HOW TO MAXIMIZE CANADIAN PENSION PLAN (CPP)

Key takeaways for Canadian Pension Plan

1. 18+ years old earn income - you contribute to CPP
2. This is based on a % of your earnings
3. As of 2021 the contribution rate for employees and employer is 5.45%. Usually you pay half and your employer pays half
4. The maximum contribution per year in 2022 is $64,900
5. CPP provides monthly income to you who have contributed during working years
6. You can get CPP once you are over 60 but you can delay it to 70 if you want. The standard age is 65
7. Delaying it will get you more CPP
8. How much can you get? Here’s the CCP calculator: https://www.canada.ca/en/services/ben...
9. Example: Age 60 (Born 1960) earn $60,000 per year = You get $5.5K per year if retire at 63 to $12K per year if retire at 70
10. Example: Age 60 (Born 1960) earn $90,000 per year = You get $7K per year if retire at 63 to 12K per year if retire at 70
11. I tried $150K per year as well but there’s a ceiling of 12K per year and retiring at 70
12. Survivor benefit: If the CPP contributor ends up dying early, the spouse or common-law partner can receive the monthly benefit and additional benefits are available for children as well
13. CPP is not automatic - you must apply online - here’s the link: https://www.canada.ca/en/services/ben...
14. If you want to know how much you have contributed - you can visit the website here and get a copy: Statement of contribution: https://www.canada.ca/en/services/ben...
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