What you need to know
When you retire before age 65, OPTrust pays you a bridge benefit until your 65th birthday.
At age 65 the bridge benefit ends.
Your Retirement Confirmation Statement includes your age 65 pension amount.
You can apply to collect CPP as early as age 60 with a reduction or unreduced at age 65.
You may be in a higher tax bracket when you start receiving CPP.
Your pension and turning age 65
Find out why your pension changes when you reach age 65.
The early retirement bridge benefit
How to apply for CPP and OAS
Decide when to collect CPP, you can start as early as age 60. a. You must apply with Service Canada to collect CPP.
If you wish to start collecting your Old Age Security (OAS) at age 65, apply with Service Canada, six months before your 65th birthday. You can also choose to delay collecting your OAS pension until age 70.
Update your TD1 if your tax bracket changes.
Register for your Online Services account – to update your contact and beneficiary information, view your annual tax slips, access your Pension Information Change statement, and more.
TD1 Federal Tax Form
Canadian Retirement Income Calculator
The Government of Canada’s Canadian Retirement Income Calculator will provide you with retirement income information, including the Old Age Security (OAS) pension and Canada Pension Plan (CPP) retirement benefits so that you may estimate your total retirement income from all sources.
Use retirement income calculatorPayroll Deductions Calculator
Use the Government of Canada’s Payroll Deductions Calculator (PDOC) to calculate federal, provincial (except for Quebec), and territorial income tax deductions to estimate your net income at retirement.
Use payroll deductions calculatorWhen to update your information through your Online Services account
Any life changes – marriage, new common-law spouse, separation, divorce, new beneficiaries.
Changes to contact information – address, phone number, email address.