Canada Pension Plan payments for November go out soon — Here's how much you can get
Plus details on how the Canada Post strike affects your cheques!
Canadian seniors can get over $1,000 a month from the CPP.
November is rolling along, and there are still some benefit payments Canadians can receive this month, including the Canada Pension Plan (CPP).
With inflation and the rising cost of living pinching wallets everywhere, it's more important than ever to stay on top of your financial options. Whether it's finding ways to cut back, working extra hours or tapping into government payments, every bit of support counts.
Benefits like CPP and Old Age Security can offer a much-needed financial cushion for Canadian seniors, helping cover the basics or even a little extra. These monthly payments can range from a few hundred to thousands of dollars, depending on your situation and eligibility.
For retirees, the CPP retirement pension provides steady, taxable income for life. Here's what you need to know about November's CPP payment, including how much you might get this month and how the ongoing Canada Post strike affects mailed cheques.
How does the Canada Post strike affect CPP cheques?
Service Canada announced last week that this month's CPP cheques would still be delivered during the disruption, but delays are likely. The same goes for other select federal benefit cheques like Old Age Security and the Canada Child Benefit.
To avoid potential delays, signing up for direct deposit is your best option. With direct deposit, your payments are transferred straight into your bank account, so you don't have to rely on mail. It's faster, more secure and ensures your money won't get lost or delayed.
You can register for direct deposit through your My Service Canada Account, by phone at 1-800-277-9914 (press "0" to speak with an agent), or in person at a Service Canada office. Just make sure you have your SIN and banking details ready, including your account, branch and transit numbers (which you can find at the bottom of your own cheques).
How does the Canada Pension Plan work?
The Canada Pension Plan (CPP) is a monthly taxable benefit designed to replace part of your income when you retire. You can choose to start your payments as early as age 60, or you can hold off. The longer you wait to start, the higher your monthly payouts will be forever — but there's no added advantage to delaying past 70.
Once you start collecting your CPP, the payments are guaranteed for life. These amounts are typically increased yearly to keep up with inflation, and the money is conveniently deposited directly into your bank account each month.
Who is eligible for the Canada Pension Plan?
To qualify for the CPP retirement pension, you need to be at least 60 years old and have made at least one valid contribution. These contributions typically come from work in Canada, but in some cases, credits can be transferred after a relationship breakdown with a former spouse or common-law partner.
The CPP also allows you to keep working while collecting your pension. Plus, if you're under 70, you might even boost your payments with the CPP post-retirement benefit.
How to apply for the Canada Pension Plan
Applying for the CPP is pretty simple, but there are a few important steps to follow. Assuming you're eligible, first decide the best time for you to start receiving payments. You can begin anytime between 60 and 70, but keep in mind that delaying means higher monthly payouts.
When you're ready to apply, you can do it online through your My Service Canada Account. You can also normally send in a paper application by mail — though with the ongoing Canada Post strike, online will be your safest bet.
More about applying for CPP
Does Quebec have its own pension plan?
Yes, Quebec has its own system called the Quebec Pension Plan (QPP), which operates in a similar way to the CPP.
If you've worked only in Quebec, or if you currently live there and have spent time working in the province, your retirement benefits will come from the QPP instead of the CPP. The two plans are interconnected, so if you've worked in both Quebec and other parts of Canada, contributions to both programs are combined to determine your pension amount.
Just like the CPP, the QPP is paid out monthly, with the next payment set for next week on November 29.
How is the Canada Pension Plan calculated?
Your CPP payment amount is determined by a mix of factors, including:
- The age you start payments — Delaying your CPP past age 60 (up to age 70) boosts your monthly payouts.
- Your contributions — The amount and duration of your CPP contributions during your career play a big role.
- Your earnings — Higher career earnings generally lead to higher CPP payments.
If you're under 70 and still working while collecting CPP, your contributions can also increase your pension through the CPP post-retirement benefit. Each year you contribute adds to your income, and these extra amounts are paid automatically starting the next year for life.
Other factors like periods of low income, disabilities or time spent raising kids can also affect how much you'll get. To get an estimate of your payments, check your My Service Canada Account or use the CRA's Retirement Income Calculator.
More about calculating CPP payments
How much does the Canada Pension Plan pay?
The amount you receive from the CPP depends on several factors, like your age, how much you've contributed, and your average income during your working years. For 2024, the maximum monthly payment for someone starting CPP at age 65 is $1,364.60, according to the CRA. But keep in mind, most people get less than that — the average payment is around $815 a month.
Your exact payment will be unique to your situation, but you can quickly find an estimate through your My Service Canada Account or the CRA's Retirement Income Calculator.
More about CPP payment amounts
Is the Canada Pension Plan taxable?
Yes, CPP payments count as taxable income. Taxes aren't automatically withheld, but you can request federal tax deductions every month by logging into your My Service Canada Account or sending in a paper form (though online will be your best bet during the ongoing Canada Post strike).
If you don't set up monthly deductions, you might need to pay taxes quarterly instead. For Canadians living abroad, a non-resident tax is automatically applied to your CPP payments.
More about CPP and your taxes
When are the Canada Pension Plan payment dates?
The next CPP payment date is Wednesday, November 27.
The final payment for 2024 will arrive on December 20.
After that, the payment dates for 2025 are:
- January 29, 2025
- February 26, 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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