CRA My Account is intended to allow individuals to access and manage their own personal income tax and benefits information. Here's how it works:| Boomer & Echo
One way you may be able to increase your CPP benefits is by taking advantage of the Child Rearing Dropout Provision. Here's how it works:| Boomer & Echo
In previous articles I've looked at reasons to delay taking CPP until age 70, along with explanations why you might want to take CPP earlier at age 60. But in this article I'm going to explain why you shouldn't take CPP at age 65. The most compelling reason to defer CPP is the increase or enhancement of your benefit - 0.7% for every month you delay past 65. Wait until age 70 and you'll receive 42% more CPP than if you took it at age 65. Taking CPP early can also be an attractive option for th...| Boomer & Echo
Help with your account| www.canada.ca
It's generally not wise to voluntarily take up to a 36% reduction in income, especially if that income is paid for life. But that's exactly what happens when retirees choose to take CPP at age 60. I'm a big proponent of delaying CPP up to age 70 to help protect against longevity risk and enhance your monthly pension benefit in retirement. Only a small percentage of retirees do so, however, as many prefer to take CPP as soon as they're eligible. Why Take CPP at Age 60? Taking CPP early may not...| Boomer & Echo
It might seem counterintuitive to spend down your own retirement savings while deferring government benefits such as CPP and OAS past age 65. But that's exactly the type of strategy that can increase your income, save on taxes, and protect against outliving your money. Indeed, the key to more lifetime income for many retirees is to defer CPP until age 70. Why Take CPP at age 70? Here are three reasons to take CPP at age 70: 1. Enhanced Benefit - Take CPP at 70 and get 42% more! The typical ag...| Boomer & Echo