{"id":953,"date":"2021-04-16T09:30:00","date_gmt":"2021-04-16T13:30:00","guid":{"rendered":"https:\/\/www.bellvest.ca\/family-wealth-beaches\/resources\/what-can-i-expect-from-cpp\/"},"modified":"2025-09-22T16:30:20","modified_gmt":"2025-09-22T20:30:20","slug":"what-can-i-expect-from-cpp","status":"publish","type":"resources","link":"https:\/\/www.bellvest.ca\/family-wealth-beaches\/resources\/what-can-i-expect-from-cpp\/","title":{"rendered":"What Can I Expect from CPP?"},"content":{"rendered":"

When planning for retirement, you\u2019ll want to factor in how much you should receive from Canada\u2019s public pensions. The Canada Pension Plan (CPP) pays out a monthly, taxable benefit to all eligible Canadians and acts as a source of income during retirement. However, it\u2019s important to view CPP as only one part of your overall income, not a replacement for your current income.<\/span><\/span><\/h3>\n

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When you look at how much CPP you will get, it probably won\u2019t be enough to cover more than a few monthly expenses. In 2020, the average CPP was <\/span>$689.17 per month<\/a>.<\/p>\n

Let\u2019s explore how the Canada Pension Plan works, so you can get an idea of what you can expect to receive. Once you know the amount, you can figure out how to factor CPP into your overall retirement savings plan.<\/p>\n

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How does CPP work?<\/span><\/h3>\n

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The Canada Pension Plan has been around since 1965. It was created as a response to growing poverty among retired Canadians and, at the time, was intended to replace <\/span>25 percent of a worker\u2019s average lifetime earnings.<\/a><\/p>\n

CPP is funded from payroll contributions, which are deducted from your paycheque. Both you and your employer contribute the same amount. If you\u2019re self-employed, you pay the full rate.<\/p>\n

When you reach retirement age, you\u2019ll need to apply for your pension in order to start receiving it. While the standard retirement age is 65, you can start receiving your CPP payout as early as age 60, or you can wait up until age 70.<\/p>\n

What factors determine how much CPP I will get?<\/span><\/h3>\n

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How much you can expect to receive depends on a few factors:<\/p>\n