Canada Pension Plan 2024 Payment Dates, Eligibility, Amount, Application Process 

The Canada Pension Plan (CPP) is a retirement benefit program that provides financial assistance to Canadian citizens in the event of death or disability. The upcoming payment date is January 29, 2024.

Canada Pension Plan 2024 Payment Dates

The CPP sends out payments every month, except for December, which falls on the second-to-last banking day before December 25th. For all other months, the payment date is the third-last banking day. 

The CPP payment dates for 2024 have been announced, and they are as follows:

  • 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

Canada Pension Plan Eligibility 

Key points regarding eligibility for the Canada Pension Plan (CPP) retirement pension:

Minimum Requirements:

  • Age: You have to be 60 years of age or older.
  • Contributions: You must have made at least one valid contribution to the CPP. This can come from:
    • Work in Canada: Having paid CPP contributions from your earnings.
    • Relationship Credits: Receiving credits from a former spouse or common-law partner after the relationship ends.

Working While Receiving CPP:

Canada Pension Plan Payment Dates

  • You can work and receive the CPP retirement pension without any reduction to the pension amount.
  • Post-retirement benefit: Working under age 70 and making CPP contributions increases your future retirement income through the post-retirement benefit.
  • You can opt out of post-retirement contributions at age 65.
  • You cannot make CPP contributions past age 70, even if you’re still working.

When to Start your Canada Pension Plan Retirement Pension?

Starting Age:

  • Standard: 65 years old
  • Early Eligibility: 60 years old (reduced monthly amount)
  • Late Eligibility: Up to 70 years old (increased monthly amount)
  • No benefit to delaying past 70

Retroactive Payments:

  • Available after age 65 for up to 11 months
  • Affects the starting month’s benefit amount
  • Not applicable for starting before 65

Impact of Age on Pension Amount:

  • Earlier start: Payments decrease 0.6% per month (7.2% per year), up to a 36% reduction at 60
  • Later start: Payments increase 0.7% per month (8.4% per year), up to 42% increase at 70

Consider Your Personal Circumstances:

  • Health, financial situation, retirement plans
  • Delaying for higher payments: Good if healthy, longer lifespan, or other income sources
  • Starting early for immediate needs: Good if less work is desired, paying debts, or little income

Canada Pension Plan Retirement Pension Amount 

Amount you receive:

  • Depends on: Start age, CPP contributions, and average earnings.
  • Maximum for 2024 (65 years old): $1,364.60/month.
  • Average in 2023 (65 years old): $758.32/month.
  • Estimate your payments: My Service Canada Account or Retirement Income Calculator.

Factors affecting amount:

  • Working after 65: Increases pension for each year you contribute under 70 (Post-retirement benefit).
  • Periods of low/no earnings: Up to 8 years dropped from calculation, increasing your pension.
  • Enhanced component (after Jan 2019): Based on the best 40 years of earnings (if applicable).
  • Child-rearing provisions: Can increase your pension if you take time off to raise children.
  • Disability: Disability months dropped from base component calculation, and disability credits were added to enhanced component, increasing both your and your partner’s pensions.
  • Pension sharing: Lower your taxes by sharing a pension with a spouse/common-law partner.
  • Divorce/separation: Credit splitting allows a 50/50 split of CPP contributions with an ex-partner.

Applying for the CPP Retirement Pension

Guide for applying for your CPP retirement pension, whether you prefer the convenience of online.

Requirements:

  • You’ll need a My Service Canada Account (MSCA) with a personal access code. If you don’t have one, you can register online.

Steps:

  • Sign in to your MSCA.
  • Select “My Benefits” and then “Apply for benefits.”
  • Choose “Canada Pension Plan (Retirement Pension).”
  • Follow the prompts and complete the application form.
  • Review and submit your application.

Canada Pension Plan Application Processing Time

Once you’ve sent off your application for the Canada Pension Plan (CPP) retirement pension, you might be wondering: how long will it take to receive a decision? Here’s what you need to know:

  • Service Canada starts processing your application as soon as they receive your completed form.
  • You can expect to receive a notice of their decision by mail within 120 days, be prepared for some flexibility depending on your specific situation.

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