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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.

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