Can I start to collect my Canada Pension Plan at the age of 60 instead of age 65?
Yes, you can. But for every year under the age of 65 there is a reduction of six percent of the Canada Pension Plan amount that would be available at age 65. For example, someone collecting the CPP at age 60 will lose 30 percent of the pension expected (five years multiplied by six percent). This lower value is the amount received for the rest of the person’s life. It does not rise to the expected amount once the person attains the age of 65. Power of Attorneys Without a proper Power of Attorney, can a spouse who becomes mentally incapacitated have his/her share of assets placed under the watchful eye (and possibly control) of the Provincial Government, no matter if it is owned jointly with the other spouse? Along with a current Will, a Power of Attorney is crucial to ensure that the wishes of a family are followed when someone becomes incapacitated and is not able to act on their own behalf. Life Insurance Is it true that life insurance is a very valuable succession-planning tool for
Related Questions
- I am applying for Canada Pension Plan/Old Age Pension and I am required to provide my landed immigrant documents. I believe I have lost them, how can I get duplicates or copies of these records?
- Can I start to collect my Canada Pension Plan at the age of 60 instead of age 65?
- When can I start to collect Canada Pension Plan and Old Age Security benefits?
