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CPP, or the Canada Pension Plan, is a taxable benefit that substitutes part of your income when you retire. It is one of the three public retirement income sources in Canada.
Sustained by the government, the CPP provides you with monthly payments, either with a check or straight into your bank account. As soon as you reach the necessary age is when you can apply for it.
The usual retirement age in Canada is 65; you can start receiving your pension as early as age 60, but the amount will decrease slightly every year before 65. On the other hand, for every year past 65, your pension payments will increase until you reach 70.
So as long as you have the right age and contribute to the Canada Pension Plan during your employment years, you can apply and start receiving your pension.
iCash has put together information about the Canada Pension Plan (CPP), payment dates, how much you get, the application process, CPP dates, and how to use your pension to get CPP loans.
• How to Apply for the Canadian Pension Plan?
• How Much CPP Will I Get
• Maximum CPP in 2021
• Will CPP Benefits Increase in 2021?
• Additional CPP Benefits
• CPP Payment Dates for 2021
• CPP Loans
To apply for CPP, you must be at least 60 years old and have made at least one contribution to the Canada Pension Plan. You can apply online or in-paper.
It's essential to know that the Canada pension plan won't be activated automatically. When you want to start receiving your pension, you need to apply for CPP.
Since processing the paper application can take up to 120 days, it's a good idea to apply a few months in advance. Or you can apply online; in that case, the processing time will be around 7 to 14 days.
A paper application is required in any of these situations:
• You're receiving CPP benefits
• You have been receiving benefits in the past
• You have been denied benefits
• You live outside Canada
• An authorized third party manages your CPP account
To ease the application process, these are the steps you need to take to receive CPP:
• Make sure you are eligible. That means you must be over 60 and that you have made at least one contribution to the CPP in the past.
• Decide when you want to start receiving the pension. You can choose from the following options: as soon as you qualify, after your 65th birthday, or at a determined date.
• Decide how you want to apply. It can be done online, using a My Service Canada Account or a paper application that you can download and fill in.
• Submit your application.
• Verify the status of your application – using the MSCA or by contacting Service Canada.
It's important to know that once you start receiving your pension, it can be adjusted each year according to the cost of living. That means that if the cost of living increases, your pension will, too, depending on the Consumer Price Index. But if the living cost decreases, your retirement will not be affected.
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A few factors determine Canada pension dates. First, your date of birth will determine the age at which you can start receiving CPP payments. You may start receiving your payments as early as 60 or as late at 70, but the standard age to start is 65.
The Canada pension dates fall on the second or third last banking day of every month. In December, the payment date is earlier to ensure pensioners receive their money before holiday banking hours begin.
If you’re signed up for direct deposit, your payment will be automatically deposited into your bank account. Otherwise, you’ll receive a check via mail. Either way, always keep track of these dates and plan accordingly.
If you’re away for the holiday season, for example, have someone you trust check your mail or deposit the payment for you. Payments will never fall on weekends or statutory holidays. This can help avoid any unnecessary delays receiving your payment.
Pension payment dates are a commonly searched topic for retirees and those receiving financial support from the Canadian government. If you’re looking for an easy way to keep track of these dates, there are various resources available. The government of Canada’s website provides a convenient benefit payment calendar that outlines all the payment dates for the current year.
You can also opt in to receive email notifications about any changes or updates to your pension payment dates. Setting up your My Service Canada Account (MSCA) is the first step. By doing so, you can also view your payment information and history, update personal information, and more.
Of course, if you prefer to do things in person, you can always visit your local Service Canada office and speak with an agent. They will be able to provide you with information regarding your pension payment dates and any other questions you may have.
If you're a working Canadian wondering “how much CPP will I get?”, you should know that your pension payments depend on the age you started your pension, your contributions during your working life, and your average annual earnings.
To make sure you receive as many pension payments as possible, you need to start contributing as early as possible. As we have shown above, your pension also depends on when you start receiving it.
The average pension plan in Canada varies from one year to the next, but these are the average amounts beginning October 2022:
Type of pension | Average monthly amount – new beneficiaries (October 2023) | Yearly average amount |
Retirement pension over the age of 65 | $758.32 | $9,099.84 |
Please note that your pension amount can be affected if you have been in any of these situations:
• Working while you were receiving CPP benefits
• Making contributions after the age of 65
• Taking care of children under the age of 7
• Having periods of low or no salary
• Having periods of disability
• Sharing your pension with your spouse/common-law partner
• Changing your marital statuses, such as going through a divorce or separation.
