Some Canadians will receive their Canada Pension Plan (CPP) and Old Age Security (OAS) payments this week, so keep an eye on your bank account.
Those eligible for the CPP and OAS will receive a payment from the government through the pensions. While payment dates vary from month to month, both benefits are usually paid on the same day.
And if you’re still receiving your benefits in the mail, make sure to sign up for direct deposit to avoid delays in your payments.
If you’re unsure of whether you qualify for the benefits, read on to see if you meet the eligibility requirements.
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This is a monthly, taxable benefit that’s meant to replace part of eligible Canadians’ income upon retirement and is paid for the rest of their lives.
To be eligible for a CPP payment, you must have made at least one valid contribution to the pension and be at least 60 years old. Canadians can still receive their full pension even if they’re under 70 and still working; contributing to the CPP post-retirement benefit can increase their pension.
The amount you receive will depend on when you decided to start your pension, the amount you contributed, how much you earned throughout your working life, and how long you contributed to the CPP. New beneficiaries aged 65 will receive an average monthly payment of $899.67. The maximum monthly payment you can receive at age 65 is $1,433.
Canadians aged 65 and older can qualify for the OAS pension regardless of their work history.
Canadians aged 65 to 74 can receive up to $740.09 per month in 2025 if their annual net world income in 2024 was less than $148,451. However, Canadians aged 75 and older can receive a maximum of $814.10 if their annual net world income in 2024 was less than $154,196.
Check out the other benefits and credit payments you could get from the government this month.
With files from Irish Mae Silvestre
