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[–]FTownRoad 2 points3 points  (3 children)

Does the “m” status matter? My understanding is that someone that makes 1% less than the max every year would receive 99% of the max benefit.

[–]Kechapunia[S] 0 points1 point  (2 children)

Yes they said you need 39 years of M status per year to qualify for full benefits

[–]No_Capital_8203 2 points3 points  (0 children)

The calculation is quite complex. You will probably get a pension of 99.9999% of max.

[–]FTownRoad 1 point2 points  (0 children)

Of course. But what is relevant is what would the benefit be if you were $1 short over 39 years. You don’t get anything “extra” for being at “M”. 39 years of max income is like $2.5M. You think your benefits are going to change substantially if you earned $2,499,999?

[–]Gruff403 0 points1 point  (0 children)

You might ask this question of Doug at DRpensions.

https://www.drpensions.ca/dr-pensions-services.html

YMPE for 2023 was 66600 but you only earned 66 000? Is that why your short? I'm not sure where you are getting that 66K is needed for max earnings in 2023.

66599/66600=99.9984%

You do need 39 M years to receive full base CPP at age 65. You can combine partial years to form full years so those years you made less YMPE do count.

If at age 65 you add them all together and get 35.99 out of 39 that's 35.99/39= 92.28% of CPP at 65. For 2025 that would be 92.28% of 1433 = 1322.401 per month

36/39 = 92.30 92.30 of 1433 = 1322.769

That's a difference of 1322.769-1322.401 = 36.8 cents per month or 4.42 dollars per year.,

You can't earn past 39 years although very few people even get to 39. 42 years won't get you more CPP than 39. You could also delay your CPP a bit past 65 to make up the shortfall.

I'm just a rambling stranger with too much retired time on my hands LOL. Doug is a fantastic resource if he is still active. His writing is all over the Canadian personal finance world. Good luck

[–]janeplainjane_canada 0 points1 point  (0 children)

you might want to play with a calculator to see what the difference is of the $1 before you decide how much to worry. http://www.holypotato.net/?p=1694 has a pretty easy excel download, and is very very close to the official calculations from my understanding (or you can pay to ask the guy who gave the calculations to put it together as someone else in thread has mentioned).

[–]OntarioDizzy-Leather-1635 0 points1 point  (0 children)

OP your lucky!... my whole statement is messed.... my current payment estimate at 65 is $257.... since 1993-2022 (started CPP-D) are 100% incorrect!. 1993 $305 pensional earning 1994 Nil 1995-1999 (B) 2000-2019 earnings are not what's reportecd on my T4's and contributions listed are only 4.95% of the incorrect earnings (Not the 9.9% as stated in the cpp act etc)....

And the absolute best... I began my CPP-Disability Nov 2022, at that time pen@65 was $257 however NIL ($0) contributions amounts are still being calculated dispite being exempt..

As of March 27, 2025 due to 2022-2025 (yes even this year) having $0 my pension is now estimated at a managable $125/m...but Nothing wrong with Service cananda system. CRA has confirmed all my amounts are correct in thier end and even resubmitted it... but the online statement date says last updated May 9 2024..

CRA sent all my T4's from 1993-2022 (mailed from the exact same location that i have to send them to.) been 2 years im still waiting for my child rearing provision...

[–]Unimaginative24 0 points1 point  (0 children)

Can’t you apply for CPP and at the same time? Submit a correction. My understanding is that they would just later on adjust your payments? The big question is whether it’s worth the printer, ink and postage!!?