Canada Pension Payment Dates and Pay Schedules for 2024
The Canada Pension Plan (CPP) is a contributory social insurance program that provides a monthly pension to millions of Canadians. Knowing the CPP payment dates and schedule for 2024 can help pension recipients plan their finances and budget accordingly.
Introduction
The Canada Pension Plan is a fundamental part of retirement planning and income for most working Canadians. Established in 1965, the CPP aims to replace part of an individual’s pre-retirement earnings in order to ensure a basic income after leaving the workforce.
Nearly all Canadians over the age of 18 who are employed outside of Quebec contribute a portion of their earnings to the CPP through mandatory deductions. These contributions are pooled into the CPP Investment Fund which is invested by the CPP Investment Board to help sustain the program.
In return for contributing, CPP contributors can qualify to receive a partial retirement pension as early as age 60, or a full pension at age 65. The CPP may also provide benefits to contributors who become disabled as well as survivor benefits to a deceased contributor’s family.
Knowing the upcoming CPP payment dates and schedule for 2024 can help recipients budget appropriately, especially those who rely heavily on CPP as a major source of retirement income. This article will provide an overview of CPP payment dates, amounts, eligibility requirements, and other important details for 2024.
CPP Payment Dates for 2024
The CPP retirement pension is paid on a monthly schedule. Payments are deposited on the third-last business day of each month.
Here are the CPP payment dates for 2024:
- January 27, 2024
- February 24, 2024
- March 29, 2024
- April 26, 2024
- May 29, 2024
- June 28, 2024
- July 27, 2024
- August 29, 2024
- September 27, 2024
- October 27, 2024
- November 28, 2024
- December 20, 2024
In December, the CPP payment date is earlier than other months due to the Christmas holiday period.
Those who receive payments by direct deposit can expect the funds to be available in their bank account on the dates listed. People who get payments by mail can expect to receive cheques a few days after the payment date.
CPP Payment Amounts
The amount of CPP retirement pension a person receives depends on several factors:
- Age of starting CPP payments – Choosing to take CPP before age 65 results in a reduced amount, while delaying until after 65 increases the payment.
- Contribution history – The number of years a person contributed and their earnings over their contributory period impacts benefits.
- Maximum pensionable earnings – Only a portion of income, up to the yearly maximum, is pensionable. Higher income above the max does not increase CPP contributions or benefits.
Some key figures for 2024 CPP payment amounts:
- Average CPP Retirement Pension at age 65: $814.17 per month
- Maximum CPP Retirement Pension at age 65: $1,421.22 per month
- Maximum Monthly Disability Benefit: $1,645.54
- Maximum Combined Retirement and Survivor’s Pension: $1,421.22
- Maximum Survivor’s Pension – Under Age 65: $701.93
- Maximum Survivor’s Pension – Age 65+: $904.58
- Maximum Death Benefit: $2,500 lump sum payment
These amounts are updated each year by Service Canada. The average and maximum CPP retirement pensions are projected to gradually increase as the enhancement to the CPP continues being phased in.
Eligibility for CPP Retirement Pension
The standard age to begin receiving full CPP retirement benefits is 65. However, individuals can choose to start receiving reduced payments as early as age 60 or delay until age 70 to receive greater amounts.
To qualify for a CPP retirement pension, individuals must:
- Be at least 60 years old
- Have made at least one valid contribution to the CPP
Applicants must also submit an application to begin receiving CPP payments – it is not automatic when you reach age 65. Payments can only be retroactive for up to 12 months.
Canadians who work past age 65 can continue contributing to the CPP. These contributions help increase the amount of post-retirement benefits. Contributions stop being mandatory at 70 years old.
Delaying CPP Payments
Eligible individuals can choose to delay starting their CPP retirement pension beyond age 65. This allows them to receive higher monthly payments.
For each month a person delays receiving CPP after age 65, their pension amount increases by 0.7% per month or 8.4% per year. Delaying the pension start date by 5 years (from 65 to 70) can increase the monthly maximum by as much as 42%.
Delaying CPP may benefit:
- Those with sufficient income from other sources to wait beyond age 65.
- Those who wish to keep working and contributing beyond the normal retirement age.
- Those who expect to live well into their 80s or 90s and want to maximize overall lifetime payments.
On the other hand, there are also reasons someone may want to take CPP earlier at a reduced amount:
- If they cannot continue working and need retirement income.
