How To Calculate Your CPP Payment Accurately

[@jocelyneleger3391]

Thank you for all you info. With each video that I watch, you make me think.

[@garth217]

I just had Doug take a look at my CPP. He had my calculations done in 48 hours..and that was the weekend. Very impressive. My CPP calculation came in $15.25 less a month because of my non contribution years. Great resource thanks Doug and Adam.

[@tivertontom]

do these calculators project forward? I have zero income years (2022, 2023 and expecting going forward - ie. retired). while I like the idea of delaying to 70 for the biggest payout, I'm adding all those zero years and already have 9-10 very low income years, less than $5000 (high school, university and poor business years). Wondering if in this case if averaging with additional 4-6 zero years will punish me more than 7%/year waiting to 70

[@HAPPYPLANTGAL]

What do you do when you find there has been mistakes made in your working payments. I know i paid many years and they have next to nothing on file.

[@edkolly7147]

The process is complicated because the federal of Canada want to pay the least amount of pensions as possible!

[@richardsalsman1069]

Adam thanks for this I was looking for a way to estimate CPP. I got the calculator and downloaded the my contribution files ran the calculator couldn’t be easier

[@lisemalette3009]

Could you calculate an estimate of what I could get for a combined survivors pension and regular cpp at 65. I'm widowed (since February 2019 and turned 57 in May of that year). I went through cancer treatments in March 2020, applied for and was approved for cpp disability about 4 months later. I currently receive $1024.90 for the combined survivors pension and cpp disability. And I turned 60 this past may.

[@moontan91]

is there a paid service than could calculate my CPP & QPP for me?

[@woo_17_wooo]

Hi good day! I am hoping that someone can help me here. So I am the child beneficiary of a deceased contributor of CPP(my father) , I received a monthly pension. Someone told me that I can refund all the payments I paid in attending my school. Is it true or not? Please reply to this comment

[@wyleecoyotee4252]

If CPP only depends on past contributions then why do they need all the other financial information?

[@billm3210]

I did the calculations on excel spreadsheet we did it in business university 1st yr. Its not that hard to make it and plug in figures and get a near accurate result where CRA is always a wrong estimate.

[@geofffelsing1283]

Hello, do you know how to get what you paid into cpp out in a lump sum and stop paying into it?

[@ParallelWealth]

You can't

[@geofffelsing1283]

So just stop paying into it?@@ParallelWealth

[@TheBreamer999]

My CRA can tell you what you will get at 60, 65 and 70. My Service Canada Account > Canada Pension Plan/Old Age Security -> Estimated Monthly CPP Benefits. If you set up and account, it's all there

[@ParallelWealth]

Not accurate and usually wrong assumptions made. Plus no CR or DB included.

[@TheBreamer999]

@@ParallelWealth Ok, perhaps I was only considering my situation. It calculated mine to $800 a month starting at 60, no other special conditions. Background: Paying in full for 38 years. Some of it as an employee of my corp. Most years gross salary over 80k. I suppose your mileage may vary :)

[@seang3538]

@@TheBreamer999 something missing here, if you paid full contributions tor 38 years, you would typically get alot more than $800/month.

[@TheBreamer999]

@@seang3538 Those are my numbers, if I took it at 60

[@ExcellentDude]

Thanks for the resources! It is a very difficult problem to solve.

[@erikaszabo675]

My husband passed away, and he had 9 years of work I did the last income tax return for him , which means he had 10 years. Canada Pension doesn't want to pay me the survival benefits. Is this legal?

[@chm5750]

If one is 63 and in great health and shape, works in a low impact good paying job, and needs to continue working at least till 70 to pay down debt and save some more. Would it be a good idea to invest the OAS , starting at 65, and hold back the CPP / QPP, untill 70?

[@garmin1488]

Take your CPP NOW!

[@chm5750]

@@garmin1488 why

[@rebeccaindran7729]

Please help me sir. I have already applied.I am disabled. Thanks.Sir

[@skyluke2445]

Thanks Adam, would you clarify what is a ccp disability drop out? Does those years collecting it have a negative impact on amount when you switch over to regular cpp at 65

[@ParallelWealth]

Years you collect CPP DI are not counted as contributory years ans are excluded from the calculation.

[@SoWa613]

​@ParallelWealth does it have to be a CPP disabilty only to qualify for knockoff years or can it be a Workplace Long Term Disabilty plan for knockoff years as well?

[@leezardo9324]

Thanks for the update, Adam. I have been waiting for your calculator and appreciate the info. I broke down today and waited over an hour on the phone to get the answers I needed for my future CPP payments. I needed to know the child rearing amount and the CPP amount based on the assumption that I would not be contributing after 2019. So glad to have this info and I know many people will be very happy with your suggestions and future calculator.

