Canada Pension Plan: Everything You Need to Know

 

• The Canada Pension Plan (CPP) is a monthly, taxable benefit designed to supplement your income during retirement.

• CPP payments are not automatic — you must apply. To qualify you must: be at least 60 years old and have made at least one valid contribution to the CPP.

• The amount of your retirement pension depends on different factors, such as the age you decide to start your pension, how much and for how long have you contributed to the CPP, and your average earnings throughout your working life.

• In 2024, if you commence your pension at the age of 65, the highest monthly payout could be $1,364.60. The typical monthly payment for a new retirement pension initiated at age 65, as of October 2023, stood at $758.32.

• CPP payments go out every month. The first payment of 2024 took place on January 29.

• If you’re eligible for Canada’s pension plan, you could qualify for over $1,300 per month.