- If they have health issues or lower life expectancy.
- If they expect their income in later years may be subject to clawbacks or taxes.
Starting CPP payments is a personal decision that depends greatly on one’s unique financial situation and retirement plans.
CPP Disability Benefits
The CPP also provides benefits for eligible contributors who become disabled before retirement age.
To receive CPP disability benefits, a person must:
- Be under age 65
- Have a severe and prolonged disability that prevents regularly working at any job
- Meet the CPP contribution requirements
The maximum monthly CPP disability benefit for 2024 is $1,645.54. CPP disability recipients are also eligible for other benefits like the child’s benefit and survivor’s pension.
Someone receiving CPP disability automatically transitions to CPP retirement benefits when they turn 65 years old. CPP disability benefits end earlier if the individual no longer meets eligibility criteria due to medical improvement.
Old Age Security Pension
The Old Age Security (OAS) pension is another key part of Canada’s retirement system. It provides a monthly benefit to eligible individuals aged 65 and over.
Some key facts about OAS:
- Monthly OAS payment depends on how long someone has lived in Canada after turning 18.
- The maximum monthly OAS amount is $696.84 in the first quarter of 2024.
- OAS benefits may be partially “clawed back” based on income.
- OAS is available to eligible Canadian residents regardless of work history.
- OAS pension must be applied for – it is not automatic.
The OAS payment dates align with the same schedule as CPP retirement benefits. Most OAS recipients also get the CPP so the payments are combined.
Guaranteed Income Supplement
The Guaranteed Income Supplement (GIS) provides additional money each month to qualifying low-income seniors in Canada. To be eligible, a person must be receiving the Old Age Security pension and meet income requirements.
The maximum GIS amounts for 2024 are:
- $967.23 per month for a single person
- $580.37 per month for each person in a couple
GIS is adjusted quarterly based on CPI and is non-taxable. Seniors must apply to get the GIS – it is not automatic when approved for OAS.
CPP Survivor’s Pension
The CPP provides a survivor’s pension to the surviving spouse or common-law partner of a deceased CPP contributor. This includes:
- A base portion based on the contributor’s retirement pension.
- A flat rate portion if the contributor was under age 65 when they died.
To be eligible, the surviving spouse/partner must be at least 35 years old and have lived with the contributor for at least 1 year. A simplified one-page application form must be completed to apply for the CPP survivor’s benefit.
CPP Death Benefit
A one-time lump-sum death benefit of $2,500 is payable to the estate of a deceased CPP contributor. To be eligible, the contributor must have paid into the CPP for the minimum contributory period, even if they were not receiving a CPP pension.
This taxable benefit is intended to help with burial or funeral costs. The executor of the estate can apply for the CPP death benefit.
CPP Pay Schedules for 2024
Here are some key CPP payment schedules and dates to be aware of for 2024:
CPP and OAS Payment Dates 2024
Same dates as outlined in beginning of article.
CPP Disability Payment Dates 2024
Same monthly schedule as CPP retirement pension.
CPP Survivor’s Pension Payment Dates 2024
Same monthly schedule as CPP retirement pension.
CPP Death Benefit Payment
One-time lump sum payment made after application by estate.
CPP Direct Deposit Dates 2024
Funds deposited on the CPP payment dates each month.
Knowing these CPP payment schedules for 2024 can help recipients plan and budget for the year. CPP will deposit payments on time each month unless an issue arises with an individual’s direct deposit account.
Applying for CPP Retirement Pension
Canadians must formally apply to start receiving their CPP retirement pension – it does not begin automatically once you reach age 65. There are several ways to apply:
- Online – Through your My Service Canada Account
- Mail – Print and mail in an application form
- In-Person – Make an appointment at a Service Canada Centre
You will need to provide personal information and supporting documentation regarding your date of birth, SIN, marital status, Canadian residence, and bank account.
Service Canada recommends applying 6 months before you want your pension to begin. Retroactive payments can only be made up to 12 months.
Deferring CPP Payments
As mentioned earlier, eligible Canadians can choose to delay starting their CPP retirement pension past age 65. This allows them to receive higher monthly payments when benefits do begin.
To put off CPP, you simply do not apply by age 65 and delay submitting an application. Some points:
- Delayed retirement can start between ages 65-70.
- Delayed payments are increased by 0.7% per month (8.4% per year).
- Notify Service Canada in writing if you wish to cancel a CPP deferral.
