CPP and OAS: Should you take the money or wait?: Stan Wong
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Published: October 22, 2026 at 5:00a.m. EDTWho would turn down a 42 per cent pay raise? That is effectively the choice facing Canadians deciding when to collect their Canada Pension Plan (CPP). Waiting until 70 rather than starting at 65 increases monthly payments by 42 per cent. The catch? Five years without collecting a penny. Clients frequently ask me whether they should begin collecting CPP as early as age 60, wait until 65 or defer until 70, and when they should start Old Age Security (OAS). Many instinctively favour taking the money early. But the better question is how these decisions fit into their overall financial plan. Do you actually need the income? Consider two retirees, both aged 65. One has a workplace pension, substantial investments, and no immediate need for additional income. Deferring CPP could strengthen financial security later. The other relies on investment withdrawals to pay everyday expenses. Collecting earlier might reduce the need to sell investments during a market downturn. The same pension rules can produce very different answers.
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