Canada Pension Plan payments for May 2025 go out soon — Here's how much you can get
Mark your calendar! 💰
Canadian seniors can get over $1,400 from this pension payment next week.
May is flying by, and if you're one of the millions of Canadian seniors who rely on government payments to help cover monthly costs, your next Canada Pension Plan deposit is just around the corner.
The May 2025 CPP payment is coming up fast, so if you've been budgeting for bills, food or other essentials, it's a good time to get your info sorted. Checking your payment details now can help avoid any last-minute surprises.
With prices staying high across much of the country, support from programs like the Canada Pension Plan and Old Age Security remains essential for many retired Canadians. These Service Canada benefit payments play a big role in keeping things on track — especially when you're planning around CPP payment dates in 2025.
Here's a full breakdown of what to expect from the May CPP payment, how much you could receive and who qualifies for these deposits this year.
How does the Canada Pension Plan work?
The Canada Pension Plan is one of the main ways the government helps Canadians stay financially secure in retirement. If you've worked in Canada and had deductions taken from your paycheque, chances are you've been contributing to the CPP — and those contributions eventually come back to you as monthly payments once you're eligible.
You can choose to start receiving your CPP as early as age 60, though the monthly amount will be smaller. If you hold off, the payout gets bigger each year you wait — up until you turn 70. After that, there's no added bonus for delaying, so most people sign up before then.
Once your application is approved, your payment amount is locked in for life and won't drop over time. However, it gets reviewed each year and increased for inflation. And because deposits can land straight in your bank account each month, CPP is a reliable way to support your retirement plans.
Who is eligible for the Canada Pension Plan?
To start receiving CPP retirement payments, you need to meet two basic conditions: be at least 60 years old and have made at least one valid contribution to the plan. These contributions are typically deducted from your pay while you're working in Canada.
In some cases, such as after a divorce or the end of a common-law relationship, you may be able to split CPP credits with a former partner, which can affect your eligibility or payment amount.
You also don't need to stop working to collect CPP. If you're under 70 and still earning income, you may be eligible for the CPP post-retirement benefit, which adds to your monthly payments as long as you continue contributing.
How to apply for the Canada Pension Plan
To apply for CPP retirement payments, you first need to decide when you want to start — any time between age 60 and 70. Starting earlier means smaller monthly payments, while delaying increases the amount you'll receive each month.
Once you've chosen your start date, you can apply online using your My Service Canada Account. If you prefer a paper application, you can download the form and either mail it in or drop it off at a Service Canada office.
More about applying for the CPP
Does Quebec have its own pension plan?
Yes, Quebec operates its own retirement program called the Quebec Pension Plan (QPP), which works much like the Canada Pension Plan. It provides monthly payments to eligible individuals who have worked in Quebec and contributed to the plan through their income.
If you've lived or worked in Quebec and paid into the QPP, your retirement benefits will come from that program. If you've contributed to both the CPP and QPP by working in different provinces, the two systems are coordinated to make sure your payments account for all your contributions.
QPP payments are made monthly, just like CPP. For May 2025, the QPP deposit is scheduled for May 30.
How is the Canada Pension Plan calculated?
Your CPP payment amount is based on a mix of factors, including when you start taking it, how much you've contributed and your overall earnings during your working years.
Starting CPP at age 60 gives you a lower monthly amount, while waiting longer — up to age 70 — increases your payment. After 70, there's no further increase, so most people apply sometime before then.
Your total contributions to the plan matter. Higher earnings generally mean higher contributions, which leads to a larger monthly payment. If you're still working and under 70, you can also boost your CPP through the post-retirement benefit, which adds to your payment each year you keep contributing.
Other things can also affect your total — like time spent out of the workforce raising children, years of low or no income or qualifying for disability benefits.
For a more accurate estimate, you can log into your My Service Canada Account or use the Retirement Income Calculator on the Service Canada website.
How much does the Canada Pension Plan pay?
As of January 2025, the maximum monthly CPP payment for someone starting at age 65 was $1,433, based on figures from Service Canada. However, most people don't receive the max — the average monthly payment for new retirees starting at 65 right now is around $900.
The exact amount you'll get depends on your earnings history and how much you contributed to the plan over your career. Your payment could end up being more or less than the average, depending on your work and contribution record.
For a clearer idea of what your monthly CPP could look like, log into your My Service Canada Account or try Service Canada's Retirement Income Calculator for a personalized estimate.
Is CPP taxable?
Yes, Canada Pension Plan payments are considered taxable income. But unlike a regular paycheque, taxes aren't automatically taken off unless you specifically ask for it.
If you'd prefer to have taxes deducted from your monthly payments, you can set that up through your My Service Canada Account or by submitting a paper request. If you skip that step, you may need to make quarterly tax payments later, depending on your total annual income.
For Canadians living abroad, a non-resident tax is automatically withheld from CPP payments, so no extra steps are needed in that case.
When is CPP paid this month?
Canada Pension Plan payments are typically issued during the last week of each month. If you've signed up for direct deposit, the money goes straight into your bank account on the scheduled date.
For May 2025, the next CPP payment is set to arrive next week on Wednesday, May 28.
If you're planning ahead, here are the upcoming CPP payment dates for the rest of 2025:
- Thursday, June 26
- Tuesday, July 29
- Wednesday, August 27
- Thursday, September 25
- Wednesday, October 29
- Wednesday, November 26
- Monday, December 22
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