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    December 21, 2017

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  • Changes to Canadian Pension Plan - January 1, 2011
    Updated On: Feb 04, 2011

    What are the changes being made to the CPP?

    • Your monthly CPP retirement pension amount will increase by a larger percentage if you take it after age 65. Prior to 2011, for every month you didn't collect CPP between 65 and 70, your pension would increase 0.5% per month.  The pension will now increase by 0.6% per month during this time (42% more at age 70)
    • Your monthly CPP retirement pension amount will decrease by a larger percentage
      if you take it before age 65. Prior to 2012, your pension was discounted at a rate of 0.5% per month for the number of months that you collected before 65.  After 2012, the discount rate will be 0.6% per month. By 2016 your pension will be 36% less if you collect at age 60, rather than 65.
    • If you are under 65 and you work while receiving your CPP retirement pension, you
      and your employer will have to make CPP contributions. These contributions will increase your CPP retirement benefits. If you work in any capacity after retiring from RFR, you will have to make CPP contributions between 60-65.  Your employer at the time will have to match these contributions.  These extra contributions will increase your post-retirement benefit.
    • If you are age 65 to 70 and you work while receiving your CPP retirement pension, you can choose to make CPP contributions. These contributions will increase your CPP retirement benefits. If you work in any capacity after retiring from RFR, you will have the option to make contributions between 65-70Your employer at the time will have to match these contributions.  These extra contributions will increase your post-retirement benefit.
    • The number of years of low or zero earnings that are automatically dropped from the calculation of your CPP pension will increase. Currently, 15% or 7 of your lowest earning years are dropped.  This will increase to 15.5%/7.5yrs, then 16%/8yrs.  This will likely benefit all CPP contributors during retirement.
    • You will be able to begin receiving your CPP retirement pension without any work interruption. Whenever you choose to collect CPP (60-70), you will not have to "stop" working, but you will have to continue to contribute from 60-65, and elect to from 65-70.

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