When should you start CPP/QPP and OAS benefits?

Start government benefits sooner and you collect a smaller monthly benefit, but right away and for a longer time. Delay the start and you receive a larger monthly benefit, but must bridge the waiting period with other resources.


Knowing when to start isn’t always easy, and even many financial experts offer vastly different opinions. Some retirement planners say to begin Canada Pension Plan (CPP)/Quebec Pension Plan (QPP) benefits as soon as you retire, even if it’s age 60. A recent report from the Canadian Institute of Actuaries recommends deferring the start of CPP/QPP benefits, even to age 70.1


To help understand the situation, here’s a look at key reasons why Canadians choose to start benefits sooner, later, or at the traditional time.

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