Q&A: Wants to collect CPP and keep teaching

Question: I am in an unusual situation re taking CPP early. Here are the facts: I am a retired teacher collecting my teachers’ pension plan, but am still teaching in a private school. I remarried a few years ago and my wife and I have twin boys, 13 months old. I turn 60 in September. Under the rules of the Ontario Teachers’ Pension Plan, our pension is reduced by the full amount of the CPP upon reaching age 65. Due to my personal/financial circumstances, I would like to keep teaching for several years. It would also be very helpful for me to take my CPP as early as possible. Is there any way that I can continue teaching and still take the CPP when I turn 60? By the way, read all of your books; loved them. Very helpful! – Brian P.

Gordon Pape responds: Yes, you can continue to teach while collecting CPP provided you can arrange to stop work for about five weeks and then restart. CPP rules require that you not be working at the end of the month before benefits begin and that you not work in the first month after you start collecting. The Service Canada website uses this illustration: “For example, if you want your pension to begin in April, you have to stop working by the end of March and you cannot work during the month of April.”

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