- Recipients cannot contribute to CPP after age 70.
Deferring CPP may help maximize lifetime benefits for those who expect a longer than average lifespan.
Canceling CPP Retirement Pension
In certain cases, a person may want to cancel their CPP retirement pension after payments have started. This must be done in writing by contacting Service Canada.
Some reasons someone may wish to cancel their CPP:
- They return to work and want to continue contributing to the CPP.
- They change their mind about retiring completely.
- They are eligible for other benefits like CPP disability.
- They deferred CPP but no longer want to wait beyond 65.
Canceling CPP re-sets your account as if payments never started – they do not resume automatically later. You must submit a new application when ready to begin CPP again.
CPP Disability Benefits
Canadians under 65 who have sufficient CPP credits and meet the disability criteria may qualify for taxable monthly disability benefits.
To apply for CPP disability:
- Get a CPP Disability Benefits Application from Service Canada.
- Complete the forms along with Occupational Information.
- Gather supporting medical documentation.
- Submit application to Service Canada for evaluation.
If approved, CPP disability is paid monthly until age 65 when it transitions to CPP retirement payments. Disability recipients must inform Service Canada if their condition improves to the point they can regularly work.
CPP Post-Retirement Benefit
Even after starting CPP retirement payments, recipients who keep working and making CPP contributions may qualify for a post-retirement benefit. This can increase CPP payments after age 65.
To be eligible:
- Be at least 60 years old
- Continue to work, have pensionable earnings, and make CPP contributions.
- Payments related to post-retirement contributions begin the year after turning 65.
The post-retirement benefit is added to the current CPP retirement amount and continues for life. Contributions stop at age 70.
CPP Survivor’s Pension
A CPP survivor’s pension provides a monthly benefit to the surviving spouse or common-law partner of a deceased CPP contributor.
The CPP survivor’s pension consists of:
- A base portion: Based on the deceased contributor’s retirement pension.
- A flat rate portion: If the contributor was under 65.
To receive the CPP survivor’s pension:
- The applicant must be at least 35 years old.
- The applicant must complete and submit an application form.
- The applicant must have lived with the contributor for at least 1 year.
- Limited retroactive payments are available.
Surviving spouses of CPP disability contributors have access to special survivor benefits.
CPP Death Benefit
The Canada Pension Plan provides a one-time, lump-sum death benefit to the estate of a deceased CPP contributor.
Some key points about the CPP death benefit:
- It equals $2,500.
- The benefit goes to the estate, not directly to survivors.
- It can be used to assist with burial and funeral costs.
- The executor of the estate normally applies for the CPP death benefit.
- Only one CPP death benefit is payable per deceased contributor.
- An application should be submitted within 60 days of the death.
This taxable benefit recognizes those who contributed to the CPP during their working careers.
CPP Overpayments
If a CPP recipient receives payments they should not have gotten, they will have to repay any resulting overpayment. This may happen due to:
- Administrative error resulting in overpayment.
- Delay reporting changes in status, bank details, etc.
- Continued payments after death until notified.
- Retroactive awarding of other benefits like CPP disability.
If notified of a CPP overpayment, the recipient should arrange for repayment based on their ability to do so. Service Canada may garnish future CPP payments if alternate repayment is not negotiated.
CPP Statement of Contributions
A CPP Statement of Contributions is available online anytime through My Service Canada Account and details a contributor’s CPP payment history.
The statement shows:
- Contribution amounts paid into the CPP by the individual and their employer.
- The contributory period.
- Types of benefits received (retirement, disability, survivor).
- Months excluded from benefit calculations.
Reviewing this information can help identify potential issues or errors so they can be corrected promptly.
CPP Payment Options
CPP recipients have options when it comes to receiving their monthly payments:
- Direct deposit – Fast and secure into a Canadian bank account.
- Mail – Paper cheques are sent to the recipient’s address.
- Western Union – For people living outside Canada without a Canadian bank account.
Direct deposit is the most common and convenient method. Payments are deposited on schedule each month directly into the recipient’s account.
CPP Income Tax Reporting
The CPP payments that Canadians receive are considered taxable income. Each year, Service Canada will issue a T4A statement for recipients to use when completing their taxes.
Any income taxes payable related to CPP benefits will depend on the amount received and the person’s other sources of income. No taxes are withheld from CPP payments.
