CALCULATOR

CPP & OAS Retirement Calculator

Deciding when to start CPP and OAS is one of the few retirement choices you only make once. Starting CPP at 60 cuts it permanently; waiting to 70 raises it. This works out both, including the break-even age and the OAS recovery tax.

When should you start CPP?

Estimated monthly CPP—
—A year
—Lifetime total
—Break-even
Adjustment for start age—
Estimated annual—
Difference vs starting at 65—
Total received to your planning age—
Break-even vs starting at 65—

Total received, by the age you start

Every start age compared

Start ageAdjustmentMonthlyAnnualTotal to planning age

This is an estimate for planning purposes, not a quote, a benefit statement or financial advice. It does not account for every credit, fee, deduction or personal circumstance. CPP depends on your actual contribution history — get your real figure from your My Service Canada Account. Think Insurance Services Inc. is a licensed insurance agency; for advice specific to you, speak to an advisor.

These numbers are a starting point. Talk to an advisor about your own situation.

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What will Old Age Security pay?

Estimated monthly OAS—
—At 75+
—Lifetime total
—Deferral
Residence fraction—
Increase for deferring—
Monthly once you turn 75—
Estimated recovery tax—
Net of recovery tax—
Total received to your planning age—

What each start age pays per month

This is an estimate for planning purposes, not a quote, a benefit statement or financial advice. It does not account for every credit, fee, deduction or personal circumstance. OAS amounts are reset every quarter and the recovery threshold every year, so figures drift between updates. Think Insurance Services Inc. is a licensed insurance agency; for advice specific to you, speak to an advisor.

These numbers are a starting point. Talk to an advisor about your own situation.

Talk to an Advisor

Should you start CPP at 60, 65 or 70?

Starting CPP before 65 reduces it permanently by 0.6% for every month you are early — up to 36% less at age 60. Waiting past 65 adds 0.7% a month, up to 42% more at 70. Taking it early pays more in total only if you die before roughly age 74; delaying to 70 wins only if you live past about 81. The right answer depends on your health, whether you are still working, and whether you need the money now.

Common questions

What is the maximum CPP payment at 65?

The maximum is $1,507.65 a month in 2026, but very few people receive it — it requires close to maximum contributions for about 39 years. The average for someone starting at 65 is closer to $877.01 a month. Use your own figure from your My Service Canada Account rather than the maximum.

How much less do I get if I take CPP at 60?

Exactly 36% less, permanently. The reduction is 0.6% for each of the 60 months you start early, and it never catches up later.

At what age does delaying CPP break even?

Taking CPP at 60 instead of 65 puts you ahead until about age 74. Delaying to 70 instead of 65 costs you money until about age 81, after which you are ahead for life. The calculator above works out the exact crossover for your numbers.

Does working after 60 still increase my CPP?

Yes. If you are under 70, still working and receiving CPP, you keep contributing and each year of contributions adds a Post-Retirement Benefit on top of your pension.

Is CPP taxable income?

Yes. CPP is fully taxable and counts toward the net world income used to calculate the OAS recovery tax, so a large CPP payment can indirectly reduce your OAS.

What is the OAS clawback threshold?

The recovery tax starts once net world income passes $93,454. Above that you repay 15 cents of OAS for every dollar of income.

Do I need 40 years in Canada to get OAS?

Not to qualify — 10 years of residence after 18 is enough to receive a partial pension. You need 40 years for the full amount, and a partial pension is that many fortieths of the maximum.

Does OAS really increase at 75?

Yes. There is an automatic 10% increase once you turn 75, which is why the calculator shows two monthly figures.

Is it worth deferring OAS to 70?

Deferring raises the payment by up to 36% but you give up five years of cheques, so it takes into your early eighties to come out ahead. It tends to suit people in good health who are still working, and to suit no one who needs the income now.

Figures and sources

This calculator uses 2026 figures. Government amounts are reset regularly — CPP each January, OAS every quarter, tax brackets each January.

Last reviewed: 19 August 2026

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