Thank you. I really appreciate the quality of your videos. Clear explanations and down to the point with a touch of tongue in cheek humor. No boring video stock shots borrowed from the web! Keep on the great work!
The whole thing simply cannot be explained in more simple, easy to understand terms. I never miss any of your videos and that certainly is one of the main reasons. Informative, important and always delivered with a no non-sense approach. Eazy-peazy as you would say...
Thank you for providing the most clarity I have seen to date regarding how the survivor’s pension is calculated for a surviving spouse of a pensioner who deferred to age 70 and passes first. It’s a bit disappointing to learn the calculation reverts to an “age 65” CPP, but now I have the information I needed. Thanks!
Best Canadian retirement info provider there is, on this platform. Thank you for sharing your wisdom ! I feel a bit more confident now that I have a clearer view of what my spouse will get (in addition to 2/3 of my db pension) when my clock runs out. So, if I start CPP at 60 and then die a month later, it would seem logical that they stuff zeros in the years from 60-65 before they calculate the survivor benefits. I already have some lower income years at the start and end of my working life (
I think you’re right. But their methods of calculating can get a bit difficult to understand if it’s anything beyond the basic data they post. We do financial planning every day and half the time we just make a best guess. It’s pretty frustrating actually…
Great video, great info. I was going to ask a follow up question for you but I see in the comments it has already been asked and you have responded. Thank you so much.
Sir, I knew about the death benefit) from when my mother passed away plus the spousal benefit you talked about. What I did find out was that the government had made changes to the CPP many years ago. My mother worked off and on for 15 years and was collecting CPP plus the spousal benefit. When she passed I went down to the government office to apply for the $2000 but was told I would only receive $780. It seems that one of the changes to the CPP was they did not count the first 10 years you work and pay into the CPP. So basically I only received a small amount due to the little time she had worked. I do not know if this is still the case as this happened around the late 1980s. I would suggest people check into this as I know when I talked to some of my mother's friends they told me the same thing happened to them.
Great video Rhys! Quick question - what if I pass away before collecting CPP, will my survivor be entitled to the benefit? Please advise. Thanks. Mark.
Great video!! My father passed away in June at 81 yrs old and we just mailed in the CPP application to Service Canada. My father was receiving $606 monthly CPP. My Mother is 76 yrs old and currently receives $740 monthly CPP. So in theory my Mother should start to receive a combined monthly CPP of $1,346 (740 + 606) because $1,346 is less than the individual cap of $1,375?
Great information! I have one question - The maximum CPP benefit for someone delaying to age 70 would be about $1,937. So if the surviving spouse did not start collecting CPP until age 70, would the cap for their own CPP + survivor benefit still be only $1,375 or would it be higher?
My husband passed away in 2016. He came here in 2010. He’s been working since he came. I was denied cpp survivors benefits, child benefits and even death benefits of $2500. I was told he didn’t work here for at least 9-10 yrs. What about all the cpp contributions he had put in? Is there anything else I can do? Is it too late now to reapply? It’s been 8yrs since he passed away. It’s really sad that me and my children didn’t receive anything from the CPP
I am taking all my benefits as early as possible. Never married no kids. I don’t need it going to anyone. Give me my money I will use it and invest it however I want.
What happens when your spouse passes away 2 years before age 60 and contributed since he was 16 to 57. Passed away not by choice of heart issues. I was only 54 years of age. I don't feel the amount I'm getting of his is fair. He worked, worked and worked contributed and nothing. He didn't ask to die early.
Very helpful. Thanks so much. My mum died last June but we could not get a death cert until over 90 days had elapsed. What happens to her CCP capital? Not sure how to express it. As the sole beneficiary of her estate and well ver 25, does the capital or an amount from her contributions get paid to the estate?
@wellbuiltwealth Thank you so much for your prompt reply. I figured as much from your video. So many odd little questions lie in the cracks of a big system. Plus, we are not in Canada; your system is very different than our own in Australia. Thanks so much again. Your video, as others have said, is excellent in tone, content, and delivery.
