Discover important details about CPP payment dates 2024, disability benefit payment dates, increases, amounts, and limits in this article. We provide comprehensive information on these aspects, along with other crucial details.
Table of Contents
The Canada Pension Plan (CPP) is a monthly payment scheme for eligible individuals in Canada, offering two categories: Retirement Pension and Disability Benefits. Each category has its own benefits and eligibility criteria. The retirement pension is a taxable benefit that replaces part of an individual’s income upon retirement.
CPP Payment Dates Overview
Individuals who have applied for the Canada Pension Plan can check payment dates through the authorized web portal of the Government of Canada. The most recent CPP payment was made on June 26, 2024, with the next payment scheduled for July 29, 2024.
CPP Payment Dates 2024 Schedule
Here’s the CPP Payment Dates for 2024:
| Month | CPP Payment Date (2024) |
|---|---|
| January | January 29, 2024 |
| February | February 27, 2024 |
| March | March 26, 2024 |
| April | April 26, 2024 |
| May | May 29, 2024 |
| June | June 26, 2024 |
| July | July 29, 2024 |
| August | August 28, 2024 |
| September | September 25, 2024 |
| October | October 29, 2024 |
| November | November 27, 2024 |
| December | December 20, 2024 |
Canada Pension Plan Details
- Administered by: Government of Canada
- Country: Canada
- Types: Retirement Pension and Disability Benefits
- Retirement Pension Age Limit: At least 60 years
- Disability Benefits Age Limit: Under 65
- Website: canada.ca
Eligibility and Benefits
Retirement Pension
To qualify for the CPP Retirement Pension, an applicant must be at least 60 years old and have made at least one valid contribution to the CPP.
Disability Benefits
To qualify for the CPP Disability Benefit, an applicant must:
- Be under 65 years old.
- Have made sufficient CPP contributions.
- Have a long-term and indefinite-duration disability preventing them from doing substantially gainful work due to a physical or mental impairment.
The CPP Disability Benefit includes two parts: the CPP post-retirement disability benefit and the CPP disability benefit.
Application Process
Applicants can check their eligibility for the CPP Disability Benefit through the Government of Canada’s web portal. After submitting a complete application with an authorized medical report, payment is processed within 7 to 28 days (for online applications) or 120 days (for mail or in-person applications). Authorities may take up to 4 months to make a decision based on the complete application and medical report. Applications for terminal illnesses are processed within 5 business days.
OAS Payment Dates 2024, Increase & More!
CPP & OAS Increase 2024: Future Benefits & What to Expect
GST/HST Payment Dates 2024: Who Qualify for Double Credit
Ontario Trillium Benefit Maximum income Need to Qualify for (OTB) Tax Credits
CPP Disability Payment Dates 2024
The next CPP Disability Payment is scheduled for August 28, 2024, followed by:
- 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
Dependent children of individuals receiving the CPP Disability Benefit may also qualify for monthly payments if they are under 18 or between 18 and 25 and in full-time attendance at a recognized school or university.
CPP Payment Increase
Since 2019, CPP payments have been gradually increasing. The CPP enhancement applies to individuals working and contributing to the CPP from 2019 onwards. These individuals pay slightly increased contributions, resulting in higher future benefits and greater financial stability. The 2019 enhancement introduces two additional components: the first from 2019 to 2024, and the second from 2024 to 2025.
CPP Amount & Limit
The CPP amount depends on the age at which the individual starts receiving payments, their average annual earnings, and contributions. The maximum payment for 2024 can be checked on the Government of Canada’s website.
Maximum Payments for 2024
- Retirement Pension: $1,306.57
- Post-retirement Benefit: $40.25
- Disability Benefit: $1,538.67
- Post-retirement Disability Benefit: $558.74
- Children of Disabled CPP Contributors: $281.72
- Children of Deceased CPP Contributors: $281.72
- Death Benefit (One Time): $2,500
Individuals receiving CPP payments may also qualify for post-retirement benefits, death benefits, survivor’s pensions, post-retirement disability benefits, and children’s benefits, each with its own eligibility criteria. Pensions can start at age 60, with the maximum monthly amount reached at age 70.
50 thoughts on “CPP Payment Dates 2024, Increase, Amount & Limit”