Canada Pension Plan payments for February go out soon — Here's how much you can get
Payments go out next week!
Canadian seniors can get over $1,000 a month from the CPP.
February is here, and so is a fresh round of government benefits Canadians can get this month — one of the most important for retirees being the Canada Pension Plan (CPP). If you're counting on that deposit to help with monthly expenses, you won't have to wait much longer as it's paying out next week.
With Canada's cost of living still on the rise, staying on top of government payments like the CPP and Old Age Security is key for many Canadian seniors. These benefits can provide essential support, whether it's for groceries, rent or just keeping up with day-to-day expenses.
For those receiving the CPP, this taxable monthly payment offers steady income to help cover the bills. And the February CPP payment is just around the corner — arriving right on schedule to keep your budget on track.
Here's everything you need to know about the CPP payment for February 2025, including how much you could receive and when to expect it in your bank account.
How does the Canada Pension Plan work?
The Canada Pension Plan (CPP) provides retirees with a steady, taxable monthly income to help replace part of their earnings after they stop working. You can start collecting CPP as early as age 60 or choose to delay — the longer you wait, the higher your monthly payments will be. However, there's no added benefit to holding off beyond age 70.
Once you begin receiving the CPP, your payment amount is locked in for life, though it does get an annual increase to keep up with inflation. Deposits can go straight into your bank account each month, making it an easy and reliable source of income.
Who is eligible for the Canada Pension Plan?
To qualify for the CPP retirement pension, you must be at least 60 years old and have made at least one contribution to the plan. These contributions are usually linked to your employment in Canada, though in some cases, credits can be split after a separation or divorce from a spouse or common-law partner.
The CPP also gives you flexibility — you can keep working while receiving your pension. And if you're under 70 and still employed, you might even increase your payments through the CPP post-retirement benefit.
How to apply for the Canada Pension Plan
Getting your Canada Pension Plan (CPP) payments started is a simple process, but timing is key. The first decision you'll need to make is when to begin receiving your benefits. You can apply anytime between age 60 and 70, but there's a catch — delaying means bigger monthly payments, while starting early results in a lower amount.
When you're ready to move forward, applying to start receiving your payments is easy. You can do it online through your My Service Canada Account for a quick and hassle-free process. If you prefer a paper application, you can mail it in or take it to a Service Canada centre in person.
More about applying for the CPP
Does Quebec have its own pension plan?
Yes! Quebec runs its own retirement system called the Quebec Pension Plan (QPP), which works much like the Canada Pension Plan (CPP).
If you've spent your entire career working in Quebec, or you currently live there and worked in the province at some point, your pension will come from the QPP instead of the CPP. The two programs are linked, so if you've contributed to both, your total pension amount is calculated based on your combined contributions.
Just like the CPP, QPP payments are deposited monthly, and this month's payout is scheduled for February 28.
How is the Canada Pension Plan calculated?
Your Canada Pension Plan (CPP) payment isn't a fixed amount — it's based on a few key factors, including:
- When you start collecting — Holding off past age 60 (up to 70) means bigger monthly payments.
- How much you've contributed — The longer and more you’ve paid into CPP, the more you'll receive.
- Your earnings history — Higher lifetime earnings generally lead to higher CPP payouts.
If you're under 70 and still working while receiving CPP, you can boost your pension through the CPP post-retirement benefit. Every year you contribute adds to your future payments, which are automatically adjusted and paid out for life.
Other factors, like periods of low income, time spent raising children or living with a disability, can also impact your final amount. To get a personalized estimate, log in to your My Service Canada Account or check out the CRA's Retirement Income Calculator.
More about calculating CPP payments
How much does the Canada Pension Plan pay?
Your Canada Pension Plan (CPP) payment isn't one-size-fits-all — it's based on factors like your age when you start collecting, how much you've contributed over the years and your average earnings while working.
According to the CRA, the maximum monthly payout for someone starting CPP at 65 in January 2025 was $1,433. That said, most retirees receive less, with the average new pension at 65 coming in at around $808 per month.
Since everyone's situation is different, the best way to estimate your own CPP amount is by logging into your My Service Canada Account or using the CRA's Retirement Income Calculator.
More about CPP payment amounts
Is the Canada Pension Plan taxable?
Yes, Canada Pension Plan (CPP) payments count as taxable income. Also, unlike a paycheque, taxes aren't automatically deducted — but you do have the option to set up federal tax deductions each month. You can do this easily through your My Service Canada Account or by filling out a paper form.
If you don't arrange for tax deductions upfront, you might have to make quarterly payments instead. And for Canadians living outside the country, a non-resident tax is automatically applied to CPP payments.
More about CPP and your taxes
When are the Canada Pension Plan payment dates?
Canada Pension Plan (CPP) payments usually land in bank accounts during the last week of the month. For February, the deposit is set for Wednesday, February 26.
If you're planning ahead, here's the full list of the remaining CPP payment dates for 2025:
- March 27, 2025
- April 28, 2025
- May 28, 2025
- June 26, 2025
- July 29, 2025
- August 27, 2025
- September 25, 2025
- October 29, 2025
- November 26, 2025
- December 22, 2025
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