CPP disability benefits must also be reported annually. Retroactive lump-sum payments may bump a recipient into a higher tax bracket.
Public Service Pension Plan (PSPP) Overview
The Public Service Pension Plan (PSPP) provides retirement income to employees of the Canadian federal public service. It is the pension plan for individuals appointed to the core public administration after December 31, 2012.
The PSSP is contributory, meaning both employees and employers make regular contributions during the individual’s period of pensionable service. At retirement, this pooled money is paid out as a monthly pension for life.
Some key details on the Public Service Pension Plan:
- Contribution rates are 11.8% of pensionable earnings for employees and 12.7% for employers.
- Pensionable age is between 60-65 depending on when the person joined the public service.
- Early retirement options are available starting at age 55.
- Lifetime pension is calculated based on years of pensionable service x average salary x accrual rate.
- Survivor benefits and disability pensions are also available.
- Payments are adjusted annually in January by cost-of-living increases.
The PSSP provides an important source of retirement income for federal employees who joined the public service in 2013 or later.
PSSP Payment Dates 2024
Like the Canada Pension Plan, the PSSP pension is paid on a monthly schedule. Payments are made on the third-last business day of each month.
Here are the PSSP payment dates for 2024:
- January 27, 2024
- February 24, 2024
- March 29, 2024
- April 26, 2024
- May 29, 2024
- June 28, 2024
- July 27, 2024
- August 29, 2024
- September 27, 2024
- October 27, 2024
- November 28, 2024
- December 20, 2024
Recipients who have direct deposit set up will have funds deposited on the above dates into their designated bank account.
The December date is earlier than other months to account for the Christmas holiday period. Those who receive pension payments by cheque can expect delivery several days after the payment date.
PSSP Pension Eligibility
To be eligible for a monthly PSSP pension, an individual must:
- Be at least 55 years old (60 if joined after 2013).
- Have at least 2 years of pensionable service in the plan.
- End employment and terminate participation in the PSSP.
- Complete and submit an application for the PSSP pension.
Applicants must provide documentation such as proof of age, employment status, and marital status. Payments can only be backdated up to 12 months.
Calculating PSSP Pension Amount
The amount of an individual’s PSSP lifetime pension is calculated using the following key components:
- Years of pensionable service
- Average salary over 5 consecutive years
- Accrual rate
The accrual rate has two parts – a base portion and an additional portion. Combined, the full accrual rate is 1.925% per year of pensionable service.
The PSSP pension amount is not influenced by age – only service and salary. There is no maximum pension limit within the plan.
Pensions are integrated with the Canada Pension Plan. Expected CPP payments reduce the portion coming from the PSSP plan.
PSSP Disability Pension
PSSP members who become disabled and cannot work may qualify for a disability pension. The amount is based on years of pensionable service and salary.
To receive a PSSP disability pension, members must:
- Be under age 65.
- Have at least 2 years of pensionable service.
- Suffer from a severe and permanent medical disability.
- Be approved for a CPP disability pension.
At age 65, the PSSP disability pension converts to an unreduced PSSP retirement pension. It does not get reduced like CPP disability at age 65.
PSSP Death Benefits
The PSSP provides the following benefits to survivors and the estate of a deceased member:
- Survivor pension – Monthly income for an eligible spouse or common-law partner.
- Orphan pension – Monthly income for dependent children under age 18 (25 if in school).
- Death benefit – Lump-sum payment to estate, spouse, or beneficiaries.
- Minimum death benefit guarantee – Additional lump-sum payment if pension is low.
Surviving spouses/partners must apply for PSSP survivor benefits – they are not automatic. Certain eligibility rules apply in order to qualify.
PSSP Cost-of-Living Adjustments
PSSP pensions include cost-of-living adjustments annually in January. This indexation helps offset impacts of inflation and protects recipients’ purchasing power.
The increase is based on the change to the Consumer Price Index from year to year. COLA increases are applicable to:
- Retirement pensions
- Disability pensions
- Survivor pensions
- Deferred pensions
Indexation helps maintain the real value of PSSP pensions in payment and retirement income security for federal retirees.
Federal Public Service Pension Plan
The Federal Public Service Pension Plan (PSSA) applies to employees in the core federal public administration who joined prior to January 1, 2013.
The PSSA is also a defined benefit contributory pension plan. Key details include:
- Contribution rates of 6.3% (employees) and 9.1% (employer).
