Skip to main content

The Globe and Mail

Taking CPP early can reduce your monthly benefit by 36%

Retired person relaxing.

The Canada Pension Plan (CPP) pays you a monthly benefit for life, with a standard start age of 65. However, you can elect to start payments as early as age 60 in exchange for a reduction in your monthly payment. One situation where that might make sense is if you qualify for income-tested benefits like GIS.

Similarly, you can elect to defer payments until age 70 to gain an increase over the standard benefit. In this video, Preet Banerjee breaks down the math behind each scenario.

To figure out the best solution for you, you'll need to consult a financial planner or accountant.

Story continues below advertisement

Report an error Editorial code of conduct
As of December 20, 2017, we have temporarily removed commenting from our articles as we switch to a new provider. We are behind schedule, but we are still working hard to bring you a new commenting system as soon as possible. If you are looking to give feedback on our new site, please send it along to If you want to write a letter to the editor, please forward to