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Canada Pension Plan 

When the Canada Pension Plan was put in place on January 1,1966, it was a relatively simple retirement savings model. Working Canadians started making contributions to the CPP when they turned 18 years of age and continued making those contributions throughout their working life. Those who had contributed could start receiving CPP on retirement, usually at the age of 65. Once an individual was receiving retirement benefits, he or she was not required (or allowed) to make further contributions to the CPP. The CPP retirement benefit for which that individual was eligible therefore could not increase (except for inflationary increases) after that point.

When you are turning 71 - the big RRSP dicision

For several generations, reaching one’s 65th birthday marked the transition from working life to full retirement, and, usually, receipt of a monthly employee pension, along with government-sponsored retirement benefits. That is no longer the reality. The age at which Canadians retire can now span a decade or more, and retirement is more likely to be a gradual transition than a single event. Today, Canadians can choose to begin receiving benefits from government-sponsored retirement benefit programs between the ages of 60 and 70. Canada Pension Plan retirement benefits can begin as early as age 60, and taxpayers can start collecting Old Age Security benefits at age 65. Receipt of income from either of those government- sponsored retirement income plans can also be deferred until the age of 70, but no later. As well, the employer-sponsored pension plan is no longer available as a source of guaranteed retirement income for the majority of retirees. 

Current rules on getting 

Financial Magazine, 01.01.2023

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Financial Magazine, 01.01.2023

I'm a paragraph. Click here to add your own text and edit me. It’s easy. Click “Edit Text” or double click me and you can start adding your own content and make changes to the font. I’m a great place for you to let your users know a little more about you. If you want to delete me just click on me and press delete.​