On January 29, 2024, the first Canada Pension Plan (CPP) payment for this year will be made. The CPP is a government-initiated retirement program introduced in 1965 to enhance the quality of your retirement years. Initially designed to offer 25% of your pre-retirement income, the CPP Enhancement, phased in from 2019, allows you to contribute more, enabling a larger pension payout of up to 33% of your pre-retirement income.
CPP is a taxable benefit aimed at providing retirees with a reliable source of income to replace a portion of their earnings after they retire. This benefit ensures that retirees have sufficient financial support to meet their needs during their retirement years. CPP payments are typically deposited into your bank account on the last business day of each month, except for December. The payment is made on the second-to-last business day before the 25th of December.
CPP Payments in 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
CPP Payments in 2023
- January 27, 2023
- February 24, 2023
- March 29, 2023
- April 26, 2023
- May 29, 2023
- June 28, 2023
- July 27, 2023
- August 29, 2023
- September 27, 2023
- October 27, 2023
- November 28, 2023
- December 20, 2023
How Much CPP Will You Get?
Each individual receives a distinctive CPP amount, with the monthly payment being determined by various factors, such as:
- The duration of your contributions
- The amount contributed, linked to your income
- The age at which you choose to commence receiving benefits
- Whether you continue working after initiating CPP collections
Canada Pension Plan Benefit Amount
| Type of Benefit | Maximum Benefit Amount |
|---|---|
| Retirement Pension | $1,306.57 |
| Post-Retirement Benefit | $40.25 |
| Disability Benefit | $1,538.67 |
| Post-Retirement Disability Benefit | $558.74 |
| Children of Disabled CPP Contributors | $281.72 |
| Children of Deceased CPP Contributors | $281.72 |
| Death Benefit | $2,500.00 |
Check Your CPP Payment Status
To check the status of your CPP payment, you should visit the official portal of the Canadian Government. You must log in to your My Service Canada Account (MSCA) account using your Social Insurance Number. After logging in, provide the necessary details to check the Canada Pension Plan Payment Status.
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