The Canada Pension Plan (CPP) is an integral part of retirement income for many Canadians. Each month, eligible recipients receive their CPP payments, which help cover living expenses and maintain financial stability. Knowing when these payments are scheduled and how much to expect can help recipients better plan their monthly budgets.
In this blog post, I’ll share the CPP payment date and amounts for September 2024.
Payment Date
The CPP payment for September 2024 will be deposited on September 26th. This date follows the standard CPP payment schedule, which typically falls on the third-to-last banking day of each month. If you don’t receive your payment by this date, you should contact Service Canada to check its status.
Maximum CPP Retirement Pension
For September 2024, the maximum monthly CPP retirement pension at age 65 is $1,364.60. This amount is for those who have contributed the maximum to CPP for at least 39 years of their working life. It’s important to note that most people receive less than this maximum amount. Your personal CPP payment depends on how much and for how long you’ve contributed to the plan.
Average CPP Retirement Pension
The average monthly CPP retirement pension for new beneficiaries starting at age 65 in September 2024 is $816.52. This figure gives you an idea of what typical recipients might expect. Remember that your individual amount may be higher or lower depending on your contribution history. The average amount is helpful for general planning purposes, but your specific situation determines your benefit.
Early CPP Retirement Pension
If you choose to start your CPP retirement pension before age 65, your payment will be reduced. The reduction is 0.6% for each month you receive it before age 65, up to a maximum reduction of 36% at age 60. This reduction is permanent, so it’s important to carefully consider the timing of when you start your CPP.
Delayed CPP Retirement Pension
Delaying your CPP retirement pension beyond age 65 results in increased payments. Your pension amount increases by 0.7% for each month you delay, up to a maximum increase of 42% at age 70. This increase can be substantial and is worth considering if you can afford to delay your CPP start date.
CPP Disability Benefit
The CPP disability benefit for September 2024 has a maximum monthly amount of $1,606.78. This benefit is for CPP contributors who cannot work regularly due to a severe and prolonged disability. If you’re receiving the CPP disability benefit, it will automatically convert to a retirement pension when you turn 65.
CPP Post-Retirement Benefit
If you continue to work while receiving your CPP retirement pension, you can still make CPP contributions. These contributions go towards the CPP post-retirement benefit (PRB). The PRB is added to your monthly CPP retirement pension. For 2024, the maximum monthly PRB is $44.46. The amount of your PRB depends on your earnings and the year you contributed.
CPP Survivor’s Pension
The CPP survivor’s pension for September 2024 has a maximum monthly amount of $739.31 for those under 65. For survivors aged 65 and over, the maximum is $818.76. The actual amount you receive depends on various factors, including your age and whether you’re receiving other CPP benefits. The survivor’s pension is designed to provide financial support to the spouse or common-law partner of a deceased CPP contributor.
CPP Children’s Benefit
The CPP children’s benefit for September 2024 is a flat rate of $294.12 per month. This benefit is paid to the children of CPP disability benefit recipients or deceased CPP contributors. It’s available to children under 18, or between 18 and 25 if in full-time school.
Combined CPP Benefits
If you’re eligible for more than one type of CPP benefit, there are rules about how they can be combined. For example, the combined amount is subject to a maximum if you’re receiving both a retirement pension and a survivor’s pension. For September 2024, the maximum combined retirement and survivor pension for a person aged 65 or over is $1,364.60.
12 Common CPP Mistakes That Could Cost You Thousands
12 Common CPP Mistakes That Could Cost You Thousands
CPP Death Benefit: What You Need To Know
CPP Death Benefit: What You Need To Know
13 Ways the CPP Differs from Social Security in the U.S
