Charting Retirement is a new weekly snapshot of retirement-related data.
The Canada and Quebec Pension Plan expansion kicked off in 2019 when both the contribution rate and benefits started to rise. The maximum pension payable will ultimately be 50 per cent greater in real terms than it was in 2019, but the actual increase will be less if one didn’t always contribute the maximum. It will take more than 40 years before the expansion is fully phased in.
Frederick Vettese is former chief actuary of Morneau Shepell and author of Retirement Income for Life. If you have a retirement-related question you want answered, send us an e-mail. We can’t promise to answer them all but we’ll have a look.