Canadians are getting two government benefit payments next week

Canadians should keep an eye on their bank accounts as a couple of government benefit payments are scheduled to be deposited next week.

Those eligible can expect to receive the Canada Pension Plan (CPP) and Old Age Security (OAS) benefit payments on Thursday, Aug. 27.

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.

You can continue working while receiving your full CPP pension, as long as you’re under 70. And if you keep contributing to the CPP after you start collecting your pension, you could increase your pension.

This year, Canadians saw their CPP and OAS payments increase.

The amount you receive will depend on when you started collecting your pension, how much you contributed, your earnings over your working years, and how long you contributed to the CPP.

New CPP beneficiaries aged 65 will receive an average monthly payment of $877.01. The maximum monthly payment at age 65 is $1,507.65.

And regardless of their work history, Canadians may also qualify for the OAS pension. If you live in Canada, you can qualify if you’re 65 or older and are a Canadian citizen or legal resident when your pension application is approved. You also need to have lived in Canada for at least 10 years since age 18.

But if you live outside Canada, you must meet the 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.

Unlike the CPP, 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