Your monthly payment is reduced by 0.6% for every month before your 65th birthday you start taking your CPP. That’s 7.2% per year. Conversely, if you delay receving your CPP until age 70, your payments will be permanently increased by 0.7% for every month after your 65th birthday you delay, or 8.4% per year.
Example: if your CPP payment at age 65 is to be $1,000 then taking it at age 60 you receive $640 / month indexed. If you wait till age 70 you receive $1,462 / month indexed.