Should I delay CPP, OAS, or both?

Two pensions. Two decisions.

You do not have to start CPP and OAS together. CPP can begin from age 60 to 70; OAS from 65 to 70. Compared with starting at 65, waiting until 70 increases CPP by 42% and OAS by 36%, before other adjustments. Those are increases in monthly payments, not a guaranteed increase in lifetime wealth.

What would fund the waiting years?

Compare the pension payments you would give up while waiting with the savings you would use instead. Your work income, health, spending, pension estimates and how long you may live all matter.

For a couple, test each person’s start dates separately alongside the household’s income. The same date need not suit both of you.

What will you keep after tax?

Look at CPP and OAS alongside money from retirement accounts and your corporation, if you have one. Higher income can mean paying back some OAS. This is called the OAS recovery tax, or clawback. Compare what you keep after tax.

The Guaranteed Income Supplement (GIS) is a separate consideration. You cannot receive GIS while deferring OAS, and a spouse or common-law partner cannot receive the Allowance during that deferral. Waiting does not increase GIS or the Allowance. If you may qualify, include the benefits you would miss while waiting.

Already receiving a pension?

There are still decisions worth planning. Review the timing of withdrawals, the other pension’s start date if it has not begun, and the income each spouse expects later.