Retirement Income Planning

CPP & OAS Timing Strategy

Deciding when to start CPP and Old Age Security can affect your retirement income, taxes, cash flow, and long-term planning.

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Why CPP & OAS Timing Matters

Many Canadians think of CPP and OAS as simple government benefits. In reality, the timing decision can influence your taxable income, RRSP/RRIF withdrawal strategy, investment drawdown plan, estate goals, and overall retirement confidence.

The right decision is not always the same for everyone. It depends on your health, income needs, other assets, spouse or partner’s situation, tax bracket, and whether you are still working.

Three Common Timing Choices

Start Early

CPP may be started as early as age 60, but the monthly payment is reduced compared with starting at 65.

Useful if income is needed earlier
May fit shorter life expectancy concerns
Creates lower lifetime monthly CPP amount

Start at 65

Age 65 is the standard reference point for CPP and OAS planning.

Simple and common approach
May align with retirement date
Useful benchmark for income planning

Delay Toward 70

Delaying CPP or OAS can increase monthly benefits, but it requires enough income from other sources first.

May improve later-life income
Can help longevity protection
Needs tax and cash-flow coordination

Watch & plan • CPP timing

CPP at 60, 65, or 70: Which Timing Fits Your Retirement?

Your CPP start date affects your monthly payment and the income you need from other sources. Watch the video, then use the checklist to prepare for a retirement income review.

Watch the CPP timing video on YouTube

Understand the Timing Adjustment

Start at 60

The age adjustment reduces the monthly pension by 36% compared with starting at 65.

Start at 65

The standard starting age. Use your own Service Canada estimate as the reference for comparison.

Start at 70

The age adjustment increases the monthly pension by 42% compared with starting at 65.

Before 65, the adjustment is a reduction of 0.6% per month. After 65, it is an increase of 0.7% per month, up to 70. There is no additional age-related increase for waiting beyond 70. Your actual pension also depends on your contribution history; these percentages describe the timing adjustment, not a guaranteed personal payment.

CPP and OAS have different rules. OAS cannot start at 60, and its deferral adjustment differs from CPP.

Your CPP Timing Checklist

Tick items as you prepare. Selections are temporary and are not submitted or saved.

Gather your personal CPP estimates. Review your Statement of Contributions and estimates through My Service Canada Account. Use your own figures rather than the published maximum. Estimate essential spending. Identify how much income you need, when you need it, and which expenses are flexible. Plan the income before CPP begins. If you delay CPP, identify how employment income, pensions, or savings would cover the intervening years. Compare the tax and benefit effects. Review CPP alongside OAS, any GIS eligibility, employment income, and RRSP/RRIF withdrawals using an after-tax household projection. Consider health and household needs. Discuss longevity, your partner’s income, and survivor-benefit rules. Test more than one lifespan and spending scenario. Confirm your chosen start date and application timing. Check the current Service Canada requirements before applying. You can apply up to 12 months before your selected CPP start date.

Bring These to Your CPP Review

Your CPP estimates, expected retirement date, monthly spending summary, pension statements, and RRSP/RRIF, TFSA, and other investment balances.

Ask: How would each CPP start date affect my available income today, my savings withdrawals, and my income later in retirement?

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Official resources: Service Canada — When to start CPP · Your CPP payment estimate · Applying for CPP

General Canadian financial education, reviewed October 3, 2026. The appropriate CPP start date depends on your circumstances. This checklist does not provide personalized retirement, investment, tax, or legal advice.

Continue Your Planning

Considering when to start CPP? Use these resources to prepare for a retirement income review.

Watch

Watch CPP at 60, 65, or 70 and prepare your timing questions.

Watch on YouTube

Prepare

Save or print the CPP & OAS Timing Checklist for your review.

Open Checklist PDF

Next Step

Explore related retirement videos, articles, and planning resources.

Visit Retirement Hub

Have questions about your next step? Book a 15-minute Clarity Call.

Factors to Review Before Deciding

✅ Retirement age

✅ Health and longevity

✅ RRSP/RRIF withdrawals

✅ TFSA and non-registered assets

✅ Tax bracket

✅ OAS recovery tax/clawback

✅ Spouse or partner income

✅ Estate and survivor planning

Advisor Insight

The question is not simply when you can start CPP and OAS. The better question is how these benefits fit into your broader retirement income, tax, investment, and estate strategy.

How We Help

1. Review Your Income Sources

We look at CPP, OAS, pensions, RRSPs, RRIFs, TFSAs, non-registered assets, and business or rental income.

2. Compare Timing Scenarios

We compare early, standard, and delayed start dates in the context of your cash flow and tax picture.

3. Build a Coordinated Strategy

We help align government benefits with your retirement income plan and long-term financial goals.

Not Sure When to Start CPP or OAS?

A personalized retirement income review can help you understand your options before making a permanent decision.

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This page is for general educational purposes only and should not be considered personalized financial, tax, legal, or investment advice. CPP and OAS rules, payment amounts, and income thresholds may change. Please consult with a qualified advisor before making retirement income decisions.

Retirement Income Strategy

When Should You Start CPP & OAS?

Starting benefits too early or delaying them unnecessarily could impact your retirement income, taxes, and long-term financial security. Explore key considerations before making your decision.

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