- Pensionable age of 60 with early retirement options.
- Lifetime pension accrual rate of 2% per year of pensionable service.
- Bridge benefit payable from retirement until age 65.
- Benefits also for survivor and disability pensions.
- Indexation of benefits in payment by cost-of-living adjustments.
Eligibility, applications, and payment schedules for PSSA follow similar rules and processes as the PSSP. These federal pension plans provide significant retirement income alongside OAS and CPP for Canadian public servants.
PSSA Payment Dates 2024
PSSA monthly payments are made on the same schedule as the PSSP. Payment dates for 2024 are:
- January 27, 2024
- February 24, 2024
- March 29, 2024
- April 26, 2024
- May 29, 2024
- June 28, 2024
- July 27, 2024
- August 29, 2024
- September 27, 2024
- October 27, 2024
- November 28, 2024
- December 20, 2024
Eligible recipients with direct deposit set up will have their PSSA pension deposited on the above dates. Paper cheques are mailed out a few days after the payment date.
Veterans Affairs Disability Pension
Veterans of the Canadian Armed Forces may qualify for a tax-free disability pension if they have a service-related medical condition resulting from or related to their military service.
Some key details on Veterans Affairs Canada disability pensions:
- Available to eligible veterans, retired CF members, and survivors.
- Covers conditions like pain/loss of function, hearing loss, and post-traumatic stress disorder.
- Monthly payment depends on extent of disability – from 5% to 100% in 5% increments.
- Higher grades pay higher monthly amounts.
- Payments begin the first day of the month after approval.
- Recipients are re-assessed every 3 to 5 years.
- Payments continue for life and are not taxable.
In addition to disability pensions, Veterans Affairs Canada provides rehabilitation programs, allowances, and other benefits to support the well-being of those injured during military service.
Veterans Disability Pension Payment Dates 2024
Disability pensions from Veterans Affairs Canada are paid on the first day of each month.
Payment dates for 2024 disability pensions are:
- January 1, 2024
- February 1, 2024
- March 1, 2024
- April 1, 2024
- May 1, 2024
- June 1, 2024
- July 1, 2024
- August 1, 2024
- September 1, 2024
- October 1, 2024
- November 1, 2024
- December 1, 2024
These payments would be deposited by direct deposit on the first of the month. Paper cheques are typically mailed a few days prior to the payment date.
Knowing disability pension payment dates allows recipients to plan for when they will receive these tax-free monthly deposits from Veterans Affairs.
Canada Workers Benefit
The Canada Workers Benefit (CWB) provides a refundable tax credit to eligible working low income Canadians to supplement wages and improve work incentives.
Some key details on the CWB:
- Replaced the Working Income Tax Benefit (WITB) in 2019 tax year.
- Maximum CWB in 2024 is $1,395 for singles or $2,403 for families.
- Benefit starts being reduced once net income exceeds threshold.
- Delivered through the tax system – no need to apply separately.
- Payments made in quarterly installments.
- Also includes disability supplement for some recipients.
The CWB helps low-income workers retain more of their pay and promotes labour force participation. Recipients automatically get the benefit when filing their taxes annually.
CWB Payment Dates 2024
Canada Workers Benefit payments are issued quarterly by the Canada Revenue Agency directly to recipients.
The CWB payment schedule for 2024 is:
- January 15, 2024
- April 13, 2024
- July 14, 2024
- October 13, 2024
These payments will be deposited by direct deposit or sent by mail depending on the recipient’s preferences with CRA.
By boosting income and incentives to work, the CWB can help lift many working Canadians out of poverty. Recipients can plan for the benefit to be paid quarterly.
Alberta Child and Family Benefit
The Alberta Child and Family Benefit provides a tax-free monthly payment to lower-income families with children under 18 years old. Some key details:
- Provides up to $1,414 annually per child depending on family income.
- Delivered jointly with the federal Canada Child Benefit.
- Families must file a tax return annually to receive payments.
- Income thresholds and phase-out determine eligibility and amount.
- Payments issued monthly by the Alberta government.
The ACFB helps Alberta families meet the costs of raising children. Parents can use the monthly deposit to pay for expenses like food, clothing, and school supplies.
ACFB Payment Dates 2024
Alberta Child and Family Benefit payments are issued by the Alberta government on the 20th day of each month.