[@rg3798]

Thanks Adam for pointing us in the right direction. CRA really should have a calculator available online for this. They have all of our individual data and have the means to develop it.

[@AlanKlughammer]

I was going to comment exactly this. The CRA knows exactly how much they will be paying us, why can't they share that info?

[@TheBreamer999]

@@AlanKlughammer They do My Service Canada Account > Canada Pension Plan/Old Age Security -> Estimated Monthly CPP Benefits. If you set up and account, it's all there

[@edwarddooley4941]

Hi Adam: I started collecting CPP at age 60, I had worked in Australia and paid taxes for 10 years (2004 to 2014) during that time I contacted Service Canada and received conflicting information regarding CPP payments while overseas, I was told by Service Canada that the taxes I paid in Australia could be used to “bump up my CPP “ while I was outside the Country, when I returned to Canada in 2014 I learned that Service Canada had lied to me about this.

[@ParallelWealth]

🤔

[@doughalldorson8663]

I took my cpp at 60 and have to continue to contribute until I’m 65 will my amounts go up each year based on my continued contributions? Thanks

[@ParallelWealth]

Yes

[@deborahrudanec1347]

Do you have a rep in Edmonton

[@ParallelWealth]

In BC and Ontario only at this time - but we have many clients in Alberta and can help Canadians across the Country.

[@ybc8495]

make thesoftware also includes CPP expansion calculation

[@geoffrey_b]

Does anyone know if there's a CPP clawback if you will also be collecting US Social Security, albeit a small amount?

[@JayandSarah]

there is no cpp clawback EVER

[@HeatherPayne-jc6kz]

You will, however, be subject to WEP reductions on your Social Security benefits. These are significant.

[@CANB452]

Well done Adam , I worked at least 15 years in Québec , is that going to be included in my CPP or it will be separate ?

[@ParallelWealth]

I'm quite certain they combine - there is integration.

[@stevelavery4766]

QPP transfers your funds to CPP

[@murraytown4]

Extremely useful…as usual.

[@AmG895]

Thank you 🙏

[@helenwilliams8550]

Thank you for these great presentations, they are helping me think things through. I have one question; You mentioned that no calculators YET can really accurately determine the effect of drop out options ie; child bearing years. So, how does the governments calculator figure it out?

[@ParallelWealth]

Public calculators....

[@GorgonnogroG]

My friend is 63 can she apply to get cpp or oas or what road is open for her please Fibre me some idea

[@ParallelWealth]

CPP anytime after 60. OAS anytime after 65

[@GorgonnogroG]

@@ParallelWealth with no penalties ?

[@seang3538]

@@GorgonnogroG lol, you wish. It is well documented you loose 7.2% for each year below 65 (or .6% per month).

[@alan92ang]

Great info. I tried calculator #2 (from The Measure of a Plan) -- it's an awesome tool!

[@jameslazar4873]

Another great video, Adam. I will definitely check out the links you provided and will very likely reach out to Doug for some what-if scenarios. In my case, my wife will likely retire before 60 but we likely won't start CPP until 65, but I would like to know what that optimal age is, given child rearing and the early departure from the work force. I am very interested in seeing a good DYI tool that would allow me to plug in our numbers and play with scenarios. I like this aspect of financial planning and prefer to do it on my own. Perhaps if you bundled it with a fee based support for questions, that would be the best of both worlds.

[@taranaz1436]

So excited to see your DIY tool. I use eMoney currently, but its American, so has some issues. i can edit tax rates but not age i can access TFSA/RRSP as it characterises as IRAs

[@ianblair5167]

Subscribed…but cpp calculator what gives?

[@chipbarkhouse7702]

What program does cpp use?

[@ParallelWealth]

Internal system. Why they don't make it public is beyond me!?

[@timeisright2765]

Thanks for this info - have been looking for a tool to help with this calc. Question - I assume the dollar value on both Service Canada's site and generated with these calculators are in today's dollars, correct? So if I am 5 years away from age 65, I would multiply the amount calculated/shown by say 1.25-1.5% annually to get to the amount it would be in 5 years, correct?

[@JayandSarah]

of course, it's inflation adjusted to max 2% at present

[@scubeedu2]

Hey Adam - given the current market slide since January, with expectations for recovery not believed to be forthcoming for a couple years, a video on your opinions regarding whether or not someone in their late 50's should be considering retirement early next year would be very useful. I know there are a lot of variables, but many of your subscribers may be at this crossroad in life and wondering whether to jump or face continued employment for a few years. A 15% drop in a person's portfolio is causing many, I believe, to question how they should be proceeding.

[@lizajane1878]

Ditto!

[@Northern_Squirrel]

I was thinking about the same. Those fortunate enough to have a DB pension have no problem. Adam has talked about bucketing strategy before and I do believe as long as we have cash to cover our expenses for 1-3 years of expenses we should be fine and hope market will rebound unless the recession is so severe. Just a thought.

