Some Canadians are getting government benefit deposits this week
Some Canadians should watch out for several government benefit deposits coming in this week.
The Canada Pension Plan (CPP) and Old Age Security (OAS) payments will land in eligible Canadians’ bank accounts on Friday, June 26.
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.
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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 in January. 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.
New beneficiaries aged 65 will receive an average monthly payment of $925.35 as of January 2026. The maximum monthly payment you can receive at age 65 is $1,507.65 as of January 2026.
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.
Just like the CPP, the OAS payment also increased in January. Those aged 65 to 74 can receive up to $743.05 per month in 2026 if their annual net income in 2024 was less than $148,451.
However, Canadians aged 75 and older can receive a maximum of $817.36 if their annual net world income in 2024 was less than $154,196.
As June ends, there will be another round of government benefit deposits coming next month. Since July marks the start of the new benefit year in Canada, you can expect increased payments from Ottawa. Check out how much more you can get for certain eligible benefits starting in July.