Applying for Canada Pension Retirement Benefit: 7 Factors to Consider

Applying for Canada Pension

As a result of recent changes in the Canada Pension Plan (CPP) rules and regulations, a frequently asked question is “When should I apply for CPP benefits?” Is it at age 60? Or 65? Or 70? This article addresses 7 important factors that should be considered when applying for Canada Pension.

1.   Maximizing Benefits

In the past, many Canadians have chosen the earliest possible time when applying for Canada Pension, which was when they reached age 60. In doing so, the monthly benefit was reduced by a specific amount as compared to waiting until, say, age 65...

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5 Changes to CPP Retirement Benefits and How They Affect Canadians

changes to CPP

The Government of Canada has stated that the long term sustainability of the Canada Pension Plan (CPP) is threatened by increasing demands being placed upon it. Consequently, ongoing changes to CPP are being implemented in an effort to alleviate that concern. This article focuses on these changes and how they affect Canadians.

Maximum Pension Amount

The CPP provides a monthly retirement pension to contributors. In 2013, the maximum amount, when applying at age 65, is $1,012.00 per month ($12,144.00 per year).

What Changes to CPP are Being Made?

The following information, obtained from the Serv...

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Saving for Retirement

Retirement Plan - Saving for Retirement

Most media articles you read these days that mention saving money suggest that most of us want to save for retirement but few actually manage to make much progress in that regard. There are plenty of reasons quoted for not saving, including the rising cost of living, too many expenses and not enough income, unexpected costs, interruption of income, expanded family and the list goes on. Although there are some very legitimate reasons such as health problems and loss of employment, the real culprit in most cases is, in one word, attitude.

The Problem

We live in a society today which promotes an ...

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RRSP or TFSA – Which Savings Plan is Best for You?


What are RRSPs? What are TFSAs? How are they different? What are the advantages of RRSPs and the advantages TFSAs? Which is best fit for your savings plan? Registered Retirement Savings Plans (RRSP) and Tax Free Savings Accounts (TFSA) are both good ways to save and allow Canadians to invest in a variety of funds including guaranteed investment certificates (GICs), mutual funds, stocks and bonds. However, they are subject to very different tax treatment.


The annual deduction limit for RRSPs, also known as contribution room, is 18 % of your previous year’s income as reported on your tax re...

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