By Thomas Kent on January 2, 2026 Estimated reading time: 5 minutes
CPP payment dates in 2026, and more to know about the Canada Pension Plan
By Thomas Kent on January 2, 2026 Estimated reading time: 5 minutes
Review the 2026 CPP payment dates, how much you could receive, when to apply, and how the Canada Pension Plan fits into retirement income.
Advertisement
Image by Freepik
In Canada, most retirement plans include the Canada Pension Plan (CPP). Whether retirement is just around the corner or still years away, CPP is likely to form part of your retirement income. How much you receive depends on factors such as your earnings history, contributions, and when you start collecting benefits.
Advertisement
Advertisement
This guide answers common questions about CPP, including when to apply, when payments are issued, and how CPP income is taxed.
About the Canada Pension Plan (CPP)
CPP is a retirement pension that offers replacement income once a person retires from working life. The CPP is a social insurance plan, and it’s one “pillar” of the retirement income system for Canadians—the other three are Old Age Security (OAS), the Guaranteed Income Supplement (GIS) and personal savings. The CPP is funded by contributions from workers, employers and self-employed individuals. It’s not paid for by the government, despite what many Canadians may think.
A federally administered program, the CPP is mandatory, meaning that all Canadian workers and employers must contribute. The plan covers all of Canada except for Quebec, which has the Quebec Pension Plan (QPP) for residents of that province.
Unlike OAS and the GIS, the CPP is funded by employers and employees, and by self-employed people. These contributions, which show up as deductions on a paycheque, are aggregated and invested. For self-employed people, the CPP owed on your net business income is added to your tax bill. The principal plus any revenue earned goes back into the program.
In January 2024, CPP contributions were raised as part of a seven-year government initiative, started in 2019, to increase retirement income. Read more about the CPP enhancement to see how much more you will pay as an employee or a freelancer.
Am I eligible for CPP?
If you’re at least 60 years old and have made at least one contribution to the CPP, you are eligible to receive CPP payments. You may also be eligible if you’ve received CPP credits from a former partner or spouse who paid into the plan. CPP benefits are available to Canadian citizens, permanent residents, legal residents or landed immigrants.
Should I apply for CPP or QPP?
If you contributed to both the CPP and/or the QPP in Quebec during your working years, your residency at the time of your application determines which plan you’re eligible for—if you’re a Quebec resident, you apply for your pension from the QPP. Otherwise, you apply to the CPP.
When you can start receiving your CPP
You’re eligible to start receiving your pension anytime between the ages of 60 and 70 years old, but the younger you are when you begin receiving CPP, the smaller your monthly payouts will be. Many Canadians choose to begin receiving payouts at age 65.
Article Continues Below Advertisement
Are CPP payments taxable?
Yes, as CPP is a taxable benefit. You can request that the Canada Revenue Agency (CRA) deduct federal income tax from each payment, via your My Service Canada Account or by downloading and filling out a PDF request form. If you don’t, you may have to pay income tax quarterly. (Learn more about CPP and taxes.)
How long will I receive CPP benefits for?
You will receive monthly CPP payments for the rest of your life. In the event of disability or death, CPP also provides income replacement to contributors and their families (one-time death benefit and monthly survivor’s pension and benefits for dependent children under 25).
Your monthly CPP retirement pension benefit amount largely depends on three main factors:
Your age when you begin receiving benefits
How long, and for much, you contributed to the CPP
Your average annual earnings throughout your working life
The Cost-of-Living Adjustment (COLA), this is projected to be around 3.5%–4%
Generally speaking, the more money you’ve contributed and the longer you wait to begin receiving your pension, the higher your payments will be. That said, many people opt to take their pensions earlier than 70 years of age.
In 2026, the average monthly payment for new beneficiaries will be approximately $1,365. Additionally, as of January 2026, recipients will see an annual increase of up to $530 (likely more, depending on the COLA adjustment)—that’s around $44 per month for retirees receiving the full benefit.
