# Maximum CPP retirement pension for 2015 is $1,065.00



## Dogger1953 (Dec 14, 2012)

CRA recently announced the new YMPE for 2015 as $53,600: http://news.gc.ca/web/article-en.do?nid=899339

As a result, it's possible to calculate the maximum age-65 CPP retirement pension for 2015 as being $1,065.00

You read it here first!


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## 1980z28 (Mar 4, 2010)

I will retire in 2 years at 56

So oas,gis,cpp might add up to 1k/m

Good work ,nice to know


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## Dogger1953 (Dec 14, 2012)

1980z28 said:


> I will retire in 2 years at 56
> 
> So oas,gis,cpp might add up to 1k/m
> 
> Good work ,nice to know


Even without considering CPP, OAS & GIS alone should guarantee a minimum of $1,328.14 if you're single or $1,070.60 if you're married.


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## avrex (Nov 14, 2010)

I've bookmarked your article, How to calculate your CPP retirement pension.

Based on that article, I have created a personal spreadsheet and have now updated it with these figures.
Step 2. The YMPE, for the five-year period ending 2015, is $51,120.

Thanks for the great info and calculations in that article.


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## Userkare (Nov 17, 2014)

1980z28 said:


> I will retire in 2 years at 56


Was that a typo? Do you mean 65?

I've decided to defer CPP and OAS to age 70. That would mean ~$1450 CPP and ~ $750 OAS per mo. if my calculations are right.


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## Dogger1953 (Dec 14, 2012)

Userkare said:


> Was that a typo? Do you mean 65?
> 
> I've decided to defer CPP and OAS to age 70. That would mean ~$1450 CPP and ~ $750 OAS per mo. if my calculations are right.


Using the 2015 CPP maximum of $1,065, the maximum if you defer to age 70 would be $1,512.30 (142% of $1,065), but you would require at least 39 years of max contributions to receive that amount.

The current full basic OAS is $563.74, so deferring to age 70 could get you $766.69 (136% of $563.74), but only if you have resided in Canada for at least 40 years after age 18.


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## 1980z28 (Mar 4, 2010)

Userkare said:


> Was that a typo? Do you mean 65?
> 
> I've decided to defer CPP and OAS to age 70. That would mean ~$1450 CPP and ~ $750 OAS per mo. if my calculations are right.


I am 54 now will retire in two years,at 56

Worked as mechanic from 78 up to now maybe the last 25 years at maximum,,maybe a total of 38 years working in 2016


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## Dogger1953 (Dec 14, 2012)

1980z28 said:


> I am 54 now will retire in two years,at 56
> 
> Worked as mechanic from 78 up to now maybe the last 25 years at maximum,,maybe a total of 38 years working in 2016


If you're not going to have any income after age 56, expect your CPP to be less than what it currently shows on your CPP statement. The statement "pretends" that you're eligible for a retirement pension immediately, which has the same effect as projecting your current "lifetime average earnings" through to age 65.


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## Userkare (Nov 17, 2014)

1980z28 said:


> I am 54 now will retire in two years,at 56
> 
> Worked as mechanic from 78 up to now maybe the last 25 years at maximum,,maybe a total of 38 years working in 2016


Sign up on-line with Service Canada ( http://www.servicecanada.gc.ca/). You can see your CPP contributions record and they also will give you the benefit $$ figure for starting your pension next month, or at age 65. I don't think you're allowed to collect CPP before age 60 though; that's why I asked about the typo.


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## RBull (Jan 20, 2013)

1980z28 said:


> I will retire in 2 years at 56
> 
> So oas,gis,cpp might add up to 1k/m
> 
> Good work ,nice to know


It almost sounds like you expect these upon retirement at 56. I hope this isn't the case since it's not possible.


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## 1980z28 (Mar 4, 2010)

I will stop working at 56

I will not collect until 60 or later

I do not have any kind of pension,so only my savings ,been saving from appox 1980,I lived at a homeless shelter in 1978,did not want to go back so save all that I could,now have enough to stop working

Hoping I have enough


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## RBull (Jan 20, 2013)

^Sounds like an interesting story. 

CPP as early as 60. OAS roughly age 66 for you. 

Good luck with the next 2 years working/saving and with the retirement.


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## 1980z28 (Mar 4, 2010)

Work 3 days a week for the last 7 years

4 days not working,practicing for retirement 


I believe all will be good


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## madelinot (Nov 22, 2014)

1980z28 would you tell us if your money is invested if so in what GIC , shares , csb etc Thanks


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## 1980z28 (Mar 4, 2010)

shares and efunds,no bonds

largest is fts


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## Eder (Feb 16, 2011)

Grats on your sucess, too bad the world will be losing a mechanic though.


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## 1980z28 (Mar 4, 2010)

I work in a shop with 70 mechanics I only do mentoring for onboard diagnostics for check engine lights,mil lights and abs,traction control and tranny faults,one thing that I and my family enjoyed over all these years was low cost car repairs,parts only at cost,free labour


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## fraser (May 15, 2010)

For those with post retirement benefits, ie CPP contributions after taking CPP pension, you may want to double check that you are getting the additional benefit.

I had CPP deductions in 2013. Called CPP twice...they have no record of the 2013 contributions. Just sent my information to the CPP group that handles this (according to the CSR at CPP).

Not expecting much money, but something extra each month is a whole lot better than nothing. 

The 'system' does not appear to be as automated as one would assume. I have no doubt that it will get resolved. And the back payment may even pay for a dinner!


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## Dogger1953 (Dec 14, 2012)

fraser said:


> For those with post retirement benefits, ie CPP contributions after taking CPP pension, you may want to double check that you are getting the additional benefit.
> 
> I had CPP deductions in 2013. Called CPP twice...they have no record of the 2013 contributions. Just sent my information to the CPP group that handles this (according to the CSR at CPP).
> 
> ...


fraser - I've seen lots of cases where Service Canada actually has a record of the contributions for the year that a pension starts and they haven't adjusted the regular pension amount, but you're the first one that I've heard from where there's been a problem with a post-retirement benefit not being issued. I could tell you how much to expect from the PRB if I knew (you can PM me if you want):
- when your regular CPP started;
- what your 2013 earnings & contribution were;
- your month and year of birth


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## fraser (May 15, 2010)

12/2012

24K, $1170 CPP

06/52

Will it be Thai, Greek, Steak, or a great order in Pizza???

Or a cheese and pickle sandwich?

cheers


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## Dogger1953 (Dec 14, 2012)

fraser said:


> 12/2012
> 
> 24K, $1170 CPP
> 
> ...


fraser - I should have asked whether that was salary or self-employed earnings, but I'm going to assume salary. If so, your CPP contribution on 24K should have been only $1,014.75, so you should have received a refund of $155.25 when you filed your 2013 tax return. Based on earnings of $24K, your PRB effective January 2014 should be approx. $9.32 monthly, so they currently owe you approx. $102.52. I think you can eat almost whatever you want, wherever you want


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## fraser (May 15, 2010)

Thanks!

So much money. Gee, I just hope that she who must be obeyed does not read this and find out about my upcoming windfall. Plus there is the cost of living adjustment next month.


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