How much can I get?

In 2002, the average and maximum monthly benefits in CPP benefits were:

How much will I get when I retire?
That depends on how much you contribute to the CPP, for how long you have contributed and your age when you choose your pension to begin.

Let's say you worked most years between the ages of 18 and 65, earning a salary of about half the average Canadian wage. In 2002, this would be about $19,550.

At this level, you would receive approximately $4,700 a year as your CPP retirement pension, if you chose to start your pension at age 65. If your salary was $39,000, you would get about $9,465 a year.

The actual amount of your pension is calculated when you retire and is adjusted for inflation.

Will there be any money left when I retire?
Yes. You may have heard that the CPP was running out of money. This is simply not the case.

The CPP is managed by the Government of Canada and the provinces and territories. Changes have been made to strengthen the Plan's financing.

The latest actuarial report  on the financial state of the Canada Pension Plan, released in December 2001, confirms that the Plan is financially sound and will remain so for the next 75 years. Actuarial reports are released every three years. The next report is due in December 2004.

A new investment policy will secure the best return for contributors and beneficiaries alike. This policy ensures CPP funds will be invested in a manner similar to other large pension plans.

More information
The basic building blocks of retirement income

Statement of Contributions Main Page