You can get up to $1,500 from the Canada Pension Plan payment in May
Average payments for eligible Canadians are over $900! 👀
Canadian banknotes.
Payments for the Canada Pension Plan (CPP) in May are going out soon.
You can expect up to $1,500 as a deposit into your bank account or a cheque in your mailbox this month.
The money from this government payment is disbursed every month by Service Canada.
Whether this is your first month getting a payment or you've been receiving CPP for a while, here's what you need to know about CPP, including how much money you can get from the federal government and the May payment date.
What is the Canada Pension Plan?
CPP is a monthly retirement pension to replace part of your income when you retire.
It's a taxable benefit administered by Service Canada 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
According to the government, valid contributions can either be from work you did in Canada or from credits received from a spouse/common-law partner after a divorce or separation.
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 is $1,507.65 per month.
The average CPP payment at age 65 is $925.35 per month.
Your retirement pension amounts won't be reduced even if you work while receiving it.
When is the next Canada Pension Plan payment date?
The next CPP payment date is Wednesday, May 27, 2026.
How do you receive Canada Pension Plan payments?
Service Canada makes CPP payments through direct deposit or cheque.
Your payment will be deposited into your bank account if you chose the direct deposit option. You can sign up for direct deposit at any time.
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.
This article's cover image was used for illustrative purposes only.