Quebec Pension Plan Payments Go Out Soon & You Can Receive Over $1,800
Quebec Pension Plan payments go out every month.
The exterior of a Revenu Quebec building in Montreal.
Amidst the ongoing rise in the cost of living, Canadians are feeling the impact of inflation more and more, and Canadian seniors are certainly no exception.
For those aged 60 and over, the Quebec government offers an array of benefits and credits designed to help individuals reach financial security, including the Quebec Pension Plan (QPP).
Quebec Pension Plan payments go out near the end of every single month, and you can be eligible for nearly $2,000 a month depending on your age and QPP contributions.
Here is everything you need to know about the Quebec Pension Plan, eligibility, payment amounts and payment dates.
What is the Quebec Pension Plan (QPP)?
Per Retraite Québec, the Québec Pension Plan (QPP) is a mandatory public insurance program designed for individuals aged 18 and above, earning an annual employment income surpassing $3500.
Its primary objective is to offer fundamental financial security to individuals who have been employed in Québec, as well as their families, in cases of retirement, death, or disability. In other parts of Canada, the counterpart to this plan is the Canada Pension Plan.
Who is eligible for the Quebec Pension Plan?
Starting at age 65, you are eligible to receive the full amount of your retirement pension through the Québec Pension Plan, according to Retraite Québec. To qualify, you need to have made sufficient contributions to the QPP for at least one year.
While employed, your contributions to the QPP are ensured under the following conditions:
- You are 18 years old or above.
- Your annual employment earnings exceed $3500.
If you deem it necessary based on your circumstances, you have the option to apply for a reduced pension as early as age 60. However, in such instances, the pension you receive for the rest of your life will be less than what you would have received starting at age 65.
It's important to note that you can receive your retirement pension even if you decide to continue working. In this scenario, you will also be entitled to a retirement pension supplement.
What are the Quebec Pension Plan payment amounts?
Payments are made monthly. The amounts are calculated by using the average maximum pensionable earnings for the last five years. The amounts paid under the additional plan are included in the maximum amounts shown, Retraite Québec indicated.
The maximum monthly amounts are as follows:
- Age 65 (100% of the maximum pension) — $1,306.57
- Age 60 (64% of the maximum pension) — $836.20
- Age 70 (142% of the maximum pension) — $1,855.33
When are the Quebec Pension Plan payment dates?
The QPP is generally paid on the last working day of the month.
Payment Dates:
- January 31, 2024
- February 29, 2024
- March 28, 2024
- April 30, 2024
- May 31, 2024
- June 28, 2024
- July 31, 2024
- August 30, 2024
- September 27, 2024
- October 31, 2024
- November 29, 20214
- December 30, 2024
This article's cover image was used for illustrative purposes only.
- Canada Pension Plan Payments Go Out Soon & You Could Receive Over $1,300 ›
- Canada Child Benefit Payments Go Out Soon & You Can Receive Over $600 Per Month ›
- Canada Workers Benefit Payments Go Out Soon & You Can Receive Over $2,400 ›
- Quebec Residents Can Receive Up To $170/Month For Rent From This Government Benefit - MTL Blog ›
- Quebec residents can receive payment from these government benefits and credits in April - MTL Blog ›
