I know this video was posted a year ago, just an update that even as of six months ago you can now call and get the exact amount of your CPP. You can do an online “estimate” but if you call they will give you the exact numbers, including years of gaps (early retirement) if needed. It’s great!
Why will it assume that I'm making the same money each year until age 65 when it clearly shows under the cpp contribution (right beside the estimated monthly cpp benefits), that I haven't been contributing for the past five years. Does the estimated cpp benefit not take ALL the years into consideration up until the current year we are in?
what means CPP estimation is based on your current earnings until 65, for example: today 2022 DEC 19 my entire year of 2022 T4 information havn't arrived CRA yet what is CRA's estimate on my 2022 earning? or they just ignore the 2022 completely?
The CPP amount provided online by MyServiceCanada gives you a number that assumes you will work until age 65 at the same salary level as your most recent tax filing.
Figuring out my CPP was straightforward, I had enough maximum contribution years to reach the maximum CPP. My wife was a whole different story. She worked at different jobs, some years maximum contributions and some years not, had a few years off to look after our children, some part-time work, it was all over the place. For us there was no straightforward way to figure out what she was getting until she started to get it. We both had planned to delay CPP to age 70 (2023 for both of us) but we decided to start it in November due to inflation exceeding the YMPE by a fair bit this year and apparently, for anyone turning 70 in 2023, it was advantageous to start CPP before the end of 2022 according to the actuaries. Either way it's done now so it'll be what it'll be.
There's a provision for childcare years. Cra should have adjusted your wife's cpp payments to include up to 8 yrs for it. They calculate it based on the previous years' earnings.
@@maryslapsys5141 Of course they did apply the child rearing provision but there's no easy way that I could see to know for sure what that adjustment will be until your actual pension starts. In the end it will be what it will be.
The problem is, it depends on who you speak to at cra. Out of the 5 people I spoke to on this, two gave me the same information re. what my cpp will pay. The other 3 told me 3 different things. Took some doing, and some luck to get the info. Glad to hear they included the child rearing years - I know someone who had to tell cra to add them in after they'd start receiving cpp.
For others with this challenge (and I count my wife and I among them), paying Doug Runchey the modest fee he charges to get the best visibility on our CPP is a sound investment. I think this is especially true because we are still a few years away from retirement (5, in our case) and are trying to start putting the plan in place for where our retirement income will come from.
Great Video! I wonder if you or anyone can help with a question. If someone stops working at 58 with 36 years of maximum contributions to CPP, what % of the maximum CPP would they get if they took at 65 and what if they deferred to 70? Would they be penalized for 5 more non-contributing years between 65 and 70? Thank you for your help.
Are these amounts in future dollars or are they in today's dollars. In other words the calculator says $12,000/year when you retire at 65. He gave an age of 51 so is this 12,000 in 14 years or some number higher than 12k depending on what inflation adjustments the CPP makes each year?
Hi ,Someone worked in🇨🇦1 year & few months - Have been injured in pedestrian acc . Could not return to work after - Emigrated to 🇨🇦 in 1983 , in 1984 2 months in hospital - sick live - Under the Group Employees Insurance deemed disabled Could not return to work - receiving disability payments until 65 / by court verdict unemplayable 100 % u- -80 / 90 % - after the trial - applied for CPP disabilty in 1985 - no agreement between Poland & 🇨🇦 did not get it - Applied for CpP 1Dis .Again - before 65 - Have been receiving Aish as well -- Should the years of being disable be removed from the total years of contributing years - As there was Social Security Agreement signed in 2009 between Poland & Canada - have proven the lady worked there 14 years -- have lost Tribunal case - / didn't appeal cause didn't know the policy & got depressed - They switched her from CPP to Social Security - Totally disregarded working history and decision of the court other Insurance companies decisions --- -- receiving less then In a the original Statement of Contribution -- Do Ihave probable couse of all of the years excluded from Contribution period ? Tried to call but no response ! Just please tell me if that should be done by CPP -- Can someone who is deemed disable by court & other Gov . Departments & Insurance Companies still contribute to CPP -- ? We were looking for the lawyer but couldn't find anyone specializing with CPP -- ? Asking for someone -- ! How can I contact you ? Willing to pay for helping me figure it out if the CPP position regarding obvious fisability was correct ?
These are great videos. However like the Globe n Mail financial facelifts. There seems to have more information geared toward those that can defer CPP and OAS until 70
Retired at 55. Is CPP good or bad? When to take it? From 1983 to 2020 Total CPP contribution's = 120,302.55 without any growth over 37 year's. For 2022 Maximum monthly pension at age 65 is $1,253.59 or 15,043.08 per year. 96 months or 8 years Needed to get back what was put in. $120,302.55 at 8% after 10 years I would get $20,464.67 annual dividend.
@tessiechanp you should look for the video on this channel where they interviewed Doug Runchey. He runs a website called retire happy and offers a service to determine what your exact CPP will be based on various scenarios.
@@James_48 Doug did my estimate. Well worth the money. Also he gave me the payment estimate for a bunch of different ages..I'm best at collecting at age 63 because I retired at 54 then did some full time and part time work
I know this video was posted a year ago, just an update that even as of six months ago you can now call and get the exact amount of your CPP. You can do an online “estimate” but if you call they will give you the exact numbers, including years of gaps (early retirement) if needed. It’s great!
