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When a person in Canada reaches retirement age, they’ll qualify for the Canadian Pension Plan, which is meant to be a source of income for them. But what exactly is the CPP, what are the payment dates, and how much can someone get if they qualify? This guide will answer all those questions and more!
According to the Government of Canada website, the expected CPP payment schedule for 2025 is as follows:
January 29, 2025
February 26, 2025
March 27, 2025
April 28, 2025
May 28, 2025
June 26, 2025
July 29, 2025
August 27, 2025
September 25, 2025
October 29, 2025
November 26, 2025
December 22, 2025
Your eligible amount depends on your contributions during your working years and other factors. Whether you’re nearing retirement or just planning ahead, knowing what to expect from your CPP payments helps you better prepare for your future.
In 2025, the maximum CPP monthly payment for new beneficiaries is projected to increase slightly to reflect inflation and economic adjustments.
For 2025, the approximate monthly amount you may be eligible to receive is up to $1,433. This is roughly a 2.6% increase from the previous year, where it was approximately $1,364. However, once again, it’s important to remember that your individual life circumstances will be the ultimate deciding factor when it comes to how much you’re eligible for.
Depending on your age, CPP amounts you could receive in 2025 are:
Type of Pension | Max. Monthly Amount (2025) | Max. Yearly Amount (2025 |
Retirement pension over the age of 65 | $1,433 | $17,196 |
CPP payments are not a fixed amount for everyone—they’re calculated based on your contributions during your working years. The amount depends on these three main factors:
How Much You Contributed: The more you contributed through payroll deductions, the higher your monthly payment will be.
How Long You Contributed: Contributions over many years result in a larger payout.
When You Start Receiving CPP: You can start as early as age 60, but this reduces your payment. If you wait until after age 65, your payment will be higher.
Several factors influence the amount you’ll receive from CPP in 2025:
Contribution History: The more years you’ve worked and contributed, the higher your potential payout will be.
Earnings: CPP contributions are based on your income, meaning higher earnings would typically result in larger contributions and higher payments.
Retirement Age: Your payment will be reduced if you start taking CPP early (before age 65). On the opposite end, delaying it past 65 can increase your monthly benefit.
Child-Rearing Provisions: If you took time off work to raise children under 7, you may qualify for a provision that excludes low-earning years from your CPP calculation.
Disability Contributions: Contributions made while receiving CPP disability benefits can also factor into your retirement payment.
It can definitely feel a bit stressful if your CPP payment doesn’t arrive on the expected date. But don’t worry, it’s usually easy to fix. First, if you check your bank account and the deposit is not there, give it one extra business day to account for any banking delays.
If the payment is still missing, contact Service Canada immediately. They should be able to investigate the issue further and make sure you get your money ASAP.
If you get your payments by mail, confirm that your mailing address is correct and updated. Sometimes, there may be issues with the mail carrier that result in a delay (for example, the Canada Post strike in 2024), and in that case, you would need to get in touch with them. This is why switching to direct deposit is always a better idea and can help prevent future delays.
The Canada Pension Plan (CPP) is a government program that provides financial support to Canadians during their retirement years. It’s funded through mandatory contributions from workers and employers.
The point of CPP is to ensure a steady income stream to help Canadians cover living expenses after they leave the workforce. Beyond retirement benefits, CPP also offers disability, survivor, and death benefits for Canadians.
To be eligible for CPP, you need to meet a few key criteria:
Age: You must be at least 60 years old to start receiving CPP retirement benefits.
Contributions: You must have made contributions to the CPP during your working years. Contributions are automatically deducted from your earnings if you are employed (or made through the Canada Revenue Agency if you are self-employed).
Residency: While the CPP primarily serves Canadians, non-residents who have contributed to the program while working in Canada may also qualify, but you’ll need to verify that with Service Canada.
The CPP operates as a contributory program, which means both employees and employers contribute a percentage of the employee’s income to the plan. These contributions are then pooled into a fund managed by the Canada Pension Plan Investment Board (CPPIB).
Here’s a brief overview of how CPP works. You contribute a percentage of your income up to a yearly maximum, as determined by the government. Contributions are made automatically through payroll deductions. Then, when the time comes, your CPP retirement benefit is calculated based on your total contributions and the number of years you contributed.
You can choose to start receiving CPP as early as age 60 or delay it until age 70. Starting early results in smaller monthly payments, while delaying increases your benefit amount. CPP offers other types of financial assistance too, such as disability benefits for those unable to work due to a severe disability and survivor benefits for the family of a deceased contributor.
Knowing when and how to apply can help you start receiving your benefits on time without delays. Here’s what you need to know about the application process.
You can apply for CPP anytime after you turn 60. Most people choose to start their payments at 65, but you can receive benefits earlier or delay them until age 70. But the timing will impact your monthly payment:
Starting before 65 reduces your payment by 0.6% per month (up to a 36% reduction by age 60).
Delaying after 65 increases your payment by 0.7% per month (up to a 42% boost by age 70).
Ultimately, it may sound self-explanatory but you’ll want to apply for CPP as soon as you think you’ll need it.
When applying for CPP, you’ll need to gather certain documents to prove your eligibility. These include:
Social Insurance Number (SIN)
Proof of Birth (like a birth certificate or other government-issued ID)
Direct Deposit Information
Optional Forms (needed if you’re applying for special provisions like a post-retirement benefit or sharing credits with a spouse)
Unfortunately, it can take anywhere from 6 to 12 weeks for your application to be reviewed, approved, and processed. This is why it’s so important to make sure you complete the application as accurately as possible and include all the necessary documentation. Otherwise, things could just get delayed unnecessarily.
Even if you do submit your application well in advance with all the necessary documentation, all it takes is a small error to make the process take longer. This is why it’s important to double-check for any missing information or mistakes before submitting.
However, the good news is that once approved, your payments will start the following month and may include retroactive payments for up to 12 months if applicable.
As always, if you have any questions or are concerned about delays in applying or receiving your CPP benefits, contact Service Canada as soon as possible.
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