An Act to amend the Canada Pension Plan
Bill C-387 was a Conservative Private Member's Bill amending the Canada Pension Plan to allow CPP contributors to defer the start of CPP retirement benefits past age 70 with continued actuarial increases. The current CPP framework allows benefits to be taken between ages 60 and 70, with a 0.7-percent-per-month bonus for each month deferred past 65, capping at age 70 (a 42-percent total bonus). The Office of the Chief Actuary of Canada at OSFI has projected that allowing deferral to 75 could increase senior labour-force participation. C-387 did not pass second reading. The 2024 federal budget did not adopt the proposal.
Status
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Would let Canadians defer the start of their CPP retirement benefits past age 70 with the same actuarial bonus rule already used between 65 and 70 (0.7 percent per month, capping at a 42 percent total bonus at 70). Backers argued that letting Canadians defer to 75 would boost senior workforce participation. The 2024 federal budget did not pick it up; the bill stalled at second reading.
Issues this bill touches
- Cost of Living
PMB amending Canada Pension Plan benefit-calculation rules.
Legislative history
- First reading
First reading in the House of Commons.
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Official source
Read full text on Parliament of Canada