Canada’s Retirement Pension Increased to $1,364 – Check If You’re Eligible for the Boost

If you’re already retired or planning to retire soon in Canada, there’s important news you’ll want to hear. As of 2025, the federal government has increased monthly benefits for seniors through the Canada Pension Plan (CPP) and Old Age Security (OAS). These changes are designed to help retirees better handle rising costs for essentials like housing, groceries, and healthcare.

The maximum combined CPP and OAS benefits now total $2,233.44 per month for those aged 75 or older. That’s over $26,800 a year from federal retirement programs alone. If you want to get the most out of these benefits—or you’re unsure how they work—this guide walks you through everything step by step.

Overview

Here’s a quick snapshot of the 2025 retirement benefit numbers:

Feature	Details
Max CPP Payment (monthly)	$1,433.00
Average CPP Payment	$808.14
Max OAS (age 75+)	$800.44
CPP Eligibility	Age 60–70
OAS Eligibility	Age 65+
Next Payment Date	May 28, 2025
CPP Increase	~2.6% (based on YMPE)
OAS Adjustment	Quarterly via Consumer Price Index (CPI)

CPP

The Canada Pension Plan pays you based on how much you contributed while working. If you earned a consistent income and made regular CPP payments, you’ll likely receive more.

The maximum CPP benefit in 2025 is $1,433 per month if you start at age 65. But most people get less. The average is just over $800 monthly. You can take CPP as early as age 60, but your payout will be reduced. On the other hand, waiting until age 70 can boost your monthly benefit by more than 40 percent.

The longer you work and contribute, the more you’ll receive. If your health and finances allow, delaying CPP might be worth it.

OAS

Old Age Security is different from CPP. You don’t need to work or contribute to get it. It’s based on your age and how long you’ve lived in Canada.

In 2025, OAS pays:

• $727.67 per month for seniors aged 65 to 74
• $800.44 per month for those aged 75 and older

OAS is reviewed every quarter and adjusted for inflation using the Consumer Price Index. You qualify if you’ve lived in Canada for at least 10 years after age 18. Full benefits typically require 40 years of Canadian residency.

If you live abroad, you may still be eligible, depending on your citizenship and Canada’s social security agreements with other countries.

Dates

Both CPP and OAS payments are issued monthly. Here are the remaining 2025 payment dates:

• May 28
• June 26
• July 29
• August 27
• September 25
• October 29
• November 26
• December 22

Set up direct deposit through your My Service Canada Account to avoid delays.

Eligibility

• You must be at least 60 years old
• You need to have made at least one valid CPP contribution

For OAS:

• You must be 65 or older
• You must have lived in Canada for 10 or more years after age 18

To get the full OAS amount, you’ll usually need 40 years of Canadian residency. Time spent abroad working or living may still count if Canada has a social security agreement with that country.

Combined Benefits

If you’re 75 or older and eligible for both full CPP and full OAS, you could receive:

• $1,433 (CPP)
• $800.44 (OAS)
• Total: $2,233.44 per month or $26,801.28 annually

Most retirees receive less than the maximum, but even partial benefits offer a solid financial base.

Example

Helen is 70 and worked full-time for 30 years. She receives:

• $970 from CPP
• $800.44 from OAS
• Total: $1,770.44 per month

She also qualifies for GIS (Guaranteed Income Supplement), which boosts her monthly income even further.

Tips

• Delay CPP or OAS: Delaying CPP to age 70 increases it by 42%. OAS increases by 0.6% for every month you delay past 65, up to 36%.
• Check Your Record: Log into My Service Canada Account to view your CPP contributions. Report any gaps.
• Apply for GIS: Low-income seniors who receive OAS can apply for GIS, which may pay up to $1,065 per month in 2025.
• Pension Sharing: If your spouse has higher CPP benefits, sharing them may reduce your taxes.
• Watch for Clawbacks: OAS starts to reduce when your income exceeds $90,997. Use TFSAs, split income, or speak to a tax expert for planning.
• Still Working?: If you take CPP before 65, you must keep contributing. These contributions earn extra CPP called Post-Retirement Benefits (PRBs). After age 65, CPP contributions are optional but can still increase your benefit.

Expert Advice

Clara Lee, a certified financial planner, says, “Your government benefits are just one part of your retirement strategy. Include RRSPs, TFSAs, GIS, and private pensions for a full picture.”

James Murray, a CPA in Ottawa, adds, “Don’t rush to claim benefits just because you hit the minimum age. If you can wait, the long-term payoff is often worth it.”

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