Some Canadians are getting government benefit payments next week
Eligible Canadians should keep an eye out, as several government benefit payments are scheduled to be deposited next week.
Those who meet the requirements to receive the Canada Pension Plan (CPP) and Old Age Security (OAS) will see their benefit payments land in their bank accounts on Wednesday, July 29.
The CPP is a monthly, taxable government benefit that replaces part of eligible Canadians’ income when they retire and is a payment they receive for the rest of their lives. You must have made at least one valid contribution to the CPP and be at least 60 years old to receive this payment.
Canadians will receive their full pension even if they’re under 70 and still working. If you contribute to the CPP post-retirement benefit, you can increase your pension.
Eligible Canadians received an increase to their CPP and OAS payments this year. The amount you receive will depend on when you decided to start your pension, the amount you contributed, how much you earned throughout your working life, and how long you contributed to the CPP.
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New beneficiaries aged 65 will receive an average monthly payment of $877.01. The maximum monthly payment you can receive at age 65 is $1,507.65.
Canadians can also qualify for the OAS pension regardless of their work history. Those living in Canada can qualify for this benefit if they’re 65 and older, are citizens or residents when their pension application is approved, and have resided in Canada for at least 10 years since age 18.
However, if you’re living outside Canada, you must meet the same age requirement, be a citizen or resident on the day before you left Canada, and have resided in Canada for 20 years since the age of 18.
OAS payments are reviewed every quarter. Those aged 65 to 74 can receive up to $751.97 per month in 2026 if their annual net income in 2025 was less than $152,062.
However, Canadians aged 75 and older can receive a maximum of $827.17 if their annual net world income in 2025 was less than $157,923.
With files from Isabelle Docto