CPP & OAS: When Should You Start?
One of the biggest retirement decisions is when to start CPP and OAS. Starting later means noticeably bigger cheques for life — but you collect for fewer years. Enter your estimates to see the monthly amount and lifetime total at each start age, and the break-even age where waiting pays off. Not sure which way to lean? Read when to take CPP and OAS.
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Frequently asked questions
How much does waiting actually change my CPP?
Taking CPP before 65 reduces it by 0.6% per month — up to 36% less if you start at 60. Taking it after 65 increases it by 0.7% per month — up to 42% more at 70. So CPP at 70 is roughly double the CPP at 60 for the same person.
Can I take OAS early?
No. OAS can’t start before 65, but you can defer it up to 70, gaining 0.6% per month (up to 36% more). Unlike CPP, there’s no early option.
What is the break-even age?
It’s the age at which the bigger (later-starting) cheques have paid out more in total than the smaller (earlier) ones. Live past the break-even and waiting wins; pass away before it and starting early collected more. It’s really a bet on longevity.
Are these amounts inflation-adjusted?
CPP and OAS are both indexed to inflation in real life. The break-even comparison ignores indexing on purpose, because it raises every start age by the same factor and so doesn’t move the crossover age. Use your own “at 65” estimate from your My Service Canada Account for the most accurate result.
Does this account for the OAS clawback?
No — this tool focuses on start-age timing. If your net income is high in retirement, OAS can be partly or fully clawed back (the OAS recovery tax). That’s a separate consideration worth checking if your income is well into six figures.