Question

how much is canada pension

Answer 1

There are various types of pension plan you could be eligible to receive as follows:

1. Canada Pension Plan (CPP) pay out is not the same for everyone. It depends on each person's circumstances and on the contributions they made during their working career life. 

Some of the factors that affects the amount of pension a person receives are as follow:

(A) Your average earnings made annually throughout your working life.

(B) The contribution amount and the number of years you have been contributing to your Canada pension plan. 

(C) The age you started contributing to your Canada pension plan. 

For rough estimate, year 2021 the "maximum" amount that a person can receive at the age of 65 or more is $1203.75 monthly. But the "average" that most people get is much lower at $620.  

2. Canada Pension Plan (CPP) post retirement benefit.

If you continue to work after age 65, while receiving your CPP (Canada Pension Plan), and you are making regular contribution to your CPP (Canada Pension Plan), you could qualify for CPP post retirement benefit. 

Your contribution will go toward post retirement benefits and this could increase your retirement income you receive after you finally retire. When you reach age 70, you will no longer be able to contribute to Post retirement benefits anymore, even if you decide to still continue working. Now this "post retirement benefits" you will receive for the rest of your life on top of the regular Canada pension plan benefits. 

3. Canada Pension Plan (CPP) Disability.

This is a monthly payment you can get if :

(A) You are under age 65.

(B) Have contributed enough to the Canada Pension Plan until the time your disability started. This will be calculated for you automatically.

(C) Posses a mental or physical disability that prevents you from performing any meaningful  gainful work.

(D) Your disability must be of long term and of indefinite duration, which could likely end in death sooner or later. 

(E) You must not be already receiving the Canada Pension Plan retirement benefits at the time of application. 

4. Children's benefits.

Your dependant children could be eligible to receive a monthly payment, if you are currently receiving a disability benefits. Your children also must be under age 18. If your children is between age 18 to 25 but attending school full time at a recognised school or university, they could be eligible as well. Your child also must be "Natural"  by birth and not adopted.

There is also the "Surviving Child's benefit" which pays monthly amount to the child of a "deceased" contributor. But for this to qualify, the deceased contributor must have made enough contribution to their Canada Pension Plan (CPP).

5. Canada Pension Plan (CPP) Survivor's Pension.

This is a monthly payment made to the legal spouse or common law partner of the deceased contributor. This will be combined together with your other Pension Benefits and paid to you as a whole amount rather than seperately. 

6. Canada Pension Plan (CPP) Death benefit.

This is a one time payment of $2500 payable to the estate or eligible individuals on behalf of a deceased Canada Pension Plan (CPP) contributor. 

For a more accurate calculation of your estimated pension plan, you will need to use the government "My Service Canada Account" online. If you don't have an account yet, you can register for an account at "My Service Canada Account". 

This online account allows you to access view, update or apply for Canada Pension Plan (CPP), Old age security (OAS), Canada pension plan disability, CPP Death Benefit and Employment Insurance (EI).