Canada Pension Plan (CPP) Payment Rates (

Old Age Security (OAS) Payment Rates (

Canada Pension Plan (CPP)
The actual amount of pension benefit is determined based on the employment and self-employment income reported on your tax return between the ages of 18 to 65. You can request a statement of your entitlement directly from the CPP office. You can elect to take CPP as early as age 60, but your pension, however, will be reduced by 7.2% per year. For example, if you elect to take your pension at age 60, you will receive 64% of the amount you are otherwise entitled to for the rest of your life. [Application Form]

CPP contributions are required on employment income until age 65. You may opt-out at age 65 [Form].

Canadian Retirement Income Calculator (OAS & CPP)
To determine the benefit of future CPP contributions, call Service Canada at 1.800.277.9914.

Old Age Security (OAS)
OAS is payable to everyone in Canada with 10 years residence after the age of 18. You are entitled to the maximum amount after 40 years residence. The basic amount is clawed back if your net income exceeds $79K (2020). [Application Form]

OAS Guaranteed Income Supplement (GIS)
If you are over 65 and single with a net income less than $18K (or married with a combined net income less than $24K), you may also qualify for the GIS. The maximum benefit is $916 per month (2020).

OAS Deferral
Starting July 1, 2013, you have the option to defer receiving the OAS pension (by not applying). The pension amount will increase by .6% per month of deferral until your 70th birthday. Consider deferring OAS if the amount received will be clawed back.