How To Calculate Your CPP Payment Accurately

5 ways to level up your financial plan:

OUTLINE
0:00 - Intro
0:44 - The Complexity of CPP
1:20 - Doug Runchey Article
2:44 - Calculator One
4:14 - Neo Financial
5:58 - Calculator Two
7:24 - Calculator Three
8:34 - Child Rearing Years
9:13 - We're Trying To Make One!

This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.

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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

[garth]

I just had Doug take a look at my CPP. He had my calculations done in 48 hours..and that was the weekend. Very impressive. My CPP calculation came in $15.25 less a month because of my non contribution years. Great resource thanks Doug and Adam.

[jocelyneleger]

Thank you for all you info. With each video that I watch, you make me think.

[rg]

Thanks Adam for pointing us in the right direction.

CRA really should have a calculator available online for this. They have all of our individual data and have the means to develop it.

[richardsalsman]

Adam thanks for this I was looking for a way to estimate CPP. I got the calculator and downloaded the my contribution files ran the calculator couldn’t be easier

[ExcellentDude]

Thanks for the resources! It is a very difficult problem to solve.

[leezardo]

Thanks for the update, Adam. I have been waiting for your calculator and appreciate the info. I broke down today and waited over an hour on the phone to get the answers I needed for my future CPP payments. I needed to know the child rearing amount and the CPP amount based on the assumption that I would not be contributing after 2019. So glad to have this info and I know many people will be very happy with your suggestions and future calculator.

[alanang]

Great info. I tried calculator #2 (from The Measure of a Plan) -- it's an awesome tool!

[edkolly]

The process is complicated because the federal of Canada want to pay the least amount of pensions as possible!

[TheBreamer]

My CRA can tell you what you will get at 60, 65 and 70. My Service Canada Account > Canada Pension Plan/Old Age Security -> Estimated Monthly CPP Benefits. If you set up and account, it's all there

[tivertontom]

do these calculators project forward? I have zero income years (2022, 2023 and expecting going forward - ie. retired). while I like the idea of delaying to 70 for the biggest payout, I'm adding all those zero years and already have 9-10 very low income years, less than $5000 (high school, university and poor business years). Wondering if in this case if averaging with additional 4-6 zero years will punish me more than 7%/year waiting to 70

[sandeeptanjore]

Thanks Adam for these calculators. They are excellent tools which gives us a (very close or precise) good idea of where we stand w.r.t CPP. Wish there was one such tool or eminent people (for guidance) for QPP as I live in Quebec.

[taranaz]

So excited to see your DIY tool. I use eMoney currently, but its American, so has some issues. i can edit tax rates but not age i can access TFSA/RRSP as it characterises as IRAs

[lisemalette]

Could you calculate an estimate of what I could get for a combined survivors pension and regular cpp at 65. I'm widowed (since February 2019 and turned 57 in May of that year). I went through cancer treatments in March 2020, applied for and was approved for cpp disability about 4 months later. I currently receive $1024.90 for the combined survivors pension and cpp disability. And I turned 60 this past may.

[jameslazar]

Another great video, Adam. I will definitely check out the links you provided and will very likely reach out to Doug for some what-if scenarios. In my case, my wife will likely retire before 60 but we likely won't start CPP until 65, but I would like to know what that optimal age is, given child rearing and the early departure from the work force.

I am very interested in seeing a good DYI tool that would allow me to plug in our numbers and play with scenarios. I like this aspect of financial planning and prefer to do it on my own. Perhaps if you bundled it with a fee based support for questions, that would be the best of both worlds.

[ianblair]

Subscribed…but cpp calculator what gives?

[billm]

I did the calculations on excel spreadsheet we did it in business university 1st yr. Its not that hard to make it and plug in figures and get a near accurate result where CRA is always a wrong estimate.

[MegsCarpentry-lovedogs]

Always something practical and new. Keep up the extremely helpful work Adam and...your team too!

[edwarddooley]

Hi Adam: I started collecting CPP at age 60, I had worked in Australia and paid taxes for 10 years (2004 to 2014) during that time I contacted Service Canada and received conflicting information regarding CPP payments while overseas, I was told by Service Canada that the taxes I paid in Australia could be used to “bump up my CPP “ while I was outside the Country, when I returned to Canada in 2014 I learned that Service Canada had lied to me about this.

[brendalizzi]

Thank you Adam! Your videos are amazing and so helpful!

[wyleecoyotee]

If CPP only depends on past contributions then why do they need all the other financial information?