I'm receiving CPP survivor benefits now and I'm very confused by what to expect.When I turn sixty five do the benefits end or do they continue for life
Good morning. Thank you for all of your answers. I have a question for you though. I have a maximum CPP benefit. My wife has a minimum not much. What’s the benefit for me to wait till 70 to increase my CPP of 42% but by the way, I am 64 soon to be 65 and then what happens if I die at 68/69. Would it be better to take CPP at 65 and invest my money instead and place it in a tsfa for example to increase our investments. That means she has a cap on CPP survivor benefit and she would not collect more so why should I wait till 70 to take my CPP in case that I would die before her. I could take from my CPP pension at 65 and at least the money would be spent well or invested for my wife to increase her pension.
If you don’t have a long life expectancy, then you should definitely take your CPP earlier. But it really comes down to your situation as whole and it’s way too difficult for me to advise without knowing it all. But I do have other videos on CPP that you may want to watch for additional insights.
When I turn 65, how will my Survivor's pention be recalculated? Will they go back and use my late husband's monthly amount (he passed in Feb 2019) back then to recalculated the 60% or will they use what he would have been getting in 2027 and take 60% of that? You guessed it, I'll be 65 in 2027
Honestly, it’s pretty tricky to understand exactly how they come up with these calculations in more complex situations. I would recommend reaching out to Doug Runchey.
SORRY FOR THE CAPS I HAVE BAD EYE SIGHT. SO WHEN YOU FINALLY GET YOUR SURVIVOR'S BENFITS YOU SAID IT COULD TAKE ANYWHERE FROM 6 TO 12 WEEKS SO DO YOU GET PAID RETROACTIVE
Thank you for this video! But I'm a bit confused about something.... My wife passed away when I was 40 and I collect $425 dollars a month from the survivor benefit. You said in your video that the survivor benefit plus my own CPP will only add up to a maximum of $1375 a month. My question is wouldn't it be more beneficial to take your CPP at the point where when you add in the survivor benefit you reach the max instead of differing it till your 70?
Thanks! The example I gave is about deferring if you would be over the max with both combined. It may not make sense in your situation though. Really does depend.
I would suggest contacting Doug Runchey as was suggested, worth every cent. He did my numbers and now I have a clear path about when to take my CPP. I am in my late 50's now. This rule changed in 2019, I was sent a package to fill out to see if I qualified with the new rules. To my shock I did qualify for the survivors pension. My husband passed away in 1989, he passed at the age of 28, we were both very young and I did not qualify for survivors pension; we had no children.
I’ve been saying this for years that the CPP is a horrible horrible horrible pension plan. I was contributing the maximum amount every year for 40 years and collecting the maximum benefit which is around $16,000 dollars a year, however if I was allowed to invest mine and my employers contributions at a 5% annual return I would have over one million dollars in that account and if I paid myself a 5% salary every year I would pay myself $50,000 dollars a year instead of the crummy $16,000 dollars that the government allows us to get, I wish I had the option to opt out and manage mine and my employer’s contributions
You’re not alone in your thoughts. For many people it’s a great safety net that they never would have had otherwise. But for others, it can be a serious source of annoyance.
The max cumulative CPP contributions dollar total for the past 40 years (2023 back to 1984) is $66,795.80. 100% match is another $66,795.80. For discussion purposes lets assume the contribution money went in uniformly, which it hasn't as rates have increased from 1.8% to 5.95% over the past 40 years. But continuing on I could take the cumulative total amount of money ($133,591.60) and use the simple averaging calculation of 1/2 the total amount of contribution money for the entire time period to get a sum of money available at age 65. Using $66,796 (1/2 total of $133,592), 5% ROI, 40 periods you would have $470,243 at age 65. Note contributions into plan were significantly larger in the last 21 of those 40 years so the $470K is definitely high. Granted at 3% (5%-2% inflation) real rate of return you could pay yourself equivalent $27,005/year (and adjust annually for 2% inflation) for the next 25 years. Although these numbers look better than CPP the calcs are no where near the $1M mark or $50K/year. The real problem is many would not have the discipline to leave these funds alone to grow for 65 ish years (40 +25 in retirement).
