The Canada Pension Plan (CPP) is a crucial part of retirement income for many Canadians. It’s a monthly payment that you can start receiving as early as age 60 or as late as age 70. The amount you get depends on how much you’ve contributed to CPP during your working years, and at what age you decide to start receiving payments.
In this blog post, I will share the CPP payment dates and amounts for August 2024.
CPP Payment Date for August 2024
The CPP payment for August 2024 will be deposited on August 28th. This is the standard payment date for CPP, which is usually the third-to-last banking day of each month. If you’re a CPP recipient, you should see the money in your account on this day. It’s a good idea to mark this date on your calendar for budgeting purposes.
Maximum CPP Payment Amount
For August 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. Most people get less than this maximum amount. Your personal CPP payment depends on how much and for how long you’ve contributed to the plan.
Early CPP Payments
You can start receiving CPP as early as age 60, but your payments will be reduced. For each month you take CPP before age 65, your payment is reduced by 0.6%. This means if you start at age 60, your payments will be 36% less than if you had waited until 65. The reduction is permanent, so it’s important to consider this decision carefully.
Delayed CPP Payments
You can also choose to delay your CPP payments until after age 65. For each month you delay, your payment increases by 0.7%. If you wait until age 70 (the latest you can start), your payments will be 42% higher than if you had started at 65. This can be a good option if you’re still working or have other sources of income.
CPP Disability Benefit
If you’re under 65 and can’t work because of a disability, you might qualify for the CPP disability benefit. The maximum monthly amount for this benefit in 2024 is $1,606.78. This comprises a fixed amount ($583.32) plus 75% of your retirement pension. You must have contributed to CPP for a certain number of years to be eligible.
CPP Survivor’s Pension
If your spouse or common-law partner who contributed to CPP has died, you might be eligible for the CPP survivor’s pension. The maximum monthly amount for someone under 65 is $739.31. For those 65 and over, it’s up to $818.76. The actual amount you receive depends on several factors, including your age and other CPP benefits you might be receiving.
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