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Wed, Apr 4th, 2018, 03:12 PM #16
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Wed, Apr 4th, 2018, 03:22 PM #17
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Wed, Apr 4th, 2018, 05:16 PM #18
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Thanks for the article and link. I looked at the comments and my coworker's plan came to mind. My coworker looked at how long parents and grandparents lived before deciding on taking the money early. Like one of the commenters (Russ), my coworker invests the money so that there is little or no tax paid on any again.
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Wed, Apr 18th, 2018, 12:13 PM #19
Another very important consideration in the CPP evaluation is that you are only allowed the maximum payment. Therefore if a couple are both maximizing their CPP and one partner dies - that CPP is sucked up by the government. No increase payment to the surviving spouse in this case because they are already receiving the max payment. Break even point for taking pension at 60 vs 65 is that you need to live to 73 years old. Only 6% of retirees receive the max payment at 65 yrs old. My father received 2 CPP cheques before dying and my mother had a survivor benefit only 2 yrs before she passed away. Government sucked up the rest from my dad’s 40 yrs of employment.
I have seen no comparison is you take your CPP at 60 and pay down debt or put into a TFSA and invest it. This would no doubt shift the break even point of 73 years to even an older age point.
I turn 60 at the end of this year. I intend to take my CPP and continue to work part time - this will continue to grow my CPP payout. My CPP will be used to pay down debt and pay for holidays.
Average CPP payment is $650
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Thu, Apr 26th, 2018, 04:36 PM #20
wait until 65. don't take it early. especially if you are still working. tax man cometh!
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Thu, Apr 26th, 2018, 05:57 PM #21
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Thu, Apr 26th, 2018, 09:26 PM #22
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Once you start withdrawing from CPP you can no longer contribute to it. If your employer deducts CPP off your part time wages, you will get it back when you file for income tax. Your CPP payout will not grow anymore once you start receiving it even if you continue to work.
Last edited by barbis9; Thu, Apr 26th, 2018 at 09:39 PM.
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Thu, Apr 26th, 2018, 09:37 PM #23
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Thu, Apr 26th, 2018, 10:15 PM #24
From my understanding, that rule has changed. If you collect CPP and continue to work it is mandatory to keep paying into CPP. The government will then adjust your CPP higher. But yes the taxman always wins. While one must always consider health problems, there are always unexpected vehicle accidents too. I recall a few years ago in Saskatoon a newly retired married couple who were both teachers - killed in a car accident. All their CPP gone in a flash, plus a majority of their teachers pensions.
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Fri, Apr 27th, 2018, 08:41 AM #25
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If you continue working past 65, it is the employees decision to continue paying into CPP or not. You must fill in a form to cease deductions at 65 if you so choose. Otherwise if you opt to continue, you will be paying into and receiving a post retirement benefit( all this as per CPP website).
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Sat, Apr 28th, 2018, 02:32 PM #26
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best to collect CPP at 65 and if you're female at 70
the pay out is bigger and since women liver longerYou can't change other people. You can only change yourself"
- H. H. Getter
when we change our attitude, we change our lives
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Tue, Dec 31st, 2019, 01:51 PM #27
Auditor General of Canada on CPP Disability approvals showed that out of 70,000 annual CPP Disability Applicants, only about 40% were approved after the first application.
Since then, Service Canada has simplified the forms and application process to make it easier for applicants. But CPP Disability denial rates are still considerably high compared to other countries. Most of the time the reasons for the denial are not immediately clear, leaving applicants confused as to what they need to do in order to actually be approved.
Some of the reasons CPP Disability applicants get denied may include:
- The impairment not being recognized as eligible by the CPP Disability requirements
- A lack of information in the application to prove eligibility
- A lack of knowledge about certain provisions that if applied to the application, may have given it eligibility.
I myself got denied for these benefits
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Wed, Jan 1st, 2020, 01:47 PM #28
This is incorrect - check the government website.
You can continue to work from 60-65 and contribute to CPP. Once you are
finally done work your CPP will be re-calculated.
Bonus once one spouse is collecting a pension, that couple can income
split the pension so possibility of less income tax to pay out.
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Wed, Jan 1st, 2020, 01:52 PM #29
Last edited by dagney; Wed, Jan 1st, 2020 at 01:53 PM.
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Thu, Jan 2nd, 2020, 12:09 PM #30
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