Should I Delay CPP Until 70? What Deferring Past 65 Changes

Waiting past 65 to start your CPP retirement pension makes it larger for life, up to age 70. This page covers how the increase works, what it costs in payments given up, delaying OAS as well, and when to apply. The full comparison of every start age from 60 to 70, with breakeven tables, is in CPP at 60 vs 65 vs 70; all CPP guides are in the Canada Pension Plan hub.

How the increase works

For each month you delay after your 65th birthday, the pension rises by 0.7%, which is 8.4% a year and 42% at 70. There is no increase after 70. The increase is permanent, and the pension is then indexed to inflation each January like any other CPP pension.

Source: Service Canada, when to start your CPP pension.

What it costs, and the breakeven age

Delaying from 65 to 70 gives up 60 monthly payments. The larger pension makes up for them at about age 82, whatever the size of your pension; before that, starting at 65 would have paid more in total, and after it, starting at 70 has.

How that compares with your own life expectancy is the main question. For reference, Statistics Canada’s life table for 2024 (released January 2026) gives a 65-year-old man a remaining life expectancy of 19.75 years and a 65-year-old woman 22.45 years.

What tends to make delaying worthwhile, and what doesn’t

Delaying is easier when you have other income for 65 to 70: work, a workplace pension, RRSP or RRIF withdrawals, a TFSA, or a spouse’s income. Drawing on an RRSP in those years reduces the balance that later RRIF minimums apply to. A larger inflation-indexed pension also protects against outliving savings, which matters more the longer you live.

Delaying is harder to justify when you need the income at 65, when your health suggests a shorter life, or when your income is low enough for the GIS. CPP counts as income for the GIS, so a larger pension later means a smaller GIS then. For a couple, the survivor’s pension and pension sharing have their own rules.

Delaying OAS as well

Old Age Security can also be delayed to 70: it rises by 0.6% for each month after 65, up to 36% at 70 (OAS deferral). At the maximum amounts:

Monthly totals using the maximum CPP pension starting in January 2026 and the maximum OAS for ages 65 to 74 for October to December 2026. OAS is 10% higher from 75, and at higher incomes it is reduced by the OAS recovery tax.

When to apply

You can apply up to 12 months before the start date you choose, through My Service Canada Account or on paper (how long the first payment takes). If you apply after 65 without having chosen a later date, the start can be backdated up to 11 months, but not to before the month after your 65th birthday; months before that are not paid, and delaying on purpose means choosing the later start date rather than claiming back payments.

Source: Service Canada, apply for the CPP retirement pension.