so you could stay home to raise your children, you may be able to use the child-rearing provision to increase your CPP benefits. Employers and employees share the contribution equally. You can apply for and receive a full CPP retirement pension at age 65, a reduced amount as early as age 60, or an increased amount as late as age Your pension will be paid by the plan that applies to your place of residence.
The standard age for beginning to receive your CPP retirement pension is the month after your 65th birthday. However, you can take a reduced pension as early as age 60 or begin receiving an increased pension after age Talk to your advisor about planning and saving for other sources of retirement income. If you worked before you came to Canada, you may qualify for a pension from that country. Your advisor should be able to help you find out where you stand and how to apply for a foreign pension, and help you start saving and planning for other sources of retirement income.
An advisor can help you understand the best time to start taking your CPP as part of your overall retirement plan. See what happens if you adjust your CPP starting age. Desired CPP starting age: 65 years old. Learn more about other factors that could make a difference in your CPP income.
See how your marital status can affect your CPP pension. See how your employment status can affect your CPP pension. See how other factors can affect your CPP pension.
We are grateful to have the opportunity to work in this territory. We offer this acknowledgment as a stepping stone towards honouring the original occupants, as a testimony to the oppression faced by Indigenous peoples, and our commitment to Indigenous communities and employees of Sun Life.
Share this:. Take 2 minutes to get your results. You belong to:. Choose one Select a gender Male Female. Your date of birth:. Year Marital status:. Employment status:. Not currently working Self-employed Unpaid homemaker or caregiver Working part-time or occasional Working full-time Adult student. Where you've worked:.
Where you live:. Quebec Elsewhere in Canada. Calculate your results. Start over. If you start taking your CPP. Explore your results. Estimated pre-tax income. Desired CPP starting age:. Desired CPP starting age: years old. See your results in a table.
Back to results Assumptions Start over Print Save. The average person of your age and gender can expect to live to age X. The amount of your CPP depends on how much and for how long you have contributed and the age in which you would like your pension to start. Other factors, such as your health, your marital status and whether you have other pensions or retirement savings, can affect your decision about when to start receiving CPP.
An advisor can help you understand how these factors can influence your choice. Your next steps:. Other sources of retirement income. Crunch the numbers. Hi Javier — That is totally false! CPP benefits are payable anywhere in the world with no restrictions on how many years of contributions someone has.
He can get some portion of OAS at OAS is available to everyone, although you have to have lived in Canada for 40 years after the age of 18, and for the full 10 years before you apply, to get the full amount. Except free medical care, which could be significant. Sara Fred. If your dad became a permanent resident or citizen in and lived here during all that time then that is 17 years of residence in Canada. Hi Lorraine — If you are unable to work as a result of the accident, you should apply for CPP disability.
If not, your CPP retirement pension will be lower at age 65 than it would have been if you had continued to work until then. Hi, I retired a couple of years back at 62 with a company pension, I have not taken CPP yet, my intention is to take it at At the time of my retirement I had previously always paid max to CPP and thus I believe I am in line for the max payments at 65 as far as I can tell from the Services Canada website.
If not, 20K earnings are better than zero earnings. Would you kindly give me a hand? Many thanks. Is there anyway to calculate this secondary contribution payment? Thank you. I am 49 yo. I contributed in the past on sporadic jobs. Is there a way a can contribute to my own CPP how and how much yearly, to gain some benefit at retirement time? Hi Johnathan — No, you can only make CPP contributions on valid earnings from employment or self-employment.
Hi Dave — Do you expect to live for at least another 3. Do you know of anywhere that you could get a better ROI? She told me that she was not given the pension not sure which one because she still has money in the bank. Another question, if you have a house, you will not be eligible for a guaranteed supplement, Is it true you have to sell your house before you reach 65 to avail of the guaranteed supplement?
Hi Yolanda — Neither the CPP nor OAS pensions would be affected by a lottery win, and there is no truth to the story that you have to sell your house in order to receive GIS guaranteed income supplement. I am now receiving CPP next year I am planning to apply social security spousal benefit at age I started to contribute from and plan to stop in I will contribute 9 full year with maximum contribution per year.
My earning is from 75K to 95K. Am I qualified to apply CPP at 65? And how much can I receive monthly? Thank you Doug. I heard that contributions must be accumulated to 10 years? Do I need to contribute 10 years? Hi, Doug, I have work for 34 years and have been contributed cpp ever since ,I will be 57 and will retire as of March Therefore, am no longer contributes CPP at that point. When I turn I plan to start to collect CPP. Is it wise for me to do so?
Or should I wait till And Can I still continue to contribute. Hi Nenita — The answer as to whether you should take your CPP at age 60 or age 65 depends on a number of factors. I went back home to the country I was born. Would I still get a pension at age 60? Will he get pension and could he apply early pensioners benefits based on disability?
He may be eligible for a disability pension from QPP, but that depends on how disabled he is and when he last contributed to QPP or possibly in whichever country he is currently living. I am now close to 63 and have worked high paying jobs since I was 19 so I believe I will be eligible for the maximum when I hit Waiting longer would be of no benefit if I am already going to get the maximum. Is this correct? So you can receive as much as Hello i am receiving cpp survivors pension since the aged of 30 from my deceased husband that contributed CPP.
I am living here in Philippines. Even i didnt got a job in Canada. Hello I have paid into cpp for 32 years and this year became self employed, still paying into cpp. Will I still be eligible to receive the benefit at age 65?
Hi Kelly — Yes, you will still be eligible to your CPP at the same age and based on your average lifetime earnings, including your self-employed earnings. I am 58 years old and have been working for 2 years with a work permit came to Canada at I am American, my wife is Canadian. If I be come a Permanent Resident, lets say by 60, when it comes to retirement benefits OAS, CPP when they calculate my years of residency to qualify for benefits, will they count the years that I resided and worked prior to obtaining the new status?
I plan to work til 70 btw. Will I qualify and approx how much can I expect after putting in at least a decade or more of residency and work? Thanks in advance! Based on 10 years residency from , can you give a ballpark total estimate of benefits between OAS and CPP if I keep working til 70?
I earn 50K. I need to add whatever I can to future to American SS. Hi, Your information is very helpful. I have an additional question. I contributed for 30years until If not, it will be proportionately less than that amount. However much i do get i will for sure have to get a part time job to live.
Thank you, not sure if this asks the right questions or not. You said that you have been receiving CPP presumably disability pension and Provincial PWD since , but you also indicate that you only reduced from fulltime to part-time work 2 years ago. Those things seem incompatible. Can you clarify? If you are receiving CPP disability, what is the current monthly amount? Hi Doug, thanks for your valuable information. I am Canadian citizen who lived in Ottawa for 4 years since birth then moved to Dubai with my parents.
I would really appreciate your expertise in this regard! The only way to become eligible for OAS is to reside in Canada for at least 10 years less if qualifying under an international social security agreement after age Thank you Doug for the prompt response! Buying a house in Canada and renting it out and paying taxes from earnings while living abroad does not qualify for CPP?
Apologies for asking much but got a bit confused whether I should buy a property or start paying taxes while living abroad to be qualified for CPP and found this thread so helpful…. In that case you can request either a set dollar amount be deducted or a set percentage from either or both benefits.
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