For retirees who count on the Canada Pension Plan (CPP) as part of their retirement income, it is very important to know when their payments will be made. The CPP gives monthly payments to people who are eligible, and these payments are made on set times throughout the year. Retirees can better handle their monthly budgets, plan for expenses, and stay financially stable when they know these dates.
The schedule for payments is set ahead of time, so recipients can plan their financial activities around their expected income. This guide shows how important the 2024 Canada Pension Plan payment dates are by giving seniors the information they need to confidently and easily plan their finances.
CPP Payment Dates 2024
| Month | Payment Date |
|---|---|
| January | January 29 |
| February | February 27 |
| March | March 26 |
| April | April 26 |
| May | May 29 |
| June | June 26 |
| July | July 29 |
| August | August 28 |
| September | September 25 |
| October | October 29 |
| November | November 27 |
| December | December 20 |
Eligibility for Canada Pension Plan (CPP)
To get the CPP retirement income, a person must be at least 60 years old. At this age, you can start getting pension payments, though they will be less than full pension if you start getting them before the normal age of 65.
People who are eligible must have made at least one valid CPP payment. You can make valid payments if you worked in Canada and had CPP contributions taken out of your pay.
People may also be eligible if they get credits from a past spouse or common-law partner at the end of the relationship. These credits can also be used to make CPP contributions.
Also See:- SSDI Payment Dates April 2024
CPP Payment Amount
The Canada Pension Plan (CPP) monthly payment amounts vary based on the age you start collecting:
- At age 60: $873.34/month
- At age 65 (standard retirement age): $1,364.60/month
- At age 70: $1,937.73/month
Starting earlier reduces the monthly amount, while delaying increases it, reflecting the adjustment for the pension’s expected duration and contributions.
How to Claim CPP Benefits
To claim your Canada Pension Plan (CPP) retirement pension, follow these steps:
- Verify Eligibility: Ensure you’re at least 60 years old and have made at least one CPP contribution.
- Decide Start Date: Choose when you want to start receiving your pension, between ages 60 and 70.
- Application Method: Apply online through My Service Canada Account (MSCA) for convenience, or use a paper application if necessary.
- Submit Application: Complete and submit your application either online via MSCA or by mailing/dropping off the paper form at a Service Canada office.
- Check Status: Monitor your application’s status through MSCA or contact Service Canada.
Begin the application process well before your desired pension start date to ensure a smooth transition into receiving your benefits.
What happens if a CPP beneficiary passes away?
As soon as a Canada Pension Plan (CPP) recipient dies, steps must be taken right away, such as telling Service Canada to stop all future payments, since all post-death payments must be returned except for the one due in the month of death. The estate could get a one-time death payment of $2,500 to help pay for the funeral.
Survivors of a spouse or common-law partner can apply for a survivor’s pension. The amount they get depends on their age and how much the dead person paid into the CPP.
Also, children under 18 who depend on their parents and are going to school full-time may be able to get a monthly living children’s benefit. These rules make sure that the family of the dead beneficiary has money to live on.