Last Updated on: 20th January 2024, 05:45 am
The Canada Pension Plan (CPP) payment, a taxable monthly benefit, offers a dependable source of income during your retirement years, providing sustained financial support. Commencing in 2024, the initial CPP payment for the year is scheduled to be disbursed on Monday, January 29.
CPP Payment Dates 2024 Ontario
The CPP monthly benefit is designed to supplement a portion of your income post the age of 60, ensuring financial stability throughout your golden years. If you have contributed at least once during your working years in Canada, you can expect your CPP payment reliably on the 29th of every month, starting from January 29th, 2024.
CPP Payment Schedule 2024
The CPP payment schedule for 2024 aligns with the third last day of each month, as outlined below:
- January 29th
- February 27th
- March 26th
- April 26th
- May 29th
- June 26th
- July 29th
- August 28th
- September 25th
- October 29th
- November 27th
- December 20th
CPP Payment Eligibility 2024
Ensure your eligibility for CPP payment in 2024 by meeting the following criteria:
- Minimum Age: You must be at least 60 years old to receive a CPP retirement pension.
- Valid Contributions: Having made at least one valid contribution to the CPP from employment income earned in Canada or credits transferred from a former spouse or common-law partner.
- Work and CPP Pension: Continue working while receiving your CPP retirement pension without any reduction in its amount.
- Post-Retirement Benefit: Contribute further to the CPP under age 70 and enhance your retirement income with automatic yearly payments starting the following year.
Post-Retirement Contribution Options:
- Choose to stop making post-retirement contributions at age 65.
- All CPP contributions cease automatically at age 70, regardless of employment status.
How to Register for CPP Payment in 2024?
Follow the guide below to navigate the application process for CPP payment in 2024:
-
Choose Your Starting Date:
- Immediate Start
- Start at 65
- Personalized Start Date
-
Decide How to Register:
- Online: Through My Service Canada Account (MSCA) for a quick and easy process.
- Paper Form: Download and complete the “Application for a Canada Pension Plan Retirement Pension” (ISP-1000) form.
-
Submit Your Application:
- Online: Utilize your MSCA for a convenient process.
- Paper: Complete the official Application for a Canada Pension Plan Retirement Pension (ISP-1000) form and submit it as instructed.
CPP Payment Amount 2024
The CPP retirement payment amount is calculated based on factors such as:
- Start Age
- Contribution History
- Average Earnings
Maximum Amount:
- Maximum Monthly Amount: $1,364.60 for those starting at 65 in 2024.
- Average Monthly Amount: $758.32 for new pensions (at 65) in October 2023.
Estimate your pension using the following steps:
- Sign in to your My Service Canada Account for an estimate.
- Register for an account if you don’t have one.
- Use the Canadian Retirement Income Calculator for future financial planning.
Working While Receiving the CPP Pension:
You qualify for a CPP post-retirement benefit if:
- You work and receive a pension while under 70.
- You choose to keep making contributions.
- Each year of contribution increases your pension through the post-retirement benefit.
- You can choose to stop post-retirement contributions at age 65.
- Contributions automatically stop at age 70, even if you’re still working.
Contributions After Age 65:
Earnings after age 65 can replace periods of low earnings before 65. These earnings are included only if they increase your pension amount. Contributions stop automatically at age 70, regardless of employment status.
