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Take Early, Late or On-Time?

Your CPP/QPP benefits are designed to start when you're 65, but you can also take payments early or late (up to age 70), depending on your lifestyle and income needs in retirement.

Taking CPP/QPP Early

If you need the money sooner, keep in mind that your CPP/QPP benefits will be reduced by a certain amount—the exact amount depends on your plan (CPP vs QPP) and other things. Before you decide to take payments early, make sure there aren't other income sources you could tap into first.

Waiting on CPP/QPP

If you hold off on taking CPP/QPP, you will enjoy a larger payment. As an example, for an average Canadian who takes CPP at age 60 instead of 70, the difference in the benefit amount could be $539.71/month1. What's the best option for you?

Taking CPP/QPP at 65

If you need the money, there's no penalty to start CPP/QPP payments when you turn 65. Your payments can't be reduced based on your income level, and you can even share CPP/QPP income with your spouse to possibly reduce your family's tax bill.

Want to Know More? Get the CPP/QPP Guide

How does my age affect the amount of my payout? Will continuing to work affect my payments? What happens if I'm divorced or widowed?

For answers to these questions and more, download our helpful guide.

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