Canada Pension Plan payments for March go out soon — Here's how much you can get
Here's when that cash is arriving this month. 👇
Canadian seniors can get over $1,400 each month from the CPP.
March is clipping right along, and for Canadians relying on government payments to help cover the bills, a new Canada Pension Plan deposit is just days away.
The next CPP payment date is coming up soon — so if you're budgeting for rent, groceries or other essentials, here's what you need to know.
With the cost of living still putting pressure on wallets across Canada, government benefits like the CPP and Old Age Security continue to be a financial lifeline for many retirees. Whether it's keeping the lights on or filling the fridge, staying on top of CPP payment dates in 2025 is key to managing your monthly cash flow.
The CPP offers a steady, taxable monthly payment for eligible Canadians, and the March CPP deposit is right on schedule to hit your bank account next week.
Here's a look at the upcoming Canada Pension Plan March payment date, how much you might receive from Service Canada and who's eligible for these government payments in March 2025.
How does the Canada Pension Plan work?
The Canada Pension Plan, or CPP, is designed to give retirees a dependable monthly payout that helps replace some of the income they earned while working. You can choose to start collecting CPP as early as 60, but if you wait, your monthly payments will be higher. That said, there's no extra perk for delaying past age 70 — so most people start before then.
Once you're signed up and receiving payments, your CPP amount is locked in, though it does get a yearly bump to match inflation. Payments can even be deposited straight into your bank account every month, making it a hassle-free and consistent source of retirement income.
Who is eligible for the Canada Pension Plan?
To get CPP retirement benefits, you need to be at least 60 years old and have contributed to the plan at least once. These contributions typically come from working in Canada, but in certain situations — like after a separation or divorce — you might qualify for extra credits if contributions are split with a former spouse or common-law partner.
You don't have to stop working to collect the CPP, and if you're under 70 and still earning a paycheque, you could even boost your monthly amount with the CPP post-retirement benefit.
How to apply for the Canada Pension Plan
Applying for Canada Pension Plan payments is pretty straightforward, and it starts with deciding when to start. You can apply anytime between age 60 and 70, depending on when you want your benefits to kick in. Keep in mind, though: starting earlier means smaller monthly payments, while holding off gets you more cash each month — for life.
Once you've figured out the timing, getting your application in is easy. The fastest way is online through your My Service Canada Account. Prefer doing things old-school? No problem — you can fill out a paper application and either mail it or drop it off at a Service Canada office near you.
More about applying for the CPP
Does Quebec have its own pension plan?
Yes, it does! Quebec has its own retirement pension plan called the Quebec Pension Plan, or QPP, and it works in pretty much the same way.
If you've worked only in Quebec or currently live there and have paid into the system, your retirement payments will come from the QPP instead of the CPP. But if you've contributed to both over the years, no worries — the two plans are coordinated, and your total benefits will reflect all your contributions combined.
Like the CPP, QPP payments are made monthly. This month, the deposit date is set for March 31.
How is the Canada Pension Plan calculated?
CPP payments aren't one-size-fits-all — the amount you get depends on a few important things, like:
- When you start collecting — Waiting past age 60 (up to 70) increases your monthly payout.
- How much you've contributed — The more you've paid into CPP over the years, the more you can expect to receive.
- Your earnings history — Higher earnings generally mean higher CPP payments.
If you're under 70 and still working while receiving CPP, you can keep building your pension through the CPP post-retirement benefit. Each year you contribute adds a little more to your future payments, which are automatically adjusted and locked in for life.
There are other factors that might affect your final amount too, like years with low or no income, time spent raising kids or living with a disability. If you want a clearer idea of what you'll get, you can log in to your My Service Canada Account or use Service Canada's Retirement Income Calculator for a personal estimate.
More about calculating CPP payments
How much does the Canada Pension Plan pay?
According to Service Canada, as of January 2025, the maximum monthly CPP payment for someone who started collecting at age 65 was $1,433. But most people don't get the maximum — the average new retiree at 65 receives around $808 a month.
Because everyone's earnings and contributions are different, your actual CPP payment might be higher or lower. The easiest way to get a personal estimate is to log into your My Service Canada Account or check out Service Canada's Retirement Income Calculator.
More about CPP payment amounts
Is the Canada Pension Plan taxable?
Yes, CPP payments are considered taxable income. But unlike your regular paycheque, taxes aren't automatically taken off each month — unless you choose to set that up yourself. You can request federal tax deductions through your My Service Canada Account or by submitting a paper form.
If you skip setting up those deductions, you might need to make quarterly tax payments instead. And if you're a Canadian living abroad, a non-resident tax will automatically be taken off your CPP payments.
More about CPP and your taxes
When are the Canada Pension Plan payment dates?
Canada Pension Plan payments typically show up in bank accounts during the final week of each month. For March, the next deposit date is set for Thursday, March 27.
Planning your budget for the months ahead? Here are all the other upcoming CPP payment dates for 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
Love this? Check out our Narcity noticeboard for details on jobs, benefits, travel info and more!
AI tools may have been used to support the creation or distribution of this content; however, it has been carefully edited and fact-checked by a member of Narcity's Editorial team. For more information on our use of AI, please visit our Editorial Standards page.