@@DoneByDthanks for the fantastic response to johnwilliam. I completely agree with you that the number of individual investors who could successfully outperform CPP is quite limited, and can only come with taking on a significant amount of risk, that for most, is unwarranted. There’s far too much CPP bashing going on when in fact millions of Canadians rely on CPP, many of whom would not have had the knowledge or the discipline to invest for their retirement. Koodos!
@@johnwilliam6638 DB pensions can be just as bad, albeit the plans that I know about have a minimum amount that will be paid out if the retiree hasn't already received the first three to four years of pension.
Thank you. I really appreciate the quality of your videos. Clear explanations and down to the point with a touch of tongue in cheek humor. No boring video stock shots borrowed from the web! Keep on the great work!
Thank you!! 😊
The whole thing simply cannot be explained in more simple, easy to understand terms. I never miss any of your videos and that certainly is one of the main reasons. Informative, important and always delivered with a no non-sense approach. Eazy-peazy as you would say...
Thank you! :)
Wow super helpful but seems unjust that a single person cannot name a beneficiary. Thank you!
Too bad they have to make everything so complicated. Glad you are here to explain it to us!!
Thank you! And I’m doing my best, but yeah, this one can get so tricky it loses us at certain points too…
Brilliant discourse, as always. Thank you!
Thank you for providing the most clarity I have seen to date regarding how the survivor’s pension is calculated for a surviving spouse of a pensioner who deferred to age 70 and passes first. It’s a bit disappointing to learn the calculation reverts to an “age 65” CPP, but now I have the information I needed. Thanks!
Great video clearly explaining a mind numbing complicated issue
Nobody is talking about this. Many thanks for summarizing and delivering it so everyone can understand.
Best Canadian retirement info provider there is, on this platform. Thank you for sharing your wisdom !
I feel a bit more confident now that I have a clearer view of what my spouse will get (in addition to 2/3 of my db pension) when my clock runs out.
So, if I start CPP at 60 and then die a month later, it would seem logical that they stuff zeros in the years from 60-65 before they calculate the survivor benefits. I already have some lower income years at the start and end of my working life (
I think you’re right. But their methods of calculating can get a bit difficult to understand if it’s anything beyond the basic data they post. We do financial planning every day and half the time we just make a best guess. It’s pretty frustrating actually…
I can't thank you enough for sharing all this valuable information. It finally makes sense! 🙏🏼
Great video, great info. I was going to ask a follow up question for you but I see in the comments it has already been asked and you have responded. Thank you so much.
Thank you! I’m currently working my way through this and your video was easy to listen to and so helpful .🙏
Love your channel. Thanks so much for keeping us informed.
Thanks very much. A timely answer to a difficult question.
Thanks. Great information. I love all your knowledgeable tips
Thank you!
Sir, I knew about the death benefit) from when my mother passed away plus the spousal benefit you talked about. What I did find out was that the government had made changes to the CPP many years ago. My mother worked off and on for 15 years and was collecting CPP plus the spousal benefit. When she passed I went down to the government office to apply for the $2000 but was told I would only receive $780. It seems that one of the changes to the CPP was they did not count the first 10 years you work and pay into the CPP. So basically I only received a small amount due to the little time she had worked. I do not know if this is still the case as this happened around the late 1980s. I would suggest people check into this as I know when I talked to some of my mother's friends they told me the same thing happened to them.
Another great video! Gracias!
Is CPP survivor benefit available to surviving spouse who lives outside Canada (USA)?
Laura, I'm in a Similar situation. Did you ever find out about a spouse receiving the survivor benefit living outside Canada? Thanks, Dave
Great video Rhys! Quick question - what if I pass away before collecting CPP, will my survivor be entitled to the benefit? Please advise. Thanks. Mark.
You bet! Survivor pension kicks in even if you haven’t already started collecting CPP.
