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5 CPP Tips in 5 Minutes

cpp financial planning pension retirement planning Oct 26, 2023

If you know these FIVE tips you'll know more than 95% of the population about how to maximize your Canadian Pension Plan Benefit. 

  1. Taking CPP early is much more punitive than you realize.
    You must have a clear understanding of how payments will increase or decrease depending on when you choose to start the benefit. 

  2. CPP is something that you pay into.
    If you are a contractor or business owner and choose not to pay into CPP during your working years, you need to understand what this will mean during retirement. 

  3. If you had children you may qualify for the child rearing provision.
    If you took time off work while raising children under 7 years old, those years may not count towards your total CPP benefit and will help to increase your payment. Same goes for if you had CPP disability years. 

  4. Non contributory years effect you less than you probably think.
    Check out the website and get an understanding of how CPP is calculated if you decide to retire early. 

  5. Survivor benefits differ depending whether you (the survivor) is under or over the age of 65.
    Survivor benefit calculations are fairly complex - learn more about them on this YouTube video we did 'Understanding CPP Survivor Benefits'.

 Hear all the details in the video below. 


Parallel Wealth Financial Group provides financial planning services for Canadians across the country and those living abroad. If you are getting close to retirement you may want to consider the peace of mind that a full and complete financial plan will provide. Learn more here


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