If you’re retired, keep an eye on your bank account — your next Canada Pension Plan (CPP) payment will be deposited this week.
The CPP is a monthly, taxable benefit that replaces part of Canadians’ income when they retire.
Retirees can expect to see extra cash in their bank account from the payment on Tuesday, October 29.
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Who’s eligible for the CPP payment?
According to the federal government, to qualify for the retirement pension, you must be at least 60 years old and have made one valid contribution to it.
Valid contributions can be from work done in Canada or from receiving credits from a former spouse or former common-law partner at the end of a relationship.
If you’re retired but still working, don’t worry. The government says you can still receive a retirement pension without reducing the pension amount.
“If you work while receiving your CPP retirement pension and are under age 70, you can still make CPP contributions,” reads the site. “Each year you contribute to the CPP will result in a post-retirement benefit and increase your retirement income.”
The government will then automatically pay you that benefit the following year, and you’ll receive it for the rest of your life.
You can choose to stop your post-retirement contributions when you’re 65, and your CPP contributions will stop when you reach 70 years old, even if you’re still working.
How much could you get?
Ottawa says the amount of your payment depends on different factors like the age you decided to start your pension, how much and for how long you contributed to the CPP, and your average earnings throughout your working life.
“For 2025, the maximum monthly amount you could receive if you start your pension at age 65 is $1,364.60,” according to the government. “The average monthly amount paid for a new retirement pension (at age 65) in July 2024 was $815.00.”
You can get an estimate of your monthly CPP retirement pension payments by signing into your My Service Canada Account.
There are other ways you might get more money from the government this fall. From the Canada Child Benefit to the Canada Carbon Rebate, check out the full list here.