The Canada/Quebec Pension Plan (CPP/QPP) pays benefits based on earnings and contributions during your time spent in the workforce.
The CPP/QPP pension amount also depends on your age at retirement. Benefits are payable in full when you retire at age 65; however, reduced benefits are payable as early as age 60, and increased benefits are payable after age 65. Benefits are paid monthly and adjusted each January 1 to reflect increases in the cost of living.
- Go to the Retraite Québec or Government of Canada website for more details.
The Old Age Security pension is a flat-rate pension payable from age 65, provided certain Canadian residency requirements are met. Benefits may be reduced or eliminated if your income exceeds certain levels.
Old Age Security benefits are paid monthly and adjusted each quarter to reflect increases in the cost of living.
- Go to the Government of Canada website for more details.