Great video!! My father passed away in June at 81 yrs old and we just mailed in the CPP application to Service Canada. My father was receiving $606 monthly CPP. My Mother is 76 yrs old and currently receives $740 monthly CPP. So in theory my Mother should start to receive a combined monthly CPP of $1,346 (740 + 606) because $1,346 is less than the individual cap of $1,375?
Great information! I have one question - The maximum CPP benefit for someone delaying to age 70 would be about $1,937. So if the surviving spouse did not start collecting CPP until age 70, would the cap for their own CPP + survivor benefit still be only $1,375 or would it be higher?
It would be the higher one but you would essentially lose the survivors pension.
Ridiculously unfair to us singles, which are growing year by year.
Yes.
yaa and its soo expensive to live sir, cant survive no longer on cpp , oas if you are 65 plus
Agree 💯
My husband passed away in 2016. He came here in 2010. He’s been working since he came. I was denied cpp survivors benefits, child benefits and even death benefits of $2500. I was told he didn’t work here for at least 9-10 yrs. What about all the cpp contributions he had put in? Is there anything else I can do? Is it too late now to reapply? It’s been 8yrs since he passed away. It’s really sad that me and my children didn’t receive anything from the CPP
I am taking all my benefits as early as possible. Never married no kids. I don’t need it going to anyone. Give me my money I will use it and invest it however I want.
How long can you collect survivor’s benefit? I’m widowed close to my 40
What happens when your spouse passes away 2 years before age 60 and contributed since he was 16 to 57. Passed away not by choice of heart issues. I was only 54 years of age. I don't feel the amount I'm getting of his is fair. He worked, worked and worked contributed and nothing. He didn't ask to die early.
Very helpful. Thanks so much. My mum died last June but we could not get a death cert until over 90 days had elapsed. What happens to her CCP capital? Not sure how to express it. As the sole beneficiary of her estate and well ver 25, does the capital or an amount from her contributions get paid to the estate?
Sorry, but it sounds like in this case there would only be the lump-sum of $2,500.
@wellbuiltwealth Thank you so much for your prompt reply. I figured as much from your video. So many odd little questions lie in the cracks of a big system. Plus, we are not in Canada; your system is very different than our own in Australia. Thanks so much again. Your video, as others have said, is excellent in tone, content, and delivery.
Nope
What about a child over 30 with disability status. Does that change anything?
I'm receiving CPP survivor benefits now and I'm very confused by what to expect.When I turn sixty five do the benefits end or do they continue for life
If I pass away, will my wife who is under 60 receive a survivor's pension? Or does she have to wait until she's 60?
Good morning. Thank you for all of your answers. I have a question for you though. I have a maximum CPP benefit. My wife has a minimum not much. What’s the benefit for me to wait till 70 to increase my CPP of 42% but by the way, I am 64 soon to be 65 and then what happens if I die at 68/69. Would it be better to take CPP at 65 and invest my money instead and place it in a tsfa for example to increase our investments. That means she has a cap on CPP survivor benefit and she would not collect more so why should I wait till 70 to take my CPP in case that I would die before her. I could take from my CPP pension at 65 and at least the money would be spent well or invested for my wife to increase her pension.
If you don’t have a long life expectancy, then you should definitely take your CPP earlier. But it really comes down to your situation as whole and it’s way too difficult for me to advise without knowing it all. But I do have other videos on CPP that you may want to watch for additional insights.
what about my grandson i raised him since he was baby my hubbys gone cannot ;leav e it to my grandson hes the one that helps me,
When I turn 65, how will my Survivor's pention be recalculated? Will they go back and use my late husband's monthly amount (he passed in Feb 2019) back then to recalculated the 60% or will they use what he would have been getting in 2027 and take 60% of that? You guessed it, I'll be 65 in 2027
Honestly, it’s pretty tricky to understand exactly how they come up with these calculations in more complex situations. I would recommend reaching out to Doug Runchey.
