MyBenefits will only ask you for your date of birth. Once entered, our calculations can estimate how much you can expect to receive.

Have a known health issue?

While we don't ask for information on your health, if you have known health issues that might affect your life expectancy, this can change the optimal start age for OAS and CPP.

If you have any other questions or concerns, contact our professional Actuary here.

Still working?

Many Canadians are working past age 70 due to desire or financial need. You can delay taking OAS and CPP, but once you are 70, you are forced to take both benefits.

You can apply for OAS while still working; however, you do need to stop working, if only temporarily, to apply for CPP benefits.

What about taxes?

Both OAS and CPP income is considered taxable income. If you are still working and then start taking these pensions, you could pay more income tax than necessary.

Only seriously consider this option if you cannot live without the extra income, or you have a short life expectancy (10 years or less). Consider running MyPRIM to see how much your total retirement income is.

There are several reasons why choosing the optimal age to start CPP (which is usually later in life) may not be right for you. For example, you may not have enough retirement savings to afford to live without taking CPP early, especially if you have to retire before age 65.

Or, you may wish to engage in expensive activities such as travelling. Even if you don't need your CPP to live on, the extra income would be helpful despite paying more tax than is really necessary. That said, if you have the choice, it is usually better to draw down your retirement savings rather than elect to start CPP early.

You may also worry that CPP will 'run out' or be reduced, so you want to get your share as quickly as possible. CPP is evaluated by professional actuaries regularly, and is as secure as the federal government pension plans. It is also being expanded to provide higher benefits to future retirees, and the CPP investment fund is widely and professionally managed for competitive long-term returns.

If you want to see the impact of deferring CPP on your retirement income, you can explore our MyPRIM report which takes into account income tax and inflation.

There are several reasons why choosing the optimal age to start OAS (which is usually later in life) may not be right for you. For example, you may not have enough retirement savings to afford to live without taking OAS.

Taking OAS early may also help higher-income earners from having their OAS clawed-back.

Or, you may wish to engage in expensive activities such as travelling. Even if you don't need your OAS to live on, the extra income would be helpful despite paying more tax than is really necessary. That said, if you have the choice, it is usually better to draw down your retirement savings rather than elect to start OAS before age 70.

You may also worry that OAS will be cancelled by the federal government, and you want to get your share as quickly as possible. Since the OAS program is funded from our tax revenues, this is always a possibility.

And if you want to see the impact of deferring OAS on your retirement income, you can explore our MyPRIM report which takes into account income tax and inflation.