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September 12, 2022

On average, Canadian retirees aged 65 only received 58% of the maximum amount they could have been eligible for?

In April 2022, the average monthly amount paid for a new retirement pension (CPP) was $727.61, while the maximum amount is $1,253.592.1 2


Maximum amounts for government pension plans in 2022

Governement pension plan


Maximum monthly 
payment amount





Before 65, payments will decrease by 0.6% each month, up to a maximum reduction of 36% if your client start at age 60.



65 or older


After 65, payments will increase by 0.7% each month, up to a maximum increase of 42% if your client start at 70 (or after).





75 or older




Retirement planning: Are government plans enough?

Most of your clients won’t be eligible for the maximum pension benefit amounts for a few reasons:

  • Average income not sufficient to make maximum contributions. CCP/QPP : In 2022, the maximum contributions of the CPP/QPP are $3,500 and $3,776, respectively, and correspond to a salary of $64,900.
  • The number of years of contributions to government plans between 18 and the time benefits are paid.
  • The age when benefit payments begin.

Government plans are more of a complementary income than a primary source of income. To accomplish their retirement plans, your clients must therefore rely on supplemental plans (RRSPs, TFSAs, private pension plans).


The importance of retirement planning

Making a retirement plan goes far beyond available income. The disbursement plan must also take into consideration:

  • A sequence of activity periods, from an active period to gradually less active periods, during which financial needs will be different
  • The projects planned during the most active period (trips, renovations, financial assistance to children and grandchildren, etc.)
  • An increase in health care expenses over time
  • Your clients’ family history (longevity vs. premature death)
  • Unexpected expenses
  • Inflation


It’s never too early to talk about retirement

If they could turn back the clock, 23% of retirees would consider getting more retirement planning advice.3


Talk about it today!

F13-668 - Planning the retirement income


 1 Benefits paid are taxable. Data excludes QPP.

 2 Government of Canada, Pension Plan - Overview, 2022

 3 The new retirement reality, Mackenzie Investments

Topics : Savings, Investments

Written by iA

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