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How Much Do you Know About CPP/QPP?

Take the quiz to understand how much you know about the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP).

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 1) True or False: You can start receiving CPP/QPP payments any time after age 60, but your monthly payment is smaller if you start receiving it before age 65.

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Answer: True

If you begin taking CPP/QPP before age 65, your CPP/QPP is reduced by 0.6% for each month up to and including the month you turn 65, calculated from the month you begin receiving your pension. This amounts to a maximum reduction of 36% if you start receiving CPP the month after your 60th birthday.

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 2) What is the maximum monthly CPP/QPP pension payment available to someone who is 65 in January 2019?

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Answer: C $1,154.58 — this translates to just over $13,800 per year before income tax (yes Virginia, CPP/QPP is taxable, sigh).

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 3) That’s great, but not everyone gets the full amount. In fact, the average monthly CPP/QPP payment in 2019 is $723.89.

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Answer: True — we kid you not. The average is much lower than the maximum for several reasons. First, lots of us take CPP/QPP early, with as much as 36% permanent reduction to start pension benefits between age 60 and 65; and not everyone earns the maximum amount, which is $57,400 for 2019. Last but not least, not everyone pays in long enough to qualify for the maximum.

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 4) What is the earliest you can apply for CPP/QPP Pension?

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Answer: D, it depends. CPP/QPP pension benefits are available to most people at age 60 but if you are collecting CPP/QPP Disability, you have to wait until age 65 to collect your CPP/QPP Pension.

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The information provided is for informational purposes only. Amounts are adjusted for Consumer Price Index on an annual basis. For more information please download the CPP/QPP guide.

While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed.

Answers from respondents will be kept strictly confidential and will be reported only in aggregated form.