FP Answers: Is there any advantage to continuing CPP contributions after age 60? via financialpost
for the past 38 years, most of them at the maximum. I am now self-employed and working part time, making about $130,000 annually. Is there any advantage to me continuing to pay into the CPP for the next five years until I start drawing CPP?Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
You also have the option of using your CPP contributions to fund the Post-Retirement Benefit program. The program allows Canadians who are older than 60, receiving CPP but still working and contributing to CPP, to receive additional benefits for their contributions. The PRB is a smaller pension benefit equal to 1/40th of the CPP and it can’t be split with a spouse for tax purposes. Like the CPP, if you collect it before age 65, it is reduced by 0.
This all sounds good, but there’s a catch. Starting your CPP early means a CPP reduction of 0.6 per cent for every month before you turn age 65, or a 36 per cent reduction if you start CPP at age 60.
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