Question 1

When should I start taking CPP benefits?

Accepted Answer

The optimal time to start CPP benefits depends on your specific situation. Taking CPP at 65 provides the standard benefit, while delaying until 70 increases your monthly amount by 42%. Our calculator helps determine the best age based on your health, other income sources, and retirement goals.

Question 2

How do Quebec retirement benefits differ from the rest of Canada?

Accepted Answer

Quebec has its own pension plan (QPP) instead of the Canada Pension Plan (CPP). While similar in structure, the QPP has some unique features and contribution rates. Quebec also has different provincial tax rates and programs that affect retirement income. Our platform accounts for these differences to provide Quebec residents with accurate projections.

Question 3

What is income splitting and how does it benefit Canadian retirees?

Accepted Answer

Income splitting allows Canadian couples to allocate up to 50% of eligible pension income to a lower-income spouse, potentially reducing the overall tax burden. This strategy works particularly well when one spouse is in a higher tax bracket. Our retirement planning tool calculates the optimal splitting ratio to maximize your household's after-tax income.

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