Retirement benefits are equal to 25% of
credited lifetime earnings. A full retirement pension starts at age 65. You may be
eligible for early retirement benefits when you are aged between 60 and 64, but these will
be reduced 1/2% per month of early retirement. You may postpone receiving benefits up to
the age of 70 and benefits will be increased accordingly. Benefits are indexed every
January to reflect increases in the cost of living. You should apply for this pension at
least 6 months in advance. You can share retirement benefits with your spouse if you are
married or living common law, if your spouse is at least 60 years of age. You must
apply for all CPP benefits - they are not sent out automatically.If you are under
65, have CPP credits, and have a severe or prolonged disability (according to CPP
definitions) you may be eligible for a CPP benefit. Benefits may also be paid on behalf of
your dependent children if you are receiving a disability benefit, until they reach age
18, or up to age 25 if they continue to attend school full-time. There are similar
Orphan's Benefits.
A spouse (married or common-law) of a deceased contributor may be eligible for a
survivor's pension if he or she qualifies according to CPP requirements. These include the
survivor's age and the amount of the deceased spouse's contributions and other eligibility
qualifications. Survivors' benefits continue to be paid if the recipient remarries.
A lump sum death benefit is paid if the deceased had CPP contributions for a
certain qualifying period. The minimum period is similar to that required to receive a
surviving spouse's pension. This benefit is generally paid to the deceased's estate but
can also be paid where there is no will or estate.
