Canada Pension Plan payments for August are giving over $1,500 to some eligible Canadians

August payments of the Canada Pension Plan (CPP) will be deposited into bank accounts and delivered to mailboxes soon.

Some Canadians could receive close to $900 or more than $1,500 from the federal government.

This is one of the government payments that's administered by Service Canada every month.

So, here's what you need to know about CPP in August if you're eligible to receive money, including this month's payment date and the payment amounts.

What is the Canada Pension Plan?

CPP is a monthly retirement pension that's meant to replace part of your income when you retire.

It's a taxable benefit that can also include disability, children's and survivor benefits.

If you qualify for this retirement pension, you'll receive CPP payments for the rest of your life.

Who is eligible for the Canada Pension Plan?

To be eligible to receive CPP, you must:

• be at least 60 years old
• have made at least one valid contribution to the CPP

A valid contribution can either be from work you did in Canada or from credits received from a spouse/common-law partner after a divorce or separation.

If you're eligible, you won't automatically get CPP payments. You need to apply online through your My Service Canada Account or by mail with a paper form.

The standard age to start CPP is at age 65, but you can start as early as age 60 or as late as age 70.

Service Canada said starting earlier means smaller monthly payments and starting later means bigger monthly payments.

But there isn't a benefit to waiting until after age 70 because the maximum monthly amount is reached once you turn 70 years old.

If you apply after age 65, you can request a retroactive start date, which could be as early as 11 months before your application is received, but no earlier than the month after your 65th birthday.

How much money can you get from Canada Pension Plan payments?

The amount of money you get from this benefit depends on the age you start receiving your pension, how much you contributed to the CPP, how long you contributed to the CPP, and your earnings throughout your working life.

The maximum CPP payment at age 65 for 2026 is $1,507.65 per month.

In August, the average CPP payment at age 65 for new beneficiaries is $877.01.

Your retirement pension amount won't be reduced even if you're working while receiving CPP.

When is the next Canada Pension Plan payment date?

The next CPP payment date is Thursday, August 27, 2026.

How do you receive Canada Pension Plan payments?

Service Canada makes CPP payments via direct deposit or cheque.

Your payment will be deposited into your bank account if you chose the direct deposit option.

If you didn't opt for direct deposit, your CPP payment will be mailed to you as a cheque during the last three business days of the month.

You can sign up for direct deposit with Service Canada at any time.

Payments are issued on the scheduled dates each month, but can take a few days to arrive. Since cheques are sent by mail, it can take longer to get money that way than with direct deposit.

This article's cover image was used for illustrative purposes only.