Investment Calculators · Canada
CPP & OAS.
Estimate your Canada Pension Plan and Old Age Security benefits. Compare taking CPP at 60, 65, or 70 and check whether your other income triggers OAS clawback.
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Your benefits
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About these benefits
CPP is based on your contribution history; maximum at 65 is $1,364.60/month (2024) but most Canadians receive less. OAS is based on Canadian residency: maximum $727.67/month at 65-74, rising 10% at 75. OAS clawback (recovery tax) starts at $90,997 of net income at 15 cents per dollar above. GIS is available to low-income OAS recipients.
TNAADO Inc. · Toronto
Two different pensions with two different rules
CPP and OAS are not the same benefit and are not earned the same way. CPP is an earnings-based contributory pension: what you receive depends on what you contributed and for how long, the standard start age is 65, and starting earlier or later applies a permanent reduction or increase. OAS is residency-based and pays regardless of work history, but it is clawed back once net income passes the recovery threshold. Very few people receive the maximum of either.
The mistake people make. Planning on the maximum. The maximum CPP assumes contributions at the ceiling for essentially a full career, and the average payment is materially lower; Service Canada publishes both figures side by side. The second error is taking CPP at 60 by default. The reduction is permanent, and for someone with normal life expectancy and no immediate need for the cash, deferring usually produces the larger lifetime amount.
Disclaimer
Estimates only. Verify your personal CPP/OAS amounts through your My Service Canada Account, and discuss strategy with a qualified financial advisor.