However, starting in 2012, if you are between the ages of 60 and 70 and work while receiving a CPP retirement pension, you should be aware that:
- if you are under 65 and work in Canada while receiving a CPP retirement pension, you and your employer will have to make CPP contributions
- between the ages of 67 and 70, you can either make contributions or opt out. If you make contributions, so must your employer
- these contributions will increase your CPP retirement benefit through retirement
- if you start receiving your monthly CPP pension in January 2012 or later, your monthly benefit amount will decrease by a larger percentage if taken before age 65; you no longer need an interruption in work to be eligible and you can drop a longer period of low/zero earnings from the calculation of your retirement benefit.
For more information visit http://www.servicecanada.gc.ca/ or call 1-800-277-9914