CPP Calculator

What is the maximum CPP benefit in 2024?

The maximum CPP retirement pension at age 65 in 2024 is $1,364.60/month ($16,375/year). This maximum is only achieved by contributing the maximum amount for at least 39 years. The average CPP payment (for those starting at 65 in 2024) is approximately $758.32/month — less than 60% of the maximum, as most Canadians have periods of low or no earnings.

Should I take CPP at 60 or wait until 65 or 70?

The breakeven calculation: taking CPP at 60 vs. 65 — you break even at approximately age 74 (you'd need to live past 74 for waiting to pay off). Taking CPP at 70 vs. 65 — you break even at approximately age 82. If you're healthy and expect to live past your mid-70s, delaying pays off. If you have health concerns or need income, take it earlier. CPP is also inflation-indexed for life.

What is the CPP2 enhancement?

CPP2 is an enhancement to CPP that began in 2019 and continues through 2025. It adds a second layer of contributions on earnings between the YMPE ($68,500) and the Year's Additional Maximum Pensionable Earnings (YAMPE = $73,200 in 2024). The CPP2 enhancement will eventually add up to ~33% more to the CPP benefit for those who contribute throughout the enhancement period.

How is CPP different from OAS?

CPP is contributory — you earn it based on your contributions. OAS (Old Age Security) is a universal pension paid to most Canadians aged 65+ based on years of Canadian residency, regardless of work history. OAS maximum: $698.60/month (65–74) or $768.46/month (75+) in 2024. Both are indexed to inflation. High earners (income above ~$86,912) must repay some or all OAS through the "clawback".