Making the switch from employed worker to retiree can be a drastic change. Not only is your lifestyle going to change, but you’ll also have to navigate retirement finances. The Government of Canada has made sure that all retirees have access to a steady income stream during their golden years through the Canada Pension Plan (CPP). With well-structured CPP payment dates every month, you can still enjoy the continuity and predictability of regular paychecks right to your bank account.

If you’ve been making contributions to the CPP throughout your working life and are turning 60, you’re probably starting to anticipate when you’ll get your first payment. We’ll be covering CPP payment dates, receiving your first installment, and other essentials.

CPP Payment Dates for 2024

Here are the CPP payment dates for this year:

January 29th

February 27th

March 26th

April 26th

May 29th

June 26th

July 29th

August 28th

September 25th

October 29th

November 27th

December 20th

What is the Canada Pension Plan?

The Canada Pension Plan is a retirement pension set up for Canadian seniors. It’s a monthly, taxable benefit that acts as a substitute for part of your income after you say goodbye to the working world. Along with retirement savings and the Old Age Security (OAS) pension, the CPP is one of the retirement income sources.

While the OAS pension is completely covered and funded by the Government of Canada, the CPP requires the individual to contribute to it during every year of employment as a retirement planning strategy. In Quebec, they have a region-specific program called the Quebec Pension Plan (QPP).

When do you start receiving payments from the CPP?

Source: Pexels

To start receiving the CPP retirement pension, you need to be a minimum of 60 years old and have made at least a single contribution to the CPP – those are the only qualifications. If you’ve met those requirements, you then have full reign of when you want to start your pension (aka retire). Typically, people usually start when they reach the age of 65. However, it’s not uncommon to wait until the age of 70 or even consider starting early retirement at 60.

How much CPP do you get?

That flexibility might sound nice, but know that when you choose to start your pension will affect the amount you’ll be receiving on all those CPP payment dates. Start early, and you’ll be receiving a smaller amount, but start later at 70, and you’ll receive the maximum monthly amount. There are no inherent benefits to waiting past 70. The choice is yours – and it should depend on your personal circumstances, such as your financial situation (whether you have an emergency fund or other savings accounts or investments), health, and retirement plans.

For instance, if you start before the age of 65, you’ll take reduced pension payments of 0.6% every month. If you choose to go the opposite way and start after age 65, you’ll receive increases of 0.7% monthly.

Here are the average and maximum payment amounts for the 2024 calendar year. Keep in mind that CPP payments are still taxable.

Type of benefit (at age 65) Average amount for new beneficiaries (since January 2024) Maximum payment amount for 2024
Retirement pension $831.92 $1,364.60
Post-retirement benefit $7.09 $44.46


Pension amounts can also be affected by periods of unemployment, low salary, disability, and changes in marital status.

Can you still work and receive the CPP?

Yes! Even if you are between the ages of 60 and 70 and choose to receive the CPP, you can still work without affecting your pension. On the contrary, you can actually boost your benefits through contributions. Any contributions you make under the age of 70 will go toward your post-retirement benefits, which, in turn, increase your overall retirement income.

How do you apply for the CPP?

Source: Pexels

Applying for the CPP is made easy with just two options: you can apply online with a My Service Canada Account (MSCA) or using a paper application. In a variety of circumstances, you can only apply through a paper application. These include:

  • If you live outside Canada
  • If you have an authorized third party that manages your CPP account
  • If you’re currently receiving a CPP survivor’s pension through an International Social Security Agreement
  • If you were denied a CPP children’s benefit under the age of 18 and didn’t receive one after turning 18
  • If you received a CPP children’s benefit unpaid directly to you between the ages of 18 and 25.
  • If you have gotten a CPP disability benefit that ceased before your 65th birthday or were denied one.

Other CPP Benefits

While the CPP provides a good source of retirement income, there are also additional perks that you might qualify for as a retiree that can benefit you and your dependents.

For example, there is also the disability benefit and post-retirement disability benefit for those living with “grave conditions” or terminal illness, survivor’s pensions paid out to the spouse or common-law partner if you happen to pass away, a one-time death benefit payment, and benefits for children under 25 if you happen to have any.

Getting Loans for Seniors in Canada

Learning the financial demands that come with retirement isn’t always easy, especially if you’re a senior already facing financial turmoil. Taking out a loan can provide you with flexible and convenient financing options that cater to your needs, no matter your circumstances. The most important course of action is to choose a credible lending partner – a task that Lend For All makes easy. Lend For All can match you up with a qualified lending partner, allowing you to receive funds as quickly as one business day – even if you’ve got unsavoury credit.


Nick Saraev

Lend For All     1 King St W Suite 4800 -24 Toronto, ON M5H 1A1   |  +1 800-532-4505

Disclaimer: Lendforall Canada/ is not a lender, does not make offers for loans, and does not broker online loans to lenders. Submission of a loan request to this website does not guarantee an offer or an approval for a loan. Lendforall Canada is not responsible for third party products, services, sites, recommendations, endorsements, reviews, etc. All products, logos, and company names are trademarks™ or registered® trademarks of their respective holders. Their use does not signify or suggest the endorsement, affiliation, or sponsorship, of or by Lendforall Canada or them of us. This content is provided by Lendforall Canada and is free of charge with no obligation to continue with the third party. is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Lendforall Canada strives to provide a wide array of offers for our users, but our offers do not represent all financial services companies or products. We endeavor to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide.