Canada Pension Plan Payment Dates for 2024: How Much CPP Will I Get?

The Canada Pension Plan is an essential part of retirement planning for Canadians, offering a reliable source of income after you stop working. Understanding when your CPP payments will arrive, how much you can expect to receive, and how to manage your benefits can help you prepare for a more secure financial future.

If you’re a Canadian worker who has paid into the Canada Pension Plan (CPP) during your working years, you’re likely familiar with the monthly benefits provided once you retire, or if you experience a disability, or if you lose a spouse or common-law partner. But as 2024 approaches, it’s important to stay informed about your CPP payment dates and understand how much you’ll be receiving from this important government program. In this blog, we’ll walk you through the CPP payment schedule for 2024, how your monthly payment amount is determined, and key details you need to know about CPP payments. Whether you’re approaching retirement, are already receiving benefits, or are planning your financial future, understanding the ins and outs of the Canada Pension Plan will help you make informed decisions.

What is the Canada Pension Plan (CPP)?

The Canada Pension Plan is a social insurance program that provides income replacement benefits for Canadian workers. It’s designed to ensure that individuals have a source of income in retirement, if they become disabled, or if their spouse or common-law partner dies. The CPP is funded through payroll deductions from your wages or self-employed income during your working years. When you begin receiving CPP benefits, the amount you get is based on how much you contributed during your working life, as well as when you choose to start receiving payments.

When Are the 2024 CPP Payment Dates?

The Canada Pension Plan (CPP) provides benefits on a monthly basis, and the payments are made on specific dates throughout the year. In 2024, CPP payments are scheduled to be paid on the third-last banking day of each month.

Here are the official CPP payment dates for 2024:

January 26, 2024
February 23, 2024
March 29, 2024
April 26, 2024
May 31, 2024
June 28, 2024
July 26, 2024
August 30, 2024
September 27, 2024
October 25, 2024
November 29, 2024
December 20, 2024

How Much Will You Get from the Canada Pension Plan in 2024?

The amount of money you receive from the Canada Pension Plan depends on several factors, including how much you’ve contributed over your working life and when you begin receiving your benefits. Here are some key things to keep in mind:

1. Contributions and Work History
CPP contributions are based on the amount of income you earn, up to a certain maximum. The more you contribute, the higher your monthly benefit will be when you retire or if you qualify for disability or survivor benefits.
The amount of CPP you’ll receive is calculated based on the average of your highest-earning years, with adjustments made for inflation.
2. Starting Your Payments Early vs. Late
Age 65 is the standard age for starting your CPP retirement benefits. However, you can choose to start receiving them as early as age 60 (with a reduced benefit) or defer them as late as age 70 (with an increased benefit).
If you start before age 65, your benefit will be reduced by 0.6% per month (7.2% per year).
If you defer until after age 65, your monthly benefit will increase by 0.7% per month (8.4% per year), up until the age of 70.
3. Maximum Monthly CPP Amounts in 2024
For 2024, the maximum monthly CPP retirement benefit for someone who starts at age 65 is approximately $1,306.57. However, most people will receive less than the maximum, as it depends on how much and how long they contributed to the CPP during their working years.
If you start at age 60, the maximum amount you can receive will be reduced. For instance, in 2024, the maximum monthly benefit at age 60 is approximately $979.93.
Conversely, if you defer until age 70, you could receive a maximum of $1,829.23 per month, assuming you qualify for the full amount.
4. Disability and Survivor Benefits
CPP Disability Benefits are provided to individuals who are unable to work due to a disability. The amount depends on your contribution history and other factors.
Survivor Benefits are available to the spouse or common-law partner of a deceased CPP contributor. These benefits are based on the deceased person’s contributions and may include a lump-sum death benefit, monthly survivor benefits, and child benefits if applicable.

How Do You Apply for CPP Benefits?

You can apply for Canada Pension Plan benefits online, by mail, or in person at a Service Canada Centre. Here are the steps:

For Retirement Benefits: You can apply for CPP retirement benefits up to 12 months before the date you want to begin receiving payments. Apply online through your My Service Canada Account, or download and complete the necessary forms from the Service Canada website.

For Disability Benefits: If you are applying for CPP Disability, you need to provide supporting medical documentation. This application process is more involved and typically requires additional forms from your healthcare provider.

For Survivor Benefits: If you are the spouse or common-law partner of a deceased individual who has contributed to CPP, you may be eligible for survivor benefits. These can be applied for online or in person.

Why It’s Important to Review Your CPP Contributions

If you haven’t already, it’s a good idea to review your CPP contribution history to ensure that all your eligible work years are accounted for. You can access your Statement of Contributions through your My Service Canada Account. This statement will show you how much you’ve contributed to the Canada Pension Plan and give you an estimate of what you can expect to receive when you retire.