The Canada Pension Plan (CPP) is a government-led retirement program that provides monthly income to eligible Canadians. Originally designed to replace 25% of your average pre-retirement income, the CPP enhancement — phased in starting in 2019 — now offers up to 33%. How much you receive depends on your earnings history and when you start collecting, with payments available as early as age 60 or as late as 70.
This guide covers the 2026 CPP payment schedule, how much you can expect to receive, contribution maximums, and how to decide when to start collecting.
What are the CPP payment dates for 2026?
CPP payments are deposited near the end of every month, typically on the third-to-last business day. For 2026, those dates are:
January 28
February 25
March 27
April 28
May 27
June 26
July 29
August 27
September 25
October 28
November 26
December 22
How much is the CPP payment in 2026?
The amount you receive from CPP depends on how much you contributed during your working years, how long you contributed, and the age you start collecting. For 2026, the maximum monthly retirement payment at age 65 is $1,507.65, though most people receive less.
Average and maximum CPP amounts
Maximum monthly payment (age 65): $1,507.65
Average monthly payment (new recipients): ~$925.35
Maximum monthly payment (age 70): ~$2,140.86 (42% more than the age 65 amount)
You can estimate your CPP retirement pension by signing into your My Service Canada Account, which shows your Record of Earnings and projected payment.
CPP enhancement and future increases
The CPP enhancement, which began phasing in during 2019, gradually increases the replacement rate from 25% to 33% of your average working income. CPP payments are also adjusted each January to keep pace with the cost of living, based on the Consumer Price Index (CPI).
Who is eligible for CPP?
To be eligible for CPP retirement payments, you must:
Be at least 60 years old
Have made at least one valid contribution to the CPP
Be a Canadian citizen or permanent resident
You can also qualify through credits received from a former spouse or common-law partner after the end of the relationship.
If you live in Quebec, you contribute to the Quebec Pension Plan (QPP) instead, which has a slightly higher rate but follows a similar structure.
What is the max CPP contribution in 2026?
To receive the maximum CPP payment, you need to have made the max contribution each year for at least 39 years. In 2026, the maximum employee contribution is $4,230.45, or 5.95% of your salary (minus $3,500) — whichever is lower. For self-employed people, who pay both employer and employee contributions, the maximum is $8,460.90.
If you earned more than the maximum annual pensionable earnings of $74,600 in 2026, a second contribution rate called CPP2 applies. You'll pay the standard 5.95% rate on the first $74,600, plus an additional 4% on earnings between $74,600 and $85,000 — up to a maximum of $416 per year ($832 if self-employed).
When should you start collecting CPP?
You can start collecting CPP as early as age 60, but your payments will be permanently reduced by 0.6% for every month before your 65th birthday — up to 36% less if you start at 60. If you delay past 65, your payments increase by 0.7% per month, up to 42% more at age 70.
Starting at 60, 65, or 70
Start age | Adjustment | Example (based on $1,507.65 max at 65) |
|---|---|---|
| 60 | −36% | ~$964.90/month |
| 65 | No adjustment | $1,507.65/month |
| 70 | +42% | ~$2,140.86/month |
There are several reasons waiting may work in your favour:
Inflation protection: during those years you're not collecting, the investment and inflation risk belongs to the government. CPP payouts are inflation-indexed, so they keep pace with rising costs. They're also formulaic — based on past contributions, not market returns.
Longevity protection: CPP pays for life. Because your pension is much higher if you take it at 70 than at 60, you reach a break-even point somewhere in your early to mid-80s. If you live into your 90s or beyond, you'll collect considerably more by deferring.
Implied rate of return: the increase from deferring CPP represents a strong guaranteed return compared to other fixed-income options.
The trade-off is that you'll need to draw more from your savings during the years you're waiting. If you can't afford to wait, or have health concerns, starting earlier may make more sense for your situation.
Is CPP taxed as income?
Yes, CPP is considered income and is fully taxable at your marginal tax rate. To avoid a large tax bill at the end of the year, you can request that income tax be deducted from each payment.
Can you share CPP with your partner?
Yes, the CPP payments you receive can be shared with a lower-income spouse or common-law partner. They can also be split in the case of separation or divorce.
If one partner was out of the workforce or worked part time to care for a young child, there is a child-rearing provision that excludes lower-earning years from the CPP calculation, effectively increasing the payment.
How to apply for CPP
CPP does not start automatically — you need to apply. You can submit your application in 2 ways:
Online: through your My Service Canada Account
By mail: by downloading and completing a paper application from Service Canada
Apply at least 6 months before you want your payments to begin (you can apply up to 12 months ahead), as processing can take up to 120 days for a paper application — online applications are usually decided in about 7 to 14 business days. You'll need your Social Insurance Number (SIN), banking information for direct deposit, and details about your work history.
What's the difference between CPP and OAS?
Old Age Security (OAS) is a separate pension given to Canadians over 65. Here are some key differences:
CPP
You must apply for CPP — it does not start automatically. To qualify, you must:
Be at least 1 month past your 59th birthday
Intend for your CPP to start within the next 12 months
Have worked in Canada and made at least one valid contribution
OAS
Unlike CPP, OAS is funded entirely by the federal government — you don't pay into it. Service Canada can automatically enrol some people in OAS, but not others. If you're not automatically enrolled, you'll have to apply yourself.
To qualify for OAS, you must:
Be 65 or older
Have lived in Canada at least 10 years since turning 18 (or 20 years if you currently reside outside Canada)
Be a Canadian citizen or legal resident at the time your application is approved
Have lived in Canada for at least 40 of the 47 years between your 18th and 65th birthday (for the maximum payment)
OAS is fully taxable and income-tested. If your annual income exceeds a certain threshold, your OAS payments will be reduced through the OAS clawback.
Is CPP alone enough for retirement?
For most Canadians, CPP alone is not enough. The average CPP payment for recipients over 65 in 2026 is $925.35 per month — or $11,104.20 per year.
If your housing costs are covered, you may be able to get by on CPP and OAS combined. But supplementing with a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP) can help close the gap.
