Canada Pension Plan Payments Go Out Soon & You Could Receive Over $1,300
Eligibility, pension amount, payment dates and more.
The exterior of a Government of Canada building with a Canadian flag on the roof.
Canadians have been feeling the impact of inflation and the rise in cost of living and Canadian seniors are no exception.
The Government of Canada offers a range of federal benefits and credits to provide support, particularly for families facing financial strain. For those 60 years of age and up, you can benefit from the Canada Pension Plan and Old Age Security.
Payments for the Canada Pension Plan are going out soon, with the very first payment of 2024 taking place on January 29. It's best to verify if you're eligible for Canada's pension plan as you could quality for over $1,300 per month.
Here's everything you need to know about the Canada Pension Plan, how much you can receive and when payments go out.
What is the Canada Pension Plan (CPP)?
According to the Canada Revenue Agency, the Canada Pension Plan (CPP) retirement pension is a monthly, taxable benefit designed to supplement your income during retirement.
Eligible contributions can stem from employment in Canada or credits received from a former spouse or common-law partner following the dissolution of the relationship.
Who is eligible for the Canadian Pension Plan?
Per the Canada Revenue Agency, CPP payments are not automatic — you must apply. However, before applying it is important to verify if you qualify for the Canadian Pension Plan, to begin with.
If you qualify, you’ll receive the CPP retirement pension for the rest of your life. To qualify you must:
- be at least 60 years old
- have made at least one valid contribution to the CPP
How much can you receive from the Canada Pension Plan?
Per the CRA, the amount of your retirement pension depends on different factors, such as:
- the age you decide to start your pension
- how much and for how long have you contributed to the CPP
- your average earnings throughout your working life
In 2024, if you commence your pension at the age of 65, the highest monthly payout could be $1,364.60, the CRA indicated.
The typical monthly payment for a new retirement pension initiated at age 65, as of October 2023, stood at $758.32. The specific amount you receive, up to the maximum, will be determined by your individual circumstances.
You can get an estimate of your monthly CPP retirement pension payments by signing in to your My Service Canada Account.
More about how much you can receive from the Canada Pension Plan
When do Canada Pension Plan payments go out?
Canada Pension Plan payments go out every month. Here are all the 2024 payment dates:
- January 29, 2024
- February 27, 2024
- March 26, 2024
- April 26, 2024
- May 29, 2024
- June 26, 2024
- July 29, 2024
- August 28, 2024
- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024
This article's cover image was used for illustrative purposes only.
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