Calculating your CPP payout

Trying to figure out how much you’ll get from the Canada Pension Plan when you start getting your payouts? Don’t rely on Service Canada’s official online CPP calculator (servicecanada.gc.ca). While its estimates are reasonably accurate if you’re close to your CPP start date, its future projections can be way off the mark. That’s because CPP entitlements depend on complex earning patterns which the calculator doesn’t fully reflect. If your average level of earnings continues unchanged right up until you retire, the calculator works fine, but it can get tripped up by major changes. It also doesn’t reflect adjustments for periods of low income due to raising kids. If you need a more accurate projection of future benefits, consider hiring CPP expert Doug Runchey. He runs a website at drpensions.ca and his services start at $25.

Calculating your CPP payout

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