[@APICSKH]

A year after, you are probably fine and enjoying your golden years. Good luck 🤞

[@eugenet7473]

I am a Canadian who worked in the state of Minnesota in the US for 10 years. I know that there is an agreement between Canada and the US. I am planning to retire and take my CPP at the age of 62. Should I (and will I be able) to apply for and get the US "portion" at the same time or should I wait until I reach the "normal" US retirement age to apply for the American "part" of my retirement?

[@brendalizzi4971]

Thank you Adam! Your videos are amazing and so helpful!

[@sandeeptanjore1253]

Thanks Adam for these calculators. They are excellent tools which gives us a (very close or precise) good idea of where we stand w.r.t CPP. Wish there was one such tool or eminent people (for guidance) for QPP as I live in Quebec.

[@iany2448]

Build a general purpose CPP calculator is not easy because there are some many variations / permutations. However if just want to calculate one's specific CPP, it is not that hard because the basic underlying principle is not complex. I calculated my own starting with a blank spreadsheet. The result is not identical to Service Canada's estimate, but difference is very small.

[@garmin1488]

I'm taking my CPP at 100, woo hoo

[@edkolly7147]

Bumping later works to the government advantage to pay less out in CPP pensions! Because how many men actually live to the age of 85 !

[@ParallelWealth]

Averages say you win by delaying. Government wins if you take early - just statistically speaking.

[@MegsCarpentry-lovedogs]

Always something practical and new. Keep up the extremely helpful work Adam and...your team too!

[@danbutler316]

Feel free to give all these questions a pass Adam, but I do have the following queries regarding CPP: a. If CPP calculates your pension based on your best 40 out 48 years of working, do you lose your worst three years worth of contributions if you worked for 43 years? or do they still get calculated into your overall pension amount somehow? (I'm being kind of hopeful here) b. Is working from day 1 of your 18th birthday until your last birthday at 65 considered 47 years or 48 years of working? (e.g. Chicago Bulls 3-peat: 1996, 1997, 1998 ... 1998-1996 appears to be 2 years but is 3 championships) :0) c. Finally, I work for two different employers. In one job I max out my yearly CPP contributions, and from the other, I get refunded my CPP contributions on my tax return. The question is, does CPP allow you to apply the refunded over-contributions from the one job to top-up previously non-max contribution years? I know this may sound unusual, who knowingly gives the government money, but hear me out. If you top up your under-contributed years, you are getting an 8.4% return each year after 65 for 5 years. Many thanks for all your other helpful videos.

[@jeffsim4191]

Cascades decumulation calculator is pretty good. Only real complaint is that it has a couple assumptions that I'd like to be able to adjust. Life expectancy is set at 90 for example

[@jeffsim4191]

@Black Life Matters nothing to do with him at all.

[@maryslapsys5141]

Depending on your current age, the age of retirement in Canada is increasing from 65 to 67. It's a gradual thing but for instance for someone born in August of 1959, they can't take cpp or oas until aged 66 plus 9 months. Makes a big difference for a lot of people.

[@ParallelWealth]

This was reverted back - no longer the case!

[@maryslapsys5141]

@@ParallelWealth hate to tell you this but the libs have set April 1, 2023 as the beginning of the increase. There's a table showing the effects depending on your date of birth.

[@ronbonora7872]

this is no longer true! do some research!

[@maryslapsys5141]

@@ronbonora7872 actually it doesn't affect cpp, just oas and gis. You can still take cpp at 60 or defer till up to 70.

[@maryslapsys5141]

Actually I was wrong - the increase in retirement age only effects oas and gis, not cpp.

[@brianmatthews2163]

Love your videos! I've recently heard about a part of CPP called the Post Retirement Disability Benefit (PRDB). Can you do a video about it?

[@ParallelWealth]

Yes search our vids. Another one out this summer too

[@91rss]

Showed this to a friend, He said all those people that were on unemployment and that CERB are going to find out those years will not earn any credit toward the CPP , and those that paid 200 odd grand over their career to a work pension will find out those that didnt will make as much via the GIS. without paying

[@FUMoney33]

Getting GIS is a sign you failed miserably at planning for retirement.

[@Dan-qt7kq]

I guess doesn’t take into the greedy ex wives who figure they deserve you get yiu one more time.

[@GorgonnogroG]

You said you're name so fast could not understand it sounded like add milk

[@ParallelWealth]

Adam. Welcome to the channel!

[@GorgonnogroG]

@@ParallelWealth thanks 😊

[@GorgonnogroG]

@@viewerplus I didn't complain I just asked because he spoke too fast and I couldn't understand his name

[@NicholasPittman-n4k]

CPP IS A JOKE BRING IN UBI