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Email this3:40 pm
February 17, 2013
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HI! I have a couple questions about CPP I can't find an answer to on their web site. Any help would be appreciated!
1) My sister applied late for hers, only a month before her 60th birthday. She applied to have it begin @ 60. Since it takes months to process, will she be paid for the months that it takes to get the claim going after her 60th birthday, or will it start when the claim is finally processed? Their web site says they don't pay retroactive, but I assume that to mean you can't apply in Nov after you turn 60 and have it backdated to Jun. Anybody know for sure?
2) If I apply @ 60 but continue to work and contribute, will my rate go up or is it fixed at the time I apply (that will Nov 2017, so -36% of max rate)? I plan to work another 20 months after my 60th.
Thanx for your help!
4:17 pm
December 23, 2011
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Rick said
HI! I have a couple questions about CPP I can't find an answer to on their web site. Any help would be appreciated!
1) My sister applied late for hers, only a month before her 60th birthday. She applied to have it begin @ 60. Since it takes months to process, will she be paid for the months that it takes to get the claim going after her 60th birthday, or will it start when the claim is finally processed? Their web site says they don't pay retroactive, but I assume that to mean you can't apply in Nov after you turn 60 and have it backdated to Jun. Anybody know for sure?2) If I apply @ 60 but continue to work and contribute, will my rate go up or is it fixed at the time I apply (that will Nov 2017, so -36% of max rate)? I plan to work another 20 months after my 60th.
Thanx for your help!
1. Not sure ..... but it does not take months. Mine came quite quickly.
2. Apply a few months before you are 60. I think you have to have a break before you go back to work. I believe if you continue to work or go back to work you HAVE to pay into it and it becomes optional if you work after age 65. Good questions.....I would like to hear if you are 60, taking early CPP, working, does your payment go up monthly or is it adjusted annually or?
Here is a read for you .... it might help for other stuff too. I got a copy from the BC Govt but it looks like all provinces have their version of it.
5:50 pm
February 17, 2013
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kanaka said
" I think you have to have a break before you go back to work. I believe if you continue to work or go back to work you HAVE to pay into it and it becomes optional if you work after age 65. Good questions.....I would like to hear if you are 60, taking early CPP, working, does your payment go up monthly or is it adjusted annually or?"
The requirement that you have to "quit" work for a month before you collect will not be in effect when I retire. I THINK it no longer applies as of now.
6:05 pm
December 23, 2011
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Rick said
kanaka said
" I think you have to have a break before you go back to work. I believe if you continue to work or go back to work you HAVE to pay into it and it becomes optional if you work after age 65. Good questions.....I would like to hear if you are 60, taking early CPP, working, does your payment go up monthly or is it adjusted annually or?"
The requirement that you have to "quit" work for a month before you collect will not be in effect when I retire. I THINK it no longer applies as of now.
You could be quite right. I do know some one who remained working and started CPP early just took a months leave of absence from work.
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