When to Take CPP: 60, 65 or 70?
CPP at 60, 65 or 70: monthly amounts, break-even ages of about 74 and 82, and how tax, OAS and RRSP drawdowns change the answer.
The short version
- You can start CPP any month from 60 to 70. Each month before 65 cuts it 0.6% (36% less at 60); each month after 65 adds 0.7% (42% more at 70). The change is for life.
- On the 2026 maximum of $1,507.65 a month at 65, that's about $965 at 60 and about $2,141 at 70.
- Break-even ages, before tax and investment returns: 60 vs 65 at about 74; 65 vs 70 at about 82; 60 vs 70 at about 78.
- A 65-year-old in Canada today lives, on average, about 20 more years, which is why waiting often pays, but averages don't pay your bills.
- Tax changes the answer: CPP is taxable, counts toward the OAS clawback, and lands on top of any salary or RRIF.
When to Take CPP: 60, 65 or 70?
Taking CPP is a bet on how long you'll live, placed with your own money, against a government actuary who has better data than you. The good news is that the bet is fairly priced: the reduction for starting early and the increase for waiting are close to fair for an average Canadian. So the real question isn't "which is best," it's "which fits my health, my other income and my tax bracket." Here are the numbers, then the tax.
The Numbers
| Start at | Monthly (2026 maximum) | Total by 75 | Total by 80 | Total by 85 | Total by 90 |
|---|---|---|---|---|---|
| 60 | about $965 | about $174,000 | about $232,000 | about $289,000 | about $347,000 |
| 65 | $1,507.65 | about $181,000 | about $271,000 | about $362,000 | about $452,000 |
| 70 | about $2,141 | about $128,000 | about $257,000 | about $385,000 | about $514,000 |
In today's dollars, before tax, no investment return on early payments. CPP is indexed to inflation whichever age you choose, which helps the later starts. Most people get less than the maximum (the average new pension at 65 is $858.34), but the percentages are the same. Your own estimate is in My Service Canada Account.
60, 65 or 70 for you?
Tell the assistant your expected CPP at 65, other income from 60 to 70, RRSP and RRIF balances, your spouse's situation and province. It compares the three starts after tax, including the OAS clawback.
Why Tax Changes the Answer
- Still working at 60? CPP lands on top of your salary, at your top rate, and you keep paying CPP contributions while you work. Taking it early while working often means giving a third of it back in tax.
- Low-income gap years. Retire at 60 with an RRSP? Drawing the RRSP from 60 to 70 while CPP waits can fill the low brackets now and leave a bigger, inflation-proof CPP later. See RRSP withdrawals.
- The OAS clawback. A large CPP at 70 plus RRIF minimums can push net income over the threshold; see OAS clawback and test it in the OAS clawback calculator.
- Pension sharing. Spouses can share CPP to even out incomes; it isn't the same as pension income splitting. How CPP is taxed: is CPP taxable?
When Taking It Early Makes Sense
- Your health or family history suggests a shorter life.
- You need the money and the alternative is high-interest debt.
- You have no RRSP or savings to bridge the gap, and you've stopped working.
- You're likely to qualify for the Guaranteed Income Supplement later, where a higher CPP can reduce GIS.
When Waiting Makes Sense
- You're healthy and long-lived parents are common in your family.
- You're still working, or you have RRSPs to live on in your 60s.
- You want more inflation-protected income for your 80s and 90s, when other savings may be thin.
- Your spouse would rely on your CPP as a survivor.
How to Start CPP
Apply through My Service Canada Account, up to 12 months before you want it to start. Applying after 65? You can ask for a start date up to 11 months before the month Service Canada receives your application, but no earlier than the month after your 65th birthday. Waiting past 70 earns nothing extra, so apply by then; the post office is not a retirement plan. The total tax on CPP with your other income is in the retirement income tax calculator. OAS has its own deferral rules: 0.6% a month after 65, up to 36% at 70. Credits that start at 65 are on tax credits for seniors. The overview is on retirement taxes.
CPP Timing Questions
How much less is CPP if I take it at 60?
0.6% less for each month before 65, so 36% less at 60. On the 2026 maximum of $1,507.65 a month at 65, that is about $965 a month at 60.
How much more is CPP if I wait until 70?
0.7% more for each month after 65, so 42% more at 70. On the 2026 maximum, that is about $2,141 a month.
What is the break-even age for taking CPP at 60 or 65?
About 74, before tax and investment returns. If you live past about 74, starting at 65 pays more in total. For 65 versus 70, the break-even is about 82.
Is CPP taxable if I take it early while working?
Yes. CPP is taxable income added to your salary, and if you are under 65 and working you must also keep contributing to CPP, which builds a post-retirement benefit.
Can I change my mind after starting CPP?
Only within 12 months of starting, by cancelling and repaying everything received. After that, the start age is fixed.
Sources: Service Canada, CPP payment amounts; Decide when to start your CPP. Checked October 2026. Totals assume the 2026 maximum, constant dollars and no return on early payments; real results depend on your contribution history, inflation and returns. The life-expectancy figure is a rounded Statistics Canada average. The 12-month cancellation rule and the retroactive start rule are from Service Canada's pages listed here and its page on receiving CPP benefits.
Last reviewed October 5, 2026 against CRA and Government of Canada sources. How we check our facts.