You may be eligible for more CPP benefits if you have a disability or if you are the surviving spouse of a deceased CPP contributor. You can calculate an estimate of your contributions in your My Service Canada Account.
How to apply for your CPP benefits
You can apply for your CPP benefits online through your My Service Canada Account, or on paper by downloading the application. Note that it can take up to 120 days (four months) to receive a determination of your benefits. CPP payments will be deposited to your bank account, if you opt for direct deposit, or you’ll receive cheques in the mail. Cheques are mailed out in the last three business days of each month.
FAQs
You can start collecting CPP as early as age 60 or as late as age 70. If you start before 65, your payments will be permanently reduced. If you start after 65, your payments will be permanently increased. No matter when you choose to start taking it, you have to apply for CPP—it does not start automatically.
Yes, CPP retirement payments are taxable income and must be reported on your tax return. That said, you can request tax to be withheld during working years to avoid owing taxes later.
Yes, you can work while collecting CPP. Additionally, if you’re under 70 and working while receiving CPP, you’ll generally continue making CPP contributions, which can increase your benefits through the Post-Retirement Benefit (PRB).
Newsletter
Get free MoneySense financial tips, news & advice in your inbox.
Thomas Kent is a reporter and author, specializing in personal finance and insurance. With nearly a decade of experience in digital media and financial writing, Thomas has produced high-quality content for leading Canadian finance brands and reported on complex insurance topics with clarity.
Is there going to be a raise in cop or oas considering the property taxes are going up, the water bill is going up and garbage pickup is going up. Anybody know how we make ends meet.
If you are contributing the maximum to CPP at the current amount of about $3,200 per annum over a 40 year working carrear, you will have contributed about $128,000. Your employer will have also matched that amount for a total if $256,000. if yoou are self employed you pay both halves !.
At the current maximum benefit of about $1,400 it will take you 15 years or age 80 just to get your money in back. By waiting to age 80 the 15 year number still applies. With an average life expectancy in Canada of age 85, half the population will not get there money back and half the population will get more..
If you die before qualifying for your CPP you get $2,500.
Given the above, I would suggest CPP is NOT the best way to save for retirement.
If you are self employed, and incorporated you can avoid CPP entirely by paying yourself dividends and putting your $70000 a year that would go to CPP into a TFSA and it is always yours to keep …
CPP is not the best investment for a self employed person. A bt better for an employee, but given the fact that there is no guarantee payout of at least your contributions, I would suggest it is not a true pension plan, but a tentyme scheme…
Why is there such a log gap between the December and January CPP/OAS/GIC payments?
Hi I need a letter having monthly income from CPP RPC /CPP. Needed to prove I have income for Realistate $751.27 per month
Wondering about spousal benefits following death of spouse
Is there going to be a raise in cop or oas considering the property taxes are going up, the water bill is going up and garbage pickup is going up. Anybody know how we make ends meet.
If you are contributing the maximum to CPP at the current amount of about $3,200 per annum over a 40 year working carrear, you will have contributed about $128,000. Your employer will have also matched that amount for a total if $256,000. if yoou are self employed you pay both halves !.
At the current maximum benefit of about $1,400 it will take you 15 years or age 80 just to get your money in back. By waiting to age 80 the 15 year number still applies. With an average life expectancy in Canada of age 85, half the population will not get there money back and half the population will get more..
If you die before qualifying for your CPP you get $2,500.
Given the above, I would suggest CPP is NOT the best way to save for retirement.
If you are self employed, and incorporated you can avoid CPP entirely by paying yourself dividends and putting your $70000 a year that would go to CPP into a TFSA and it is always yours to keep …
CPP is not the best investment for a self employed person. A bt better for an employee, but given the fact that there is no guarantee payout of at least your contributions, I would suggest it is not a true pension plan, but a tentyme scheme…
This does not answer my question at all.