The cost of living is seemingly always rising in Canada, making these upcoming government benefits a welcome relief for some.
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Depending on your eligibility, you could be getting some extra cash in your bank account this week. Here’s what you need to know about the payments.
Canadian Government Benefits This Week
Canada Pension Plan
If you’re retired, then that means it’s almost time for your Canada Pension Plan (CPP) payment to come through. This monthly, taxable benefit “replaces part of your income when you retire”, and will keep coming each month for the rest of your life. To qualify, all you have to be is at least 60 years old and have made at least one valid contribution to the CPP. You can also keep working after you begin receiving your CPP retirement pension– it won’t be reduced, and you may also qualify for the CPP Post-Retirement Benefit.
The maximum CPP retirement pension someone aged at 65 years old can receive is $1,507.65 per month.
CPP payments arrive on August 27, 2026.
Old Age Security
If you’re 65 and older, then the Old Age Security (OAS) pension is a monthly payment that you can receive. As long as you have sufficient information available, Service Canada will automatically enroll you into the payment plan. Qualifications include the aforementioned age range, as well as being a Canadian citizen or legal resident at the time of OAS approval. You must also have resided in Canada for at least 10 years since the age of 18. There are other qualifications for those living outside of Canada, which you can check here.
The maximum payment amounts and income thresholds look like this:
- Age 65 to 74: maximum monthly payment amount of $751.05
- To receive the OAS, your annual net world income in 2024 must be less than $148,451
- Age 75 and over: maximum monthly payment amount of $827.17
- To receive the OAS, your annual net world income in 2024 must be less than $154,196
OAS payments arrive on August 27, 2026.