SORRY FOR THE CAPS I HAVE BAD EYE SIGHT. SO WHEN YOU FINALLY GET YOUR SURVIVOR'S BENFITS YOU SAID IT COULD TAKE ANYWHERE FROM 6 TO 12 WEEKS SO DO YOU GET PAID RETROACTIVE
You bet!
CPP is a joke. It should be called pension insurance.
Thank you for this video! But I'm a bit confused about something.... My wife passed away when I was 40 and I collect $425 dollars a month from the survivor benefit. You said in your video that the survivor benefit plus my own CPP will only add up to a maximum of $1375 a month. My question is wouldn't it be more beneficial to take your CPP at the point where when you add in the survivor benefit you reach the max instead of differing it till your 70?
Thanks!
The example I gave is about deferring if you would be over the max with both combined. It may not make sense in your situation though. Really does depend.
I would suggest contacting Doug Runchey as was suggested, worth every cent. He did my numbers and now I have a clear path about when to take my CPP. I am in my late 50's now. This rule changed in 2019, I was sent a package to fill out to see if I qualified with the new rules. To my shock I did qualify for the survivors pension.
My husband passed away in 1989, he passed at the age of 28, we were both very young and I did not qualify for survivors pension; we had no children.
I’ve been saying this for years that the CPP is a horrible horrible horrible pension plan. I was contributing the maximum amount every year for 40 years and collecting the maximum benefit which is around $16,000 dollars a year, however if I was allowed to invest mine and my employers contributions at a 5% annual return I would have over one million dollars in that account and if I paid myself a 5% salary every year I would pay myself $50,000 dollars a year instead of the crummy $16,000 dollars that the government allows us to get, I wish I had the option to opt out and manage mine and my employer’s contributions
You’re not alone in your thoughts. For many people it’s a great safety net that they never would have had otherwise. But for others, it can be a serious source of annoyance.
The max cumulative CPP contributions dollar total for the past 40 years (2023 back to 1984) is $66,795.80. 100% match is another $66,795.80. For discussion purposes lets assume the contribution money went in uniformly, which it hasn't as rates have increased from 1.8% to 5.95% over the past 40 years. But continuing on I could take the cumulative total amount of money ($133,591.60) and use the simple averaging calculation of 1/2 the total amount of contribution money for the entire time period to get a sum of money available at age 65. Using $66,796 (1/2 total of $133,592), 5% ROI, 40 periods you would have $470,243 at age 65. Note contributions into plan were significantly larger in the last 21 of those 40 years so the $470K is definitely high. Granted at 3% (5%-2% inflation) real rate of return you could pay yourself equivalent $27,005/year (and adjust annually for 2% inflation) for the next 25 years. Although these numbers look better than CPP the calcs are no where near the $1M mark or $50K/year.
The real problem is many would not have the discipline to leave these funds alone to grow for 65 ish years (40 +25 in retirement).
@@DoneByDthanks for the fantastic response to johnwilliam. I completely agree with you that the number of individual investors who could successfully outperform CPP is quite limited, and can only come with taking on a significant amount of risk, that for most, is unwarranted. There’s far too much CPP bashing going on when in fact millions of Canadians rely on CPP, many of whom would not have had the knowledge or the discipline to invest for their retirement. Koodos!
Thanks @@James_48
True. This program has been a huge help for a lot of people. There’s room for improvement, but that is true of most things.
Can my adult children be assigned as beneficiaries to receive my survivor's pension benefits?
Not if they’re over 25.
Im a CPP survivor Benefits and is it good idea to apply at Age of 60 my pension Plan .
I don't have a spouse and my parent not live in Canada, so what happens to my CPP if thing happens?
If you don’t have young dependents, then your estate will only get $2,500.
Yes your estate only gets $2,500 dollars and the rest is gone for good, CPP is a horrible pension plan
@@johnwilliam6638 DB pensions can be just as bad, albeit the plans that I know about have a minimum amount that will be paid out if the retiree hasn't already received the first three to four years of pension.
it is all about rip off
its big rip off
Canada's pension is a joke .