The payment schedule for the ACFB in 2024 is:
- January 20, 2024
- February 20, 2024
- March 20, 2024
- April 20, 2024
- May 20, 2024
- June 20, 2024
- July 20, 2024
- August 20, 2024
- September 20, 2024
- October 20, 2024
- November 20, 2024
- December 20, 2024
Eligible Alberta families who are signed up for direct deposit will receive ACFB deposits on the 20th. Paper cheques are mailed a few days prior to the payment date.
Quebec Pension Plan Overview
The Quebec Pension Plan (QPP) covers residents of Quebec and is equivalent to the Canada Pension Plan (CPP) in other provinces.
Some overview details on the QPP:
- Mandatory public pension plan for Quebec workers and employers.
- Managed by Retraite Québec.
- Provides retirement, disability, and survivor’s pensions.
- Funded by employer/employee contributions on pensionable earnings.
- Monthly benefits calculated based on contributions made.
- Offers early (age 60) or postponed (up to 70) retirement options.
The QPP aims to replace 25% of average lifetime pensionable earnings for eligible Quebec workers. This ensures partial income replacement during retirement.
QPP Payment Dates 2024
The Quebec Pension Plan makes monthly payments similar to the CPP. QPP deposits for 2024 are scheduled on:
- January 30, 2024
- February 28, 2024
- March 29, 2024
- April 26, 2024
- May 30, 2024
- June 28, 2024
- July 27, 2024
- August 30, 2024
- September 27, 2024
- October 27, 2024
- November 29, 2024
- December 21, 2024
These are the third-last business day of each month, except earlier in December. QPP recipients with direct deposit set up will receive funds in their bank account on these dates.
Applying for QPP Retirement Pension
Quebec residents must apply to start receiving their QPP retirement pension. Applications can be submitted:
- Online via Retraite Québec website account.
- In person at a Retraite Québec office.
- By mailing a paper application form.
Applicants will need to provide identity, residence, birth, and marital status documentation. QPP payments can only be backdated up to 12 months.
It’s recommended to apply 6 months before wanting pension payments to begin. Payments are not automatic at age 65 – eligible recipients must proactively file an application.
QPP Post-Retirement Benefit
Similar to the CPP, Quebec retirees who work while receiving their QPP pension can qualify for a post-retirement benefit once they turn 65. This can boost QPP income.
To receive the QPP post-retirement benefit:
- Must be at least 65 years old.
- Continue working and making QPP contributions.
- Meet the contributory requirements.
- Receive the accumulated post-retirement contributions the year after turning 65 and each year thereafter.
This provision rewards those who continue contributing to the QPP past retirement age.
QPP Disability Benefit
Quebec residents under age 65 who have paid sufficient QPP premiums and meet the disability criteria may qualify for taxable monthly QPP disability benefits.
To apply for QPP disability:
- Contact Retraite Québec for the QPP disability application form.
- Complete and submit the application along with supporting medical evidence.
- Undergo any required medical evaluations by physicians.
- Provide requested authorization allowing medical information sharing.
If approved, the QPP disability pension transitions to a retirement pension at age 65. The benefit ends if the individual no longer meets eligibility criteria.
QPP Death Benefit
A one-time death benefit of $2,500 is payable to the estate of a deceased QPP contributor like the CPP death benefit.
Some key details on the QPP death benefit:
- For funeral and burial expense assistance.
- Amount is $2,500 (lump sum payment).
- Payable to estate if contributor met eligibility criteria.
- Must be applied for by executor – not automatic.
- Should be applied for within 60 days of death.
This taxable amount honors the QPP contributions made by Quebec workers during their lifetime.
QPP Survivor’s Pension
The QPP provides a monthly survivor’s pension to the surviving spouse or common-law partner of a deceased QPP contributor:
- Includes base amount tied to deceased’s QPP as well as flat rate portion.
- Eligible survivors must apply and meet requirements.
- Amount adjusted annually according to cost-of-living.
- Deposited on the regular monthly QPP schedule.
- Disabled survivors have access to a special survivor’s pension.
- Survivor benefits also payable to dependent children in some cases.
The QPP survivor’s pension helps ensure financial security for widows and widowers after the death of their spouse or partner.
When is Canada Pension Paid Each Month?
The Canada pension is paid on a specific schedule each month. Pension payment dates are set for the third-last business day of every month.
So for most months, Canada pension day will be the third-last weekday – whichever date that falls on. For example, if the last day of the month is a Wednesday, then Canada pension pay day that month will be on the Monday two days before that.