Thanks for the link to the calculator. Very helpful.👍
Why will it assume that I'm making the same money each year until age 65 when it clearly shows under the cpp contribution (right beside the estimated monthly cpp benefits), that I haven't been contributing for the past five years.
Does the estimated cpp benefit not take ALL the years into consideration up until the current year we are in?
what means CPP estimation is based on your current earnings until 65, for example: today 2022 DEC 19 my entire year of 2022 T4 information havn't arrived CRA yet what is CRA's estimate on my 2022 earning? or they just ignore the 2022 completely?
The CPP amount provided online by MyServiceCanada gives you a number that assumes you will work until age 65 at the same salary level as your most recent tax filing.
I plan to retire at 55 but won’t i still be paying into cpp from 55-65 as I draw income from my rrsp and non-registered account?
No, you only pay into CPP on employment income.
@@ParallelWealth oh wow good to know, thanks!
Figuring out my CPP was straightforward, I had enough maximum contribution years to reach the maximum CPP. My wife was a whole different story. She worked at different jobs, some years maximum contributions and some years not, had a few years off to look after our children, some part-time work, it was all over the place. For us there was no straightforward way to figure out what she was getting until she started to get it.
We both had planned to delay CPP to age 70 (2023 for both of us) but we decided to start it in November due to inflation exceeding the YMPE by a fair bit this year and apparently, for anyone turning 70 in 2023, it was advantageous to start CPP before the end of 2022 according to the actuaries. Either way it's done now so it'll be what it'll be.
There's a provision for childcare years. Cra should have adjusted your wife's cpp payments to include up to 8 yrs for it. They calculate it based on the previous years' earnings.
@@maryslapsys5141 Of course they did apply the child rearing provision but there's no easy way that I could see to know for sure what that adjustment will be until your actual pension starts. In the end it will be what it will be.
The problem is, it depends on who you speak to at cra. Out of the 5 people I spoke to on this, two gave me the same information re. what my cpp will pay. The other 3 told me 3 different things. Took some doing, and some luck to get the info. Glad to hear they included the child rearing years - I know someone who had to tell cra to add them in after they'd start receiving cpp.
For others with this challenge (and I count my wife and I among them), paying Doug Runchey the modest fee he charges to get the best visibility on our CPP is a sound investment. I think this is especially true because we are still a few years away from retirement (5, in our case) and are trying to start putting the plan in place for where our retirement income will come from.
This is crazy. It still appears still be a guessing game. Why can't the Government just say what you will get. They have all the numbers.
Agreed. Very crazy.
Was I the only 1 thinking of the Queen album cover when this video started?
Great Video! I wonder if you or anyone can help with a question. If someone stops working at 58 with 36 years of maximum contributions to CPP, what % of the maximum CPP would they get if they took at 65 and what if they deferred to 70? Would they be penalized for 5 more non-contributing years between 65 and 70? Thank you for your help.
Are these amounts in future dollars or are they in today's dollars. In other words the calculator says $12,000/year when you retire at 65. He gave an age of 51 so is this 12,000 in 14 years or some number higher than 12k depending on what inflation adjustments the CPP makes each year?
Today's dollars
Hi ,Someone worked in🇨🇦1 year & few months - Have been injured in pedestrian acc . Could not return to work after - Emigrated to 🇨🇦 in 1983 , in 1984 2 months in hospital - sick live - Under the Group Employees Insurance deemed disabled Could not return to work - receiving disability payments until 65 / by court verdict unemplayable 100 % u- -80 / 90 % - after the trial - applied for CPP disabilty in 1985 - no agreement between Poland & 🇨🇦 did not get it - Applied for CpP 1Dis .Again - before 65 - Have been receiving Aish as well -- Should the years of being disable be removed from the total years of contributing years - As there was Social Security Agreement signed in 2009 between Poland & Canada - have proven the lady worked there 14 years -- have lost Tribunal case - / didn't appeal cause didn't know the policy & got depressed - They switched her from CPP to Social Security - Totally disregarded working history and decision of the court other Insurance companies decisions --- -- receiving less then In a the original Statement of Contribution -- Do Ihave probable couse of all of the years excluded from Contribution period ? Tried to call but no response ! Just please tell me if that should be done by CPP -- Can someone who is deemed disable by court & other Gov . Departments & Insurance Companies still contribute to CPP -- ? We were looking for the lawyer but couldn't find anyone specializing with CPP -- ? Asking for someone -- ! How can I contact you ? Willing to pay for helping me figure it out if the CPP position regarding obvious fisability was correct ?
These are great videos. However like the Globe n Mail financial facelifts. There seems to have more information geared toward those that can defer CPP and OAS until 70
Retired at 55. Is CPP good or bad? When to take it?
From 1983 to 2020 Total CPP contribution's = 120,302.55 without any growth over 37 year's.
For 2022 Maximum monthly pension at age 65 is $1,253.59 or 15,043.08 per year.
96 months or 8 years Needed to get back what was put in.
$120,302.55 at 8% after 10 years I would get $20,464.67 annual dividend.
@tessiechanp you should look for the video on this channel where they interviewed Doug Runchey. He runs a website called retire happy and offers a service to determine what your exact CPP will be based on various scenarios.
@@James_48 Doug did my estimate. Well worth the money. Also he gave me the payment estimate for a bunch of different ages..I'm best at collecting at age 63 because I retired at 54 then did some full time and part time work