CPP and OAS in 2026: How Much Will You Receive at 60, 65 and 70?

Quick answer

CPP (Canada Pension Plan) and OAS (Old Age Security) are Canada's two main government retirement income programs. In 2026, the maximum CPP retirement benefit at age 65 is approximately $1,364/month ($16,368/year). The maximum OAS benefit at age 65 is approximately $727/month ($8,724/year). Combined, a retiree with maximum CPP and OAS receives about $2,091/month ($25,092/year) — before income tax.

Most Canadians do not receive the maximum. The average CPP benefit in 2026 is closer to $730–$780/month — because most Canadians did not contribute at the maximum rate for 39+ years. Planning for retirement income requires knowing your personal CPP estimate, not the published maximum.

How CPP works in 2026

CPP is a contribution-based program. Your future benefit depends directly on how much you contributed (which depends on your earnings and years working). Key facts for 2026:

CPP2 is an enhanced top-up contribution introduced in 2024–2025 that applies to earnings between the YMPE (~$71,300) and the Year's Additional Maximum Pensionable Earnings (YAMPE, ~$81,900). It generates a small additional CPP benefit on top of the base CPP.

How OAS works in 2026

OAS is not contribution-based — it is a universal benefit paid to Canadian residents who are 65+ and have lived in Canada for at least 40 years after age 18 (for the full benefit). Those who lived in Canada for fewer than 40 years receive a proportional OAS.

The OAS clawback (officially the OAS Recovery Tax) reduces your OAS benefit by 15 cents per dollar of net income above ~$90,997. A retiree with $100,000 income would see their OAS reduced by ~$1,350 annually ($90). Full OAS elimination occurs at approximately $148,000 net income. RRSP withdrawals, capital gains, and rental income all count toward the clawback threshold — TFSA withdrawals do not.

CPP and OAS timing strategy

When to take CPP is one of the most important financial decisions Canadians make:

• Take at 60 (early): 36% reduction vs age 65. Makes sense only if you have poor health, need income urgently, or believe you will not live past mid-70s.
• Take at 65 (standard): The default. Most Canadians take CPP at 65 when OAS also becomes available.
• Delay to 70 (maximum): 42% bonus vs age 65. If you are healthy, still working, and have other income to live on until 70, delaying CPP to 70 is mathematically optimal for anyone expected to live past 83–84. The breakeven vs taking at 65 is approximately age 83.

OAS can also be deferred to age 70 (+8.4% per year delayed, total +36% vs starting at 65). RRSP-to-RRIF conversions and CPP/OAS timing interact with income thresholds — a tax professional who specializes in retirement income planning can run the numbers for your specific situation.

Bottom line

In 2026, maximum CPP is ~$1,364/month and maximum OAS is ~$727/month — combined, roughly $25,000/year before tax. Most Canadians receive less than the CPP maximum because they didn't contribute at maximum rates for 39+ years. Check your personal CPP estimate on CRA My Account under "Canada Pension Plan / Statement of Contributions." For most working Canadians, CPP and OAS will replace only 30–50% of pre-retirement income — the rest must come from RRSP, TFSA, FHSA, and other savings. Delaying CPP to 70 (if you have other income) increases your benefit by 42% and provides inflation-adjusted income for life — the best longevity insurance available in Canada.