In December, pension day Canada comes a bit earlier, on the second-last business day before December 25th. This accounts for the Christmas holiday period.
Knowing the exact day of the month Canada pension is paid allows recipients to watch for the deposit and budget accordingly.
Pension Holidays and Time Off
The monthly Canada pension payments are consistent year-round – there are no special “holidays” or months where payments are skipped. Retirees count on these regular pension deposits.
Some Canadian provinces provide seniors on limited incomes with additional periodic pension supplements. For example, Ontario provides a payment in April, August, and December through its Seniors’ Energy Assistance Program.
While not an official government of Canada pension holiday, these lump-sum enhancements help offset energy costs during high usage seasons and provide a bit extra for holiday spending.
Pension Payment Date This Month
Wondering exactly what date Canada pension is paid this month? Pensioners can expect their CPP and OAS deposits on [insert exact payment date this month] in [insert current month].
That means eligible Canadian seniors will see these regular Canada pension amounts appear in their bank account on that date, to use towards expenses and bills.
Keeping track of the precise Canada pension payment dates each month is important for budgeting cash flow.
Pension Plan Updates and News
Retirees relying on CPP, OAS, GIS, veterans’ pensions, and other income supports should stay informed regarding any updates or changes.
Monitoring Canada pension plan updates, policy adjustments, cost-of-living increases, and other Canada pension news allows you to plan accordingly and understand how it may impact benefits.
Be sure to read any mailed notices from the government about your specific pension plan and payments. Check online or call Service Canada for the most up-to-date Canada pension updates.
Anticipating Your Pension Deposit
Knowing the regular Canada pension delivery dates allows retirees to watch their bank account for when the funds arrive.
While CPP and OAS are paid on set schedules, delays occasionally happen. If your pension hasn’t appeared in your account a few days after the expected date, contact your bank and Service Canada to determine the status.
You can also login online and check your Canada pension issue dates to confirm when the payment was released. This information can help identify whether the delay is on the government’s end or with your bank.
Having the specific monthly pension payment dates for Canada allows you to anticipate and budget for this income source.
CPP Payment Dates and Direct Deposit
Most CPP beneficiaries receive their monthly payments through direct deposit into a bank account. This allows the funds to be deposited automatically on the CPP payment dates each month.
To set up CPP direct deposit, you need to provide Service Canada with your banking information including:
- Bank name
- Bank branch address
- Account number
- Transit number
You can submit this information online through your My Service Canada Account. You can also print and mail in a direct deposit form or void cheque.
Notify Service Canada at least 5 business days before the next scheduled CPP payment date if you need to change your direct deposit details. This ensures the update can be effective for that month’s deposit.
Without direct deposit, your CPP payment will be mailed as a cheque on the payment date, taking additional days to receive and clear.
CPP Payments and Old Age Security
Many Canadian seniors receive both CPP and Old Age Security (OAS) as their main sources of regular retirement income.
The OAS payment dates follow the same monthly schedule as CPP. So OAS and CPP are deposited together into recipients’ bank accounts on the same dates.
Knowing the upcoming OAS and CPP payment dates allows retirees relying on both programs to properly budget for their fixed monthly income.
OAS provides a basic pension amount while CPP is based on an individual’s contribution history. An increase to one benefit does not automatically change the amount of the other.
Changes to CPP Payment Amounts
The amount of your monthly Canada Pension Plan payment can change for several reasons:
- You applied early for a reduced CPP retirement pension. Once you turn 65, the amount will be recalculated and increase.
- You delayed applying beyond age 65, resulting in a higher CPP amount.
- A change in marital status resulted in an adjusted CPP payment.
- You became eligible for other CPP benefits like the disability pension.
- Your indexed CPP payment increased in January due to a cost-of-living adjustment.
- You qualified for the CPP post-retirement benefit after age 65.
Always review your bank deposits against your previous CPP payments to check for any changes. Contact Service Canada if you have questions about an adjustment.
CPP Payments When Living Outside Canada
Canadian retirees living abroad can still receive their CPP payments. Options include:
- Direct deposit into a Canadian bank account you maintain.
- Direct deposit through a third-party provider like Western Union.
- Cheque mailed to a mailing address outside Canada.
Your CPP payment will be in Canadian dollars regardless of where you live. Transaction fees from your bank may apply for currency conversion and cash withdrawals.
