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When you’re employed, you’ll notice that amounts are taken out of every paycheck in order to contribute to CPP. These amounts contribute to what you’ll end up receiving when you retire. These amounts will determine how much you receive when you retire, as well as what your annual earning income was and how many years you worked in Canada.
2024 Canadian Pension Payment Dates
While the payment dates for CPP are usually sent out on the third last business day of every month, they can vary slightly. Here are the current dates of monthly payments for 2024.
- January 29
- February 27
- March 26
- April 26
- May 29
- June 26
- July 29
- August 28
- September 25
- October 29
- November 27
- December 20
If you receive your CPP retirement pension payments through direct deposit, then you should receive your CPP payments in your bank account on these dates. If you choose to receive your payments via cheque, they will be sent to you within the last 3 business days of the month. It can take up to 10 business days to receive your cheque from the date that it’s mailed.
How to Get CPP Benefits
In order to get CPP benefits in Canada, you have to apply and have a social insurance number. That said, how you apply is based on your individual circumstances. Most who are applying for regular benefits can apply online or using a paper application and send in the required documents. In some cases, though, you may be required to apply with a paper application. These situations include:
- Living outside of Canada
- Receiving a children’s benefit between ages 18 to 25, that wasn’t paid directly to you
- Having a trustee or power of attorney that manages your CPP account
- Receiving survivor's pensions through an International Social Security Agreement
- Receiving or denied children’s benefits under 18 and didn't receive benefits after 18
- Receiving CPP disability that stopped before 65 or was denied CPP disability
Once your application form has been received, it can take up to 120 days before you receive a response from the Canadian government with your application status. This response will be received via mail. If the application wasn’t fully completed, it could take longer. You can also check your application status through your MSCA account (My Service Canada Account). Once this process is completed and you’ve been approved you should start automatically receiving payments.
Amounts You Can Receive from CPP
As we mentioned above, the amounts that you receive from CPP vary. However, there are maximum amounts that you’re unable to go over. If you retire at the age of 65, then the maximum CPP payment that you can receive monthly is $1,364.60. That said, the average CPP payment received by CPP recipients last year was $758.32.
In order to receive full CPP benefits, you have to contribute the maximum amount every year for a minimum of 40 years. This amount is referred to as the Yearly Maximum Pensionable Earnings. This amount is different every year, but for 2024, the amount is $68,500. If you're unsure if you’ll receive the full amount, you can log into your My Service Canada Account, and you’ll be able to see an estimate of what your payment will be.
Other CPP Benefits
Along with your CPP benefits, there are other retirement benefits that you could qualify for. That said, just like with CPP benefits, you will have to apply. Here’s a look at what they are.
CPP Post-Retirement Benefit
The CPP Post-Retirement Benefit is for those who continue working under the age of 70 while receiving CPP benefits but choose to continue making contributions. The CPP contributions you make increase your retirement income and are added to your post-retirement benefit.
This works because every year you contribute to the post-retirement benefit, you get an additional one. This is then automatically paid the following year, and you will continue to receive it for the rest of your life. When it comes to paying these benefits, though, you can opt-out once you turn 65. Once you turn 70, your contributions will automatically stop.
CPP Disability Pension
CPP disability is given to those who qualify as disabled CPP contributors before the age of 65. It’s a monthly payment provided by the government of Canada that you can receive if you’re unable to work due to a disability. However, once you turn 65, your CPP disability is converted to regular CPP benefits.
CPP Post-Retirement Disability Benefit
The CPP Post-Retirement Disability Benefit is another benefit that you must apply for. You meet the eligibility criteria for this benefit if you have a severe and prolonged disability, are under 65 and are receiving CPP benefits. You also have to have made enough valid contributions. Once you’re considered to be an eligible candidate for the benefit, you’ll start receiving it along with your CPP payments until you turn 65.
CPP Disability Children’s Benefit
The way this benefit works is it’s given to dependent children of someone who receives a CPP disability benefit. The child must be under the age of 18. They can still receive payments between the ages of 18 and 25 as long as they’re in school full-time.
CPP Survivor’s Pension
The CPP Survivor’s Pension is for those who are the spouse or common-law partner of deceased CPP contributors. The amount you receive is based on what they contributed as well as what you earn. In order to receive this benefit, you have to apply for it yourself.
CPP Survivor’s Children’s Benefit
This benefit is provided to children under 18 of a deceased CPP contributor. That said, you could receive the benefit up to the age of 25 as long as you’re a full-time student.
CPP Death Benefit
The CPP death benefit works a little bit differently. When a CPP contributor dies, a one-time payment is then made to or on behalf of the estate.
Benefit Amounts
We’ve already discussed what you can earn from CPP, but what can you earn from the other benefits? Well, let's take a look.
| CPP Benefit | Maximum Amount You Can Receive |
| CPP Post-Retirement Benefit | $44.46 |
| CPP Disability Pension | $1,606.78 |
| CPP Post-Retirement Disability Benefit | $583.32 |
| CPP Disability Children’s Benefit | $294.12 |
| CPP Survivor’s Pension | $739.31 under 65$818.76 over 65 |
| CPP Survivor’s Children’s Benefit | $294.12 |
| CPP Death Benefit | $2,500 |
CPP Payment Increases
Usually, if CPP increases happen, they happen at the beginning of the year. The amount that your payments will increase is based on the rate of inflation as well as inflation risk. While we don’t know what the rate increase for 2025 will be, the rate increase from 2023 to 2024 was 4.4%.
When You Should Start Collecting CPP
Before you apply for CPP, you should know that there are different ages at which you can start receiving retirement pension amounts. For most people, this is when they turn 65.
However, you can actually start receiving CPP when you turn 60. You do have to have applied by the time you turn 70, though. When you choose to start receiving your CPP, it will affect how much you get per month. Once you reach 70, though, you’ve reached the maximum amount that you can receive.
If you start receiving payments before you turn 65, the payments decrease by 0.6% per month. If you choose to start at 60, this is 36% less than when you start at 65. If you choose to wait until you’re 70, you can get up to a maximum increase of 42% from what you would if you started at age 65.
That said, if you still haven’t applied by the age of 70, you will be automatically enrolled.
With all of this in mind, when you choose to start receiving CPP is up to you. It’s best to take a look at your personal finance situation and see which option will work best for you and if you earn enough money.
It’s important to remember that CPP benefits are taxable benefits and considered income and will reflect your marginal tax rate. This is the same as when you decide when to start receiving your old age security pension and your guaranteed income supplement.
