How much do I need to pay into the Canada Pension Plan (CPP), and for how long, in order to receive the maximum amount when I retire?
Answers
How much you get as your CPP retirement pension depends on various aspects like:
• The length and amount of your contribution to the CPP
• The age you start your pension
• Your average income throughout your working days
• etc.
Starting the pension at the age of 65, the maximum monthly payment you may get is $1,253.59. And the average monthly amount is $779.32. (Last updated in January 2022). Your condition dictates how much you will receive up to the maximum.
Suppose you want an assessment of your CPP retirement pension payments per month.
In that case, you should sign in to your My Service Canada Account. If you don’t have an account, try registering for one. The website will send you a personal access code for finalizing the registration. My final tip is to use the Canadian Retirement Income Calculator to better understand your future financial safety.
