If you were receiving a CPP retirement pension that started in 2012 or earlier, any pensionable earnings that you had in 2013 will generate a post-retirement benefit (PRB), that will be effective January 2014. If you receiving a CPP retirement pension that started in 2013, you may also qualify for a PRB if your earnings exceeded the pro-rated YMPE for the number of months in 2013 before your CPP started.
If you were age 65 as of Jan 2014, the amount of your PRB would be approx. $5.00 monthly, for every $10,000 of pensionable earnings that you had in 2013, meaning that if your earnings were at or above the YMPE, your PRB would be approx. $26.00. If you were younger or older than age 65, that amount would be decreased or increased by the standard CPP age-adjustment factor, based on your age as of January 2014.
Although the PRB will be effective January, don't expect to receive any money until your 2013 income tax return has been assessed by CRA and your pensionable earnings info has been forwarded to Service Canada. That means that sometime around May or June 2014, you should receive a retroactive adjustment back to January, and your PRB will then be added to your regular CPP payment from then on.
If you want further details on the PRB, check out this weblink: http://www.drpensions.ca/dr-pensions-PRB.html
If you were age 65 as of Jan 2014, the amount of your PRB would be approx. $5.00 monthly, for every $10,000 of pensionable earnings that you had in 2013, meaning that if your earnings were at or above the YMPE, your PRB would be approx. $26.00. If you were younger or older than age 65, that amount would be decreased or increased by the standard CPP age-adjustment factor, based on your age as of January 2014.
Although the PRB will be effective January, don't expect to receive any money until your 2013 income tax return has been assessed by CRA and your pensionable earnings info has been forwarded to Service Canada. That means that sometime around May or June 2014, you should receive a retroactive adjustment back to January, and your PRB will then be added to your regular CPP payment from then on.
If you want further details on the PRB, check out this weblink: http://www.drpensions.ca/dr-pensions-PRB.html