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How Much Do You Know About CPP/QPP?*

How Much Do you Know About CPP/QPP?

Take the quiz to understand how much you know about the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP).

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 1) True or False: You can start receiving CPP/QPP payments any time after age 60, but your monthly payment is smaller if you start receiving it before age 65.

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Answer: True

If you begin taking CPP/QPP before age 65, your CPP/QPP is reduced by 0.6% for each month up to and including the month you turn 65, calculated from the month you begin receiving your pension. This amounts to a maximum reduction of 36% if you start receiving CPP the month after your 60th birthday.

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 2) What is the maximum monthly CPP/QPP pension payment available to someone who is 65 in January 2019?

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Answer: C $1,154.58 — this translates to just over $13,800 per year before income tax (yes, CPP/QPP is taxable).

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 3) That’s great, but not everyone gets the full amount. In fact, the average monthly CPP/QPP payment in January 2019, for new beneficiaries, was $723.89.

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Answer: True — we kid you not. The average is much lower than the maximum for several reasons. First, lots of us take CPP/QPP early, with as much as 36% permanent reduction to start pension benefits between age 60 and 65; and not everyone earns the maximum amount, which is $57,400 for 2019. Last but not least, not everyone pays in long enough to qualify for the maximum.

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 4) What is the earliest you can apply for CPP/QPP Pension?

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Answer: 60. The earliest you can apply for CPP is age 60. However, if you’re already receiving CPP disability, you won’t be able to receive CPP retirement pension until age 65. In order to do that, you will need to stop receiving CPP disability.

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The information provided is for informational purposes only. Amounts are adjusted for Consumer Price Index on an annual basis. For more information please download the CPP/QPP guide.

While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed.

Answers from respondents will be kept strictly confidential and will be reported only in aggregated form.