Dates for CPP Payment 2024: When Do You Get CPP, and How Much Will It Go Up?

Stay with us through this article to learn important facts about CPP Payment 2024 Dates: When will you get CPP, and how much will it be?

CPP Payment in 2024

This is an important retirement benefit program called the Canada Pension Plan (CPP). It helps Canadians financially if they leave, die, or become disabled. As the cost of living rises, the CPP payment calculation is done every year in January to help you keep up with your finances.

In January 2023, CPP payments went up by 6.5%. This was calculated by comparing the average CPI for the past 12 months to the average CPI for the current 12 months. To figure out inflation and change the amount of the CPP Payment for 2024, the Consumer Price Index (CPI) was used.

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1. Total Amount of Canada’s Average Monthly Retirement Income
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You need to keep up with this piece if you are also getting benefits from the CPP scheme. This is where you can find all the important details about the scheme payments, times for figuring things out, and more.

Schedule for CPP Payments in 2023

The CPP gives you a solid base on which to build your retirement income. If you are working and over 18, joining the Canada Pension Plan (CPP) is the first thing you should do to start saving for retirement.

The goal of this program is to give seniors in the future bigger benefits and more stable financial situations by having them make monthly payments. If you work until age 65 and make more than $3,500 a year, you have to pay into the plan. If you keep working after age 65, you can choose not to until age 70.

Dates for CPP Payment 2024: When Do You Get CPP, and How Much Will It Go Up?

People who work in Canada and make more than the basic exemption level have to pay into the CPP. The CPP Investment Board (CPPIB) is in charge of the CPP. The plan gives donors and their families a way to get some of their lost income if they die, become disabled, or retire.

Dates of CPP Payments in 2024

Article NameCPP Payment 2024
Responsible OrganisationGovernment of Canada
Contribution Rate 20236.5%
 Upcoming CPP Payment DatesOctober 30, 2023November 29, 2023December 21, 2023
Types of EventRetirement, Disabled or Death
CPP Payment Age60-70 years of age or above

Payment to The Canada Pension Plan in 2024

The government gives the CPP payments twelve times a year because they are benefits that are paid every month. Your Canada Pension Plan payments are paid on the last banking day of every month except December. The payment is made on December 24, which is the second-to-last business day before Christmas.

The table below shows when the Canadian government announced the CPP payment dates for 2023. As soon as possible, the government will change the CPP Payment Dates for 2024.

Monthly Payments SequencePayment Dates 2023Day
1 30th JanMonday
2 27th FebMonday
3 30th MarThursday
4 27th AprThursday
5 30th MayTuesday
6 29th JunThursday
7 28th JulFriday
8 30th AugWednesday
928th SepThursday
1030th OctMonday
1129th NovWednesday
1221st  DecThursday

The table shows that if you are getting benefits from the CPP plan, your next monthly payment is due on October 30, 2023. After that, the next two CPP payments will be on November 29 and December 21.

How Long Until You Get CPP?

Dates for CPP Payment 2024: When Do You Get CPP, and How Much Will It Go Up?

Most people start their CPP at age 65. As early as age 60 or as late as age 70, you can start getting. You should fill out the application before the day you want to start getting your salary. You will be able to get the CPP retirement income for the rest of your life. You have 28 days from the time you send in your application to get proof.

Your monthly payment will be less if you start getting your salary early. You will get paid more every month if you start later. The most you can earn each month ends when you turn 70. You will get $3,754 in CPP benefits if you make more than $66,600 in 2023. That’s enough for one year’s worth of payments.

The CPP Payment Will Go Up In 2024.

The CPP for Canadians will rise to about one-third of their post-2019 wages thanks to higher payments in 2024 and 2025. This means that if you have paid into CPP since January 1, 2019, your payments may also go up.

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In 2024, the highest amount of earnings that will be protected by the CPP will rise by 4% for Canadians who make more than the first earnings ceiling. The second earnings cap will be 7% higher than the first, and the next one will be 14% higher in 2025.

Thank you for reading this post on CPP Payments on our website. Keep coming back to read more stories about hot topics.

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