2024 CPP Payment Schedule, Amounts, and Increases

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The Canada Pension Plan (CPP) is a top source of retirement income for seniors in Canada.

CPP benefits are paid out every month using direct bank deposits or cheques, and how much you receive is dependent on the contributions you made to the plan and for how long.

Below, we cover the CPP payment dates and schedule in 2024, how much you can expect to receive, and CPP benefit increases slated for this year.

2024 CPP Payment Dates

The CPP is paid out every month, usually in the last week, except in December when the payment is sent earlier.

The CPP payment dates in 2024 fall on:

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

In addition to the Canada Pension Plan, a few other benefit payments are made on these same dates.

They include CPP disability, CPP Children’s, and CPP Survivor benefits.

If you are a recipient of the Old Age Security (OAS) pension, you will also receive OAS benefits on these same dates.

CPP payments are generally paid via direct deposit to your bank account.

If you haven’t signed up for direct deposit payments, a cheque is sent to you by mail.

CPP Payment Schedule, Amounts, And Increases

How Much CPP Will You Receive in 2024?

The federal government publishes the maximum CPP payment amounts at the start of each year.

How much you receive is dependent on the following factors:

  • The age at which you start collecting CPP (i.e. age 60, 65, or up to age 70).
  • How much you have contributed to the CPP during your working years.
  • How long you contributed to the CPP.
  • Your average earnings while contributing to the CPP.

Your CPP benefits are higher when you have contributed more over a longer period of time.

Based on the numbers here, below are the average and maximum CPP benefit amounts for 2024.

Pension/BenefitThe average monthly amount for new beneficiaries Maximum monthly payments in 2024
Retirement pension (at age 65)$758.32$1,364.60
Post-retirement benefit (at age 65)$11.41$44.46
Disability benefit
Post-retirement disability benefit$558.74$583.32
Survivor’s pension – younger than 65$498.66$739.31
Survivor’s pension- 65 or older$315.77$818.76
Children of disabled CPP contributors$281.72$294.12
Children of deceased CPP contributors$281.72$294.12
Death benefit$2,499.73$2,500.00
Combined benefits
Combined survivor’s and retirement pension (at age 65)$944.53$1,375.41
Combined survivor’s pension and disability benefit$1,230.33$1,613.54

What is the Maximum CPP Amount in 2024?

The maximum CPP payment in 2024 is $1,364.60.

As shown in the table, the average CPP benefit being paid out as of October 2023 is much lower at $758.32. This is because most Canadian seniors do not qualify for the maximum CPP amount.

To qualify for the maximum benefit, you must have made the maximum annual CPP contribution for 39 years or longer.

This means that your CPP contributions for each of these years is up to the maximum based on Yearly Maximum Pensionable Earnings (YMPE).

For example, the YMPE in 2024 is $68,500.

Using the CPP contribution rate of 5.95% for employees, you would contribute up to a maximum of $3,867.50 to the CPP in 2024 if your annual income is up to $68,500.

Note that there is a basic exemption amount of $3,500 that is not subject to the CPP contribution rate.

For example, if your income earnings in 2024 is $68,500, you would pay the 5.95% rate on $65,000 (i.e. $68,500 – $3,500). Your total CPP contribution amount for the year is then $3,867.50.

In the years your earnings are lower than the YMPE, your CPP contributions are also lower.

For 2024, when your income exceeds the base YMPE amount, you pay an extra CPP contribution on income between $68,500 and $73,200 (up to an extra $188).

You can check what the YMPE amount has been over the years.

The difference between the average CPP being paid out to seniors in 2024 and the maximum for the year is that most Canadians don’t make the maximum contributions throughout their working lives.

And this makes sense. Your earnings are generally lower when you join the workforce, and this then increases over time.

Also, if you immigrate to Canada as an adult, you may not be able to work a full 39 years (before age 65) and make maximum contributions.

Factors That May Increase CPP Payments

The following factors are considered when calculating your CPP payment amount.

Typically, your CPP benefits increase after these are factored in.

Contributing after age 65: If you continue to work and make contributions to the CPP after age 65, your higher earnings may be used to replace lower-earning years. This only helps if you haven’t started to collect CPP.

Exclusion of low earnings: Up to 8 years of low or no earnings are excluded when calculating the base component of your CPP retirement pension. This automatically increases how much CPP you receive.

Child-rearing provision: If it helps increase your benefits, you can exclude the years/months in which you were raising children under age 7 and had lower or no income.