A big question amongst pensioners is: “can I still apply for a payday loan in Canada?”. When you choose a private lender like iCash, your benefits will be accepted as income. Being on a fixed income is difficult enough; sometimes, you need just a little bit of help.
The maximum CPP amount is another essential piece of information if you want to start planning your retirement. The maximum monthly CPP you could receive in 2024 is $1,364.60. This makes for an annual pension of $16,375.20.
You can get an estimate of how much you will receive by using your My Service Canada Account or the Canadian Retirement Income Calculator.
Depending on your age, the maximum CPP amounts you could receive in 2024 are:
Type of pension | Maximum monthly amount (2024) | Maximum yearly amount (2024) |
Retirement pension over the age of 65 | $1,364.60 | $16,375.20 |
With the pension plan payment date being so close to the end of the month, you sometimes need a little extra help. Today there are options for direct lenders online that offer fast and easy online loans for pensioners.
Employee and employer CPP contribution rates for 2024 remain at 5.95%, and the maximum contribution will be $3,867.50 each—up from $3,754.45 in 2023. The self-employed CPP contribution rate remains at 11.90%, and the maximum contribution will be $7,735.00—up from $7,508.90 in 2023.
Employee and employer CPP2 contribution rates for 2024 will be 4.00%, and the maximum contribution will be $188.00 each. The self-employed CPP2 contribution rate will be 8.00%, and the maximum self-employed contribution will be $376.00.
Contributors are not required or permitted to make contributions on pensionable earnings above $73,200.
Even if these payments were not enough to help with your monthly expenses, private Canadian lenders would be there when you are strapped for cash.
It also means that it will take a while until we feel a significant change. The full effect won't be experienced sooner than 2065.
So far, we can notice the contribution rates rising every year, at least until 2023. This is the progress from 2018 to 2023 to get an idea of how the plan will be put into action:
Year | The contribution rate for the employee | The contribution rate for the employer | The contribution rate for the self-employed |
|---|---|---|---|
2018 | 4.95% | 4.95% | 9.90% |
2019 | 5.10% | 5.10% | 10.20% |
2020 | 5.25% | 5.25% | 10.50% |
2021 | 5.45% | 5.45% | 10.90% |
2022 | 5.70% | 5.70% | 11.40% |
2023 and beyond | 5.95% | 5.95% | 11.90% |
From 2024, we will have additional contributions; they will be 4% of revenue above the Yearly Maximum Pensionable Earnings up to a maximum value. Let's consider your contributions in 2024; a total of 8% will be added, 4% for you, and 4% for the employer.
That applies to the income between YMPE and $61,400. Looking at the bigger picture, all this leads to an increased CPP level for future seniors. But those who will feel the maximum increase will be the ones who retire 45 years from now.
The Canadian Pension Plan is not the only source of income you will have once you ret ire. You and your dependents have additional government benefits that you can qualify for: post-retirement pension, CPP survivor's pension, CPP disability pension, CPP death benefit, CPP children's benefit.
The funds for your post-retirement benefits come from the contributions you make if you keep working once you start receiving the Candian Pension Plan retirement pension until the age of 70. That will lead to increased retirement income for the rest of your life.
To qualify, you must decide to continue working past the age of 60 or 65 while receiving your retirement pension. Both you and the employer will have to pay your share of the contribution; if you are self-employed, you will pay both parts.
Once you turn 70, the CPP contributions will stop, and you can start enjoying an increased retirement income. If you want to stop the contributions sooner, you need to fill the form CPT30.
The original form will go to the CRA and a copy to your employer; if you have more employers, each must receive a copy. If you later change your mind, it is possible to start contributing again.
Just as it happens with the regular retirement pension, the pension plan post-retirement benefit depends on your income, the contributions you make, and your age. You can use the Canadian Retirement Income Calculator to see how much you will receive.
You also need to consider that the post-retirement benefit will lead to an increased retirement income, which means you may no longer qualify for programs like Old Age Security pension or Guaranteed Income Supplement and other local programs.
The Canadian Pension Plan disability pension can only be received until you turn 65. At that point, it will be transformed into a CPP retirement pension, as you cannot receive both simultaneously.
