Canada Pension Plan payments go out soon — Here's how much $ you can receive this June
You could be eligible for hundreds of dollars.
The exterior of a Government of Canada building. Right: A person holding two Canadian $100 bills.
As of mid-June, Canadians can expect several payments from the Canada Revenue Agency (CRA), including the Canada Pension Plan (CPP).
Considering that the cost of living has gone up exponentially, it's no surprise Canadians — particularly low-income families — are looking for ways to combat inflation, whether it be by working extra hours, saving wherever they can, or collecting additional aid from the government.
It's important to verify your eligibility for any and all government benefits and credits as you could be entitled to anywhere from hundreds to thousands of dollars.
Here's everything you need to know about the Canada Pension Plan and how much you can receive on the upcoming June payment date.
What is the Canada Pension Plan?
According to the CRA, the Canada Pension Plan is a monthly, taxable benefit that essentially replaces part of or your entire income following retirement. If you qualify, you’ll receive the CPP retirement pension for the rest of your life.
Who is eligible for the Canada Pension Plan?
To qualify for a Canada Pension Plan (CPP) retirement pension, you must:
- be at least 60 years old
- have made at least one valid contribution to the CPP
CPP contribution can be made either from work completed in Canada or as the result of receiving benefits and credits from a former spouse or former common-law partner, per the CRA.
How much can you receive from the Canada Pension Plan?
The amount of your CPP retirement pension depends on different factors, such as:
- the age you decide to start your pension
- how much and for how long have you contributed to the CPP
- your average earnings throughout your working life
The maximum monthly amount you could receive in 2024 at age 65 is $1,364.60. The average monthly amount paid for a new retirement pension (at age 65) in January 2024 was $831.92, according to the Canada Revenue Agency.
When does the Canada Pension Plan pay out?
The next Canada Pension Plan payment is set to go out on June 26, 2024. The following payments will be sent out as follows:
- July 29, 2024
- August 28, 2024
- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024
For complete details regarding the Canada Pension Plan, you can visit the official Canada Revenue Agency page here.