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Personal Finance

CPP Payment Dates For 2023-2024: When You Will Receive

The Canada Pension Plan (CPP) retirement pension is a taxable monthly benefit designed to supplement your income during retirement. If you meet the eligibility criteria, you will receive the CPP retirement pension for the entirety of your life. To qualify, you must:

  • Be at least 60 years old.
  • Have made at least one valid contribution to the CPP.

CPP Payments Dates 2023

MonthDayYear
January272023
February242023
March292023
April262023
May292023
June282023
July272023
August292023
September272023
October272023
November282023
December202023
CPP Payments 2023
CPP Payments Dates For 2023-2024: How much CPP & OAS Increase in 2024

CPP Payments Dates 2024

Here are the CPP payment dates for 2024.

MonthDayYear
January292024
February272024
March262024
April262024
May292024
June262024
July292024
August282024
September252024
October292024
November272024
December202024
CPP Payment 2024

How Much CPP & OAS Increase in 2023?

In 2023, the highest amount payable by the Canada Pension Plan (CPP) for new recipients starting at 65 years is $1,306.57, a significant increase from the 2022 maximum of $717.15.

This substantial rise in the benefit aims to keep pace with the upward trend in inflation. As of January 2023, the average monthly payout for new recipients stands at $811.21.

Similar to CPP, OAS undergoes regular adjustments to accommodate inflation and other considerations.

These evaluations take place quarterly, specifically in January, April, July, and October.

The government relies on the Consumer Price Index (CPI) to determine the appropriate adjustments. Consequently, these increments are based on the figures from the previous quarter.

According to the latest CPI data, OAS payments are anticipated to increase by 0.5% in the April to June quarter.

As the cost of living continues to rise, one can anticipate a further increase in this percentage.

What is the annual increase in OAS Payment?

OAS payments are projected to experience an annual growth of 1.7%. In 2022, the average growth was 1.04%.

However, in 2020, there was a substantial increase of 2.02% from the 2.50% observed in the preceding year. Back in 2012, the growth percentage was even higher at 3.02%.

How Much CPP & OAS Increase in 2024?

CPP Increase 2024

The Canada Pension Plan (CPP) is set to increase in 2024. According to the Canada Revenue Agency, CPP benefits will see a 4.4% increase in 2024. Additionally, the maximum pensionable earnings under CPP will rise to $68,500 in 2024, compared to the current limit of $66,600. The CPP enhancement for 2024 introduces a new, higher earnings limit, known as the year’s additional maximum pensionable earnings, which will be 7% higher.

OAS Increase 2024

The OAS benefit amounts increased by 0.8% for the January to March 2024 quarter. This adjustment is based on changes in the Consumer Price Index (CPI). Additionally, the OAS Clawback limit is likely to increase in 2024 from $86,912 to $90,997.