The post-retirement benefit was introduced in 2019. You can receive it if you are a CPP retirement pension beneficiary. Despite being disabled, you cannot qualify for a disability pension because you have received a pension plan retirement pension for over 15 months.
There are a few conditions you must meet to be eligible for the post-retirement disability benefit: you must be younger than 65 and have a severe medical condition; you also need to have contributed to the CPP at least four of the six previous years, and overall, for at least 25 years, you must meet the demands for the late applicant provision.
You can apply using the Canadian Pension Plan disability benefits application, and the amount you will receive is the flat-rate component of the disability pension.
Along with online lenders in Canada accepting CPP, other government benefits are also accepted as income when applying for a disability loan.
If you are receiving a CPP disability benefit and have dependent children younger than 18 or aged 18 to 25 but attending school full time, you can also receive children's benefit.
You can also receive a monthly payment for dependent children of deceased Canadian Pension Plan contributors. The children must be either younger than 18 or aged 18 to 25 and attending school full time.
Maybe this month, your child needs a new pair of shoes, and you are capped at your budget. Loans for child tax are available through lenders like us.
You are entitled to receive a survivor's pension after the death of your spouse or common-law partner. The amount you will get depends on the deceased's contributions has made during their lifetime and your age.
If you are over 65 and don't receive other CPP benefits, you will get 60% of the contributor's retirement pension. If you are younger than 65, you will get a flat rate portion as well as 37.5% of your spouse's retirement pension.
You need to apply as soon as you can after the contributor's death, or you can lose benefits. The earliest you can start receiving a survivor's pension is the month after the contributor's death.
Being mindful of the CPP payment dates is important for several reasons, and particularly if you depend on these benefits as a source of income. The CPP provides monetary assistance to millions of Canadians. As mentioned, it offers various benefits such as retirement pensions, disability benefits, survivor benefits, and children’s benefits.
Knowing exactly when you’ll get your CPP payments can help you plan your budget effectively. It can also help you stay on top of your financial obligations without worry. For example, if you need to use your benefit income for an upcoming bill payment, knowing the CPP dates can help you plan accordingly and avoid late fees or missed payments.
Knowing these dates also allows you to track your benefits to ensure you receive the correct amount each month. In case of any discrepancies or delays, you can contact Service Canada for assistance. This also applies if you receive direct deposit payments, as it may take a few business days to reflect on your bank account.
Knowing when you’ll receive CPP payments ensures financial confidence. It helps you manage all of your expenses such as rent, utilities, and groceries easier. It’s especially important for those receiving disability benefits, where managing medical expenses becomes a part of daily life.
Below, you’ll find a detailed list of CPP payment dates for 2024. It can help you plan ahead and stay informed about when you can expect to receive your money. Whether you need to plan for an upcoming purchase or want to know what holidays may change the CPP payment dates 2024 patterns, this list has you covered.
Here are the CPP dates, The Canadian Pension Plan payment dates for 2024:
CPP Payment Dates 2024
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
Being familiar with the CPP payments and benefit payment dates is essential so you can start budgeting and planning your monthly expenses.
The Canada pension payment dates may change from one month to another. As a rule of thumb, your CPP payments usually arrive during the last three business days of the month. The pension payments for December typically arrive before the 25th due to the holidays.
The Canadian pension plan is a reliable income source after retirement. There is one more positive aspect you need to know – it's possible to use this income to get a CPP loan. Let's face it; unexpected expenses don't stop after retirement, so you may probably find yourself in need of urgent funding from time to time.
A CPP income loan is offered by lending companies like iCash which specialize in such types of financial services. Generally, such funds do not require any kind of collateral; their amount and terms are determined depending on your pension plan and the lender's requirements.
It's also worth noting that the entire amount you borrow needs to be returned. The only difference is that because your income comes from pension, it's paid back in installments over a certain period of time.
The main advantage of using pension plan income loans is that you do not need to sell your property or take out a credit card. To qualify, all you need is a steady pension and a regular bank account. But it's worthwhile getting familiar with the terms and conditions of such transactions.
If you need money urgently and live on a pension or other benefits, iCash offers a quick and easy solution. You can apply for a e-transfer payday loan, and quickly receive an answer. The process only takes about ten minutes!
Being able to borrow money against your pension is normal. After all, it's a steady form of income, used by people who have years of financial responsibility experience. You can easily borrow money online to handle your emergency and then get back on track.
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