Notify Service Canada promptly regarding any address changes when living outside Canada so you continue receiving your pension cheques.
CPP Payment Frequency
The Canada Pension Plan sends payments on a monthly schedule. CPP retirees receive one payment each month.
CPP disability and survivor benefits are also issued once per month. Only the CPP death benefit is a one-time lump-sum payment.
CPP does not offer semi-monthly (twice per month) or biweekly pension payments. The plan’s legislation establishes monthly deposit dates.
Many seniors rely on CPP’s predictable monthly payments to cover recurring housing, healthcare, and grocery expenses in retirement. Knowing your exact CPP payment dates helps ensure you can meet financial obligations.
Increasing CPP Payments
While CPP rates adjust annually for inflation, there are also ways individual retirees can increase their monthly pension amount:
- Delay receiving CPP until after age 65 to benefit from a higher payment rate. Each year you delay before 70 earns an extra 8.4% pension boost.
- Continue working while collecting CPP. Additional contributions earn a post-retirement benefit starting at 65.
- Switch from reduced CPP early pension to full pension at 65. Payments bump up automatically.
- Inform Service Canada if you become eligible for enhanced disability amounts.
- Notify Service Canada about marital status changes that may boost payments.
- Check that your Statement of CPP Contributions is accurate so you get full entitled payment.
- Apply for OAS allowance for low-income spouse to supplement monthly income.
Understanding the Canada Pension Plan and maximizing your eligible benefits can mean higher CPP deposit amounts for you.
Conclusion
Knowing the payment schedules and dates for the Canada Pension Plan, Quebec Pension Plan, and related federal and provincial retirement benefits for 2024 allows recipients to properly budget and plan their finances.
While payment dates are consistent, the specific benefit amounts can vary considerably based on one’s individual work history, retirement choices, and eligibility for other provisions. Checking account balances regularly for incoming deposits, filing any required applications promptly, and contacting the appropriate pension authority with questions allows Canadians to maximize these programs.
The CPP, QPP, OAS, GIS, veterans pensions, public service plans, and other discussed retirement income sources provide a crucial financial foundation for the golden years of millions of Canadians.
CPP Payment FAQs
Here are answers to some frequently asked questions about CPP payments and schedules:
What day of the month is Canada pension paid?
When is the Canada pension payment dates?
How can I get CPP payment reminders and news?
What are the pension payment dates in Canada?
How do I know when my CPP payment will arrive?
When are the CPP payment dates for 2024?
What is the maximum CPP payment in 2024?
How much will I receive from CPP each month?
Why did my CPP payment amount change this month?
When are Old Age Security payments deposited?
Where can I find the schedule of pension pay dates?
How can I check my upcoming Canada pension pay dates?
What is the payment schedule for CPP disability?
When will I receive my first CPP payment after retirement?
When are CPP survivor pension payments made?
How soon after applying will I get CPP death benefit?
What are the Public Service pension payment dates?
When will I receive my veterans disability pension each month?
When will my Canada Workers Benefit payments arrive?
How often is the Alberta Child Benefit paid?
What are the Quebec Pension Plan payment dates?
How do I apply for Quebec Pension Plan benefits?
Can I receive CPP if I live outside Canada?
How do I increase my monthly CPP payments?
How often do CPP benefit payments arrive?
What are the OAS payment dates for 2024?
When will T4A slips for CPP be issued?
Who gets my CPP benefits when I pass away?
When should I apply for CPP pension?
Can OAS payments be deposited directly?
Where can I find CPP payment information online?
How do I set up direct deposit for CPP?
Why is my CPP deposit date late this month?
Will CPP benefits continue if I leave Canada?
Do CPP payments get adjusted for inflation?
How do I report CPP income on my taxes?
When should I contact Service Canada about my CPP?
What is the earliest age to receive CPP?
Who qualifies for the CPP survivor's pension?
Can I receive CPP in a foreign currency?
How do I apply for the CPP death benefit?
What are the eligibility requirements for CPP disability?
Does CPP provide any annual bonus or holiday payments?
Can my CPP payments be garnished or redirected?
How long can CPP payments continue after death?
What happens if I'm overpaid CPP benefits?
Is there a maximum age to receive CPP?
Do CPP payments affect GIS amounts?
Can I split my CPP pension with my spouse?
What is the Canada Pension Plan Statement of Contributions?
Can I receive CPP twice per month?