For those already receiving CPP benefits, their rate will increase by 1.8%. The maximum CPP benefit for new recipients age 65 is now $1,065 per month. The amount you receive is based on your average yearly maximum pensionable earnings for the five years prior to retirement, plus whether or not you took early benefits. Speak with your financial planner to calculate your possible benefit and best retirement age.
The OAS rate for the first quarter of 2015 (January to March) is $563.74 per month.
NOTE: The Old Age Security (OAS) benefit is paid to qualified Canadian citizens regardless of income during their working years. The Canada Pension Plan (CPP, or the Quebec Pension Plan in Quebec) is based on contributions and income during your working years and also offers disability, death, survivor and children’s benefits.