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Updated 2mo ago.
Updated 2mo ago.
The Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) are mandatory public pension programs funded by worker and employer contributions. They provide a basic retirement income starting at age 60 (with reduction) or 65 (full amount).
In 2026, the maximum CPP/QPP benefit at age 65 is approximately $1,365 per month. However, most people receive less because the amount depends on your contributions during your working life.
You can apply for your pension as early as age 60 (with a reduction of 0.6% per month before 65, up to -36%) or defer until age 70 (with an increase of 0.7% per month after 65, up to +42%).
CPP/QPP is one of the three pillars of retirement income in Canada, along with OAS and your personal savings (RRSP, TFSA). However, it is generally not enough to maintain your lifestyle. This is why investing on your own is essential.