Periods of disability: Months during which you were a recipient of a CPP Disability payment are excluded when calculating your base CPP retirement income.

Pension sharing: You can share your pension with a spouse or common-law partner and decrease the overall taxes your household needs to pay.

Contribute to work: If you choose to continue working while receiving CPP, a CPP post-retirement benefit is paid to you, and this increases your total benefits. You need to continue making CPP contributions from your earnings.

Note that CPP contributions stop at age 70.

How To Apply for Canada Pension Plan Benefits

To be eligible for CPP, you must be at least:

  • 60 years old
  • Have made one valid contribution to the CPP

You need to apply for CPP as the government doesn’t automatically start making payments.

You can either apply online through your My Service Canada Account (MSCA) or by sending in a paper application.

Applications via MSCA are usually processed within 7-14 business days. A paper application takes longer at up to 120 days.

For a paper application, use Form ISP-1000 and mail it to the nearest Service Canada office.

Will CPP Increase in 2024?

CPP payments are adjusted yearly to reflect increases in the Consumer Price Index (CPI).

For 2024, the maximum CPP amounts increased to $1,364.60 from $1,306.57 in 2023.

The first CPP contribution rate for employees remains at 5.95% in 2024, followed by an extra 4%.

Are CPP Benefits Taxable?

Yes, CPP payments are taxable.

The monthly CPP benefits you receive are included in your taxable income for the year.

You will pay both federal and provincial based on your tax bracket.

CPP Disability Payment Dates

The Canada Pension Plan disability benefit is a monthly benefit paid to eligible CPP contributors with a mental or physical disability that prevents them from working.

The maximum CPP disability benefit is $1,606.78, and the average monthly payment is $1,127.30.

CPP disability payment dates in 2024 are:

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

CPP Payments Schedule FAQ

What is the maximum CPP payment for 2023?

The maximum CPP payment in 2024 is $1,364.60 per month.

What is the average CPP payment in 2024?

The average CPP payment is $758.32 per month.

How do I get the maximum CPP payment?

To get the maximum CPP, you must make the maximum annual CPP contribution for 39 years or longer.

How is CPP calculated?

Your CPP benefit is calculated using how much you have contributed, how long you contributed, and your average earnings.

What is the CPP rate for 2024?

The base CPP rate for an employee is 5.95% of your earnings, up to $68,500 in 2024. If you are self-employed, the base rate is 11.90%. higher earners pay an extra 4% on a second income threshold.

Related reading:

CPP Payment Dates

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SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

15 thoughts on “2024 CPP Payment Schedule, Amounts, and Increases”

  1. I am trying to find a calendar of payments for 2022. The one that shows all apyment dates for OAS and CPP and Trillium and Hst? Can you send to me? P.O. Box 282, Trout Creek Ontario P0H 2l) I have a elderly friend if you can send one for them?
    I just cant find the order area?

  2. i am wondering if i can claim water heater rental that i pay $400.00 a year for i am a renter , can i put this on my taxes i do not own the home. i am a senior.

  3. I read an article a few months ago that stated the Canada Pension Fund would be increased by $60 starting in July. Where do I find accurate information on this? We are finding gas prices have shot up 40 to 60 dollars a month and the price of food and over the counter medications have increased. It is my understanding that inflation sits at 6.7%. Time for the government to assist retirees and those on low income.
    An average retiree making a combined income of $42000 a year.

  4. my wife applied for cpp in june in time for her first pay out in july , then she finds out that she did it on paper and mailed it in, and could take months for the first payment to arrive , when she does get it will it be back dated to july when she should have
    recieved her first cpp payment .

  5. my name is JOSEPH GARY PROCHNAU, in 2020 i have been receiving cpp at the amount of $537.39, now for august/sept of 2022 my payment went down to $430.06, i would like to know why?

  6. as per usual government answers are difficult to deceifer and make clear – I guess I should not be surprised as I worked for both governments in Ontario. Now collecting CPP and OAS – I am ONLY concerned on whether or not the payments to me monthly are changing (ie: increasing)

  7. I know we are getting a .03% increase on our OAS ($2.06 for seniors 65 to 74) seniors 75 and older will see an increase of 10%. What I want to know is are we getting an increase in our CCP Survivor benefits for our Jan. 2023 payment.

  8. Do I still get the disability rate when I turn 65, if I suffer from epilepsy?. Or will my rate drop?.


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