How many years do you have to work to get maximum CPP?
How many years do you have to work to get maximum CPP?
39 years
How much OAS will I get in 2020?
For 2020, the maximum monthly OAS benefit is $613.53. In addition, the lowest-income seniors can receive the OAS Guaranteed Income Supplement (GIS), which maxes out at $916.38 per month. With this in mind, an individual at age 65 would receive about $15,437 per year, on average.
Is it better to collect CPP at 60 or 65?
The main reason to delay CPP is that you will receive a larger benefit. As of 2016, if you start collecting CPP at age 60, your monthly benefit will be reduced by 36 per cent (0.6 per cent for each month before 65). If you wait until 70, your benefit will increase by 42 per cent (0.7 per cent for each month after 65).
Do you get CPP if you never worked?
Generally, those who worked most of their lives can count on CPP and OAS but little or no GIS. Those who were never in the workforce — perhaps widowed former homemakers — get little or no CPP but may qualify for maximum GIS along with OAS.
