FAQ: Can I Input CPP Estimates Instead of the Year-By-Year CRA Data?
Yes, you can, but the estimate from service Canada can be misleading, especially if you're a number of years away from retirement.
One of the downsides with the Service Canada CPP estimate is that they assume that you keep working at your same average earnings until age 65, or 70. Secondly, if you're quite a few years from retirement, the estimate from Service Canada does not include CPP enhancement, which can be a huge factor.
By using the year-by-year CRA data your estimate on the platform will be dynamic and change with the other assumptions you include in your plan.
If you'd still like to enter in an estimate, you can see how in the video below.
Steps to Adjust CPP Estimates
Step 1: Navigate to the Planning Projections Section
- Go to the Planning Projections section in Discovery.
Step 2: Override the Automatic CPP Estimate
- Locate the default CPP estimate in the projection (e.g., $6,500/year).
- Replace it with your specific estimate:
- Example: Input $9,900/year indexed to inflation.
Step 3: Adjust Start and End Years
- Clear income entries for years when CPP benefits do not apply:
- Example: If CPP starts at age 64, remove amounts from all years before 64.
- Set zeros for those years to ensure accurate projections.
- Confirm the new estimate begins at the correct age (e.g., age 64) and continues through retirement.