On January 1, 2012 new Canada Pension Plan rules came into effect. The new rules will transition over the next five years. The most significant changes are as follows:
- If you take an early CPP pension at age 60, rather than waiting to 65, your monthly payments will be cut by 36% (vs 30% in the past).
- If you delay taking your CPP pension to age 70, your monthly payments will be 42% higher (vs 36% higher in the past). Continue reading