Let's assume you are age 60 and have the option of taking your CPP early. My advice is to take it out, pay the tax and immediatley invest it into your RRSP to offset the taxes. Below is an example of the kind of income you could generate on your own by taking your CPP early and investing it to age 71 at which time you would transfer to a RRIF (Registered Retirement Income Fund).read more
