Canadian wants to know when he should take out Canada

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QUESTION: Is someone better off taking their Canada Pension at age 60 or wait until 65?  I am 60 years and am on a modest company pension.  I have a small income from GIC's and other investments.  If I understand correctly, If I start collecting CPP now at a reduced amount, at the end of twenty years I will have collected the same total amount as I would have if I started collecting at age 65 years.  Thanks.
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david ingram replies:
You will either like the answer or not like it.   I am 61 and can't make up my mind either.  If you die before you are 65, there is no doubt that you would have been better off taking  it now.
I have decided to keep on contributing because I can and am still working.  If I was retired and not going to work anymore, I am pretty sure I would take it now.
A small thing but there nevertheless is that taking a smaller amount for ever could result in less clawback of the old age pension when you hit 65.
Not much help but there it is.  I think you should take it now unless you can tell me what day you are going to leave this mortal earth, in which case we could calculate your options exactly.
If you know you are going to live till 90 for instance, you are definitely better off waiting longer to start.  
On the other hand, if you are a philanderer and might get shot by an irate husband next week, you should definitely start now.
David Ingram's US/Canada Services
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Disclaimer:  This question has been answered without detailed information or consultation and is to be regarded only as general comment.   Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
This from "ask an income tax and immigration and bankruptcy expert" from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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You may find more answers at www.centa.com
David Ingram of the CEN-TA REALTY  Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
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