When you start CPP/QPP is one of the most impactful retirement decisions you make. The timing permanently affects your monthly income for life.
The Basic Rules
- Early (60–64): Reduced 0.6%/month before age 65 — up to 36% less at 60
- Standard (65): Full benefit based on contribution history
- Deferred (65–70): Increased 0.7%/month — 42% more at 70
2026 Maximum Amounts
QPP at 65 (maximum): ~$1,433/month. QPP at 70: up to ~$2,034/month with full deferral bonus.
Break-Even Analysis
The break-even for deferring from 65 to 70 is approximately age 82–83. A healthy 65-year-old Quebec woman has a life expectancy of ~87 — meaning deferral wins mathematically for most people in good health.
When Early Benefits Make Sense
- Poor health or shortened life expectancy
- Urgent financial need
- Significant RRSP to draw down before mandatory minimum withdrawals
The right timing depends on health, other income sources, and tax situation — a personalized retirement analysis with your accountant is the best way to decide.