Canada Pension Plan: Who Qualifies and What You Get
Learn how the Canada Pension Plan works, how your contributions affect your monthly retirement benefit, and the impact of when you choose to start receiving it.
The Canada Pension Plan is a monthly taxable retirement benefit that provides financial support to workers during their retirement years.
Who it's for
This plan is for workers between the ages of 18 and 65 who have made contributions to the plan through their employment.
What you get
You receive a monthly payment to help with your income once you retire. The specific amount you receive is determined by the total contributions you made throughout your career.
What it costs you
The cost comes in the form of payroll deductions taken from your earnings while you are working. When you are ready to retire, you must take the time to submit an application to begin receiving your benefits.
The catch to know
The age at which you choose to start receiving your pension matters significantly. If you decide to start taking your payments at age 60 instead of waiting until age 65, your monthly payout will be reduced.
How to apply
- Confirm you meet the age and contribution requirements.
- Prepare your personal information and employment history.
- Submit your application through the official government portal.
- Check the official portal for the current amount: https://www.canada.ca/en/services/benefits/publicpensions/cpp.html