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Canada pension plan payment for 2021

Calculate the CPP benefits in Canada 2021

This calculator will help you calculate the payment you could receive from the Canadian pension plan benefits in 2021

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Average monthly earnings

To calculate the average monthly earnings you need to find the best years of services where the 8 years of your lowest earnings are exclude from the equation. The best years of earnings are calculated between your 18th anniversary and up to your 65th anniversary. If you made contributions to the CPP without receiving retirement pension from it, the periods of low earning before your 65th anniversary will automaticly be replaced by your higher earnings after 65 year of birth. The maximum amount to calculated is base on the countribution's maximums of each year. This maximum is named: year's maximum pensionable earnings or YMPE. After you had esthablished the average annual earning, you will simply have to divide it by 12 months.

How is your retirement pension calculated

Retirement pension at 65 = Average monthly earnings x Enhanced CPP for average monthly amount rate (%)
Monthly's retirement pension = Retirement pension at 65 x (Rate based on age of retirement/100)
Annual's retirement prension = Monthly's retirement pension x 12 months

Exemple

David decide to retire at 67 years old in 2021 and had an average of 1350$/month or 16 200$/year based on YMPE.

Retirement pension at 65 = 1350$/month x 29.165(%)
Monthly's retirement pension = 393.73$ x (116,8/100)
Annual's retirement prension = 459.87$ x 12 months
= 5 518.48$

Enhanced CPP for average monthly amount from 2018 to 2023

Retirement year Rate for average
2018 and earlier 25
2019 26.25%
2021 27.50%
2021 29.165%
2022 31.25%
2023 and subsequent years 33.33%

To get more information on this subject, please refer to Pension Adjustment guide of the Government of Canada website.

Cpp amount based on age of retirement

Numbers for 2021

Retirement age Rate (%) Maximum monthly amount
60 years64773,29$
61 years71,2860,28$
62 years78,4947,28$
63 years85,61034,27$
64 years92,81121,27$
65 years1001208,26$
66 years108,41309,75$
67 years116,81411,25$
68 years125,21512,74$
69 years133,61614,24$
70 years1421715,73$

Benefits payment dates

  • January 27, 2021
  • February 24, 2021
  • March 29, 2021
  • April 28, 2021
  • May 27, 2021
  • June 28, 2021
  • July 28, 2021
  • August 27, 2021
  • September 28, 2021
  • October 27, 2021
  • November 26, 2021
  • December 22, 2021

Get more payment's dates by following the Government of Canada website

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