The rule
CPP is designed around age 65. Start earlier and it is reduced by 0.6% for each month before 65 (36% at 60). Start later and it grows by 0.7% for each month after 65 (42% at 70). The change is permanent, and the pension is still indexed to inflation every January.
A $1,000 pension at 65, started at different ages
| Start age | Monthly | vs 65 | Total by 80 | Total by 85 | Total by 90 |
|---|---|---|---|---|---|
| 60 | $640.00 | -36.0% | $153,600 | $192,000 | $230,400 |
| 61 | $712.00 | -28.8% | $162,336 | $205,056 | $247,776 |
| 62 | $784.00 | -21.6% | $169,344 | $216,384 | $263,424 |
| 63 | $856.00 | -14.4% | $174,624 | $225,984 | $277,344 |
| 64 | $928.00 | -7.2% | $178,176 | $233,856 | $289,536 |
| 65 | $1,000.00 | +0.0% | $180,000 | $240,000 | $300,000 |
| 66 | $1,084.00 | +8.4% | $182,112 | $247,152 | $312,192 |
| 67 | $1,168.00 | +16.8% | $182,208 | $252,288 | $322,368 |
| 68 | $1,252.00 | +25.2% | $180,288 | $255,408 | $330,528 |
| 69 | $1,336.00 | +33.6% | $176,352 | $256,512 | $336,672 |
| 70 | $1,420.00 | +42.0% | $170,400 | $255,600 | $340,800 |
Today’s dollars, before tax, without indexation.
Break-even ages
- 60 vs 65: $640 from 60 against $1,000 from 65 — waiting pays off once you live past about 73.9.
- 65 vs 70: $1,000 from 65 against $1,420 from 70 — waiting pays off past about 81.9.
A Canadian who reaches 65 can, on average, expect to live into their mid-80s, and women longer. That is why many planners lean towards waiting if you can afford it. But averages are not you.
Reasons to start earlier
- You need the income now, or would otherwise draw down savings at a bad time.
- Your health or family history points to a shorter retirement.
- Your spouse would get only a small survivor benefit either way.
Reasons to wait
- You are still working or can live on RRSP/RRIF withdrawals for a few years (which can also lower future OAS clawback and taxes).
- A bigger, inflation-protected pension is good insurance against a long life.
You can start CPP any month from 60 to 70; apply online about 6 months before. After 70 there is no further increase, so do not wait longer.
Quick reference: CPP and OAS in 2026
| CPP | OAS | |
|---|---|---|
| Based on | Your contributions from work | Years lived in Canada after 18 |
| Earliest start | 60 (−0.6% a month before 65) | 65 |
| Latest useful start | 70 (+0.7% a month after 65) | 70 (+0.6% a month after 65) |
| Indexed | Every January | Every quarter |
| Taxable | Yes | Yes, plus clawback above $95,323 |
Before you decide
- Check your statement. My Service Canada Account shows your CPP estimate and your contribution history; fix any missing years early.
- Think as a couple. CPP can be shared between spouses to lower tax, and the survivor benefit depends on both pensions.
- Remember the GIS. On a low income, the Guaranteed Income Supplement can add more than OAS itself — and it is not taxable.
- Apply ahead. Apply for CPP up to 12 months before you want it to start; Service Canada enrols many people in OAS automatically and writes to you the month after you turn 64.
All amounts are the official ESDC figures checked on 5 November 2026 (CPP 2026, OAS October–December 2026). This page gives estimates in today’s dollars, before income tax.
FAQ
How much less CPP do I get at 60?
36% less: 0.6% for each of the 60 months before 65. A $1,000 pension at 65 becomes $640 at 60.
How much more CPP do I get at 70?
42% more: 0.7% for each of the 60 months after 65. A $1,000 pension becomes $1,420.00 at 70.
What is the break-even age for delaying CPP from 65 to 70?
About 82: by then the larger payments from 70 have caught up with the payments you skipped from 65 to 69.
Sources (checked 5 November 2026): Employment and Social Development Canada, “Maximum benefit amounts and related figures – CPP (2026) and OAS (October to December 2026)” (CPP max at 65 $1,507.65; OAS $762.50 / $838.75; recovery threshold $95,323; deferral 0.6% a month); canada.ca “CPP: pensions and benefits monthly amounts” (average new pension at 65 $858.34, July 2026); canada.ca “CPP retirement pension – how much you could receive” (−0.6%/month before 65, +0.7%/month after 65).