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Canada Pension Plan: What are the CPP Payment Dates for 2021?


The Chief Executive Officer of CPP Investments, John Graham, said that the pension fund’s portfolio value stood at $497.2 billion at the end of fiscal 2021. The figure indicates an increase of $86.7 billion from fiscal 2020 and the highest return in the last 5 years. So, what will each Canadian pensioner get, and what are the CPP payment dates for 2021?

How much you expect to receive from CPP?

The amount you receive is connected to the amount you contribute and how long you have contributed. In 2019, the highest payout for new beneficiaries was $ 1154.58 per month and in 2020 the pay rose to $1175.83. In 2021, the figure is at $1203.75. 

However, to qualify for the high pay you should have made maximum contributions to the Canada Pension Plan. Since that is not the case for most Canadians, the average pay was $679.16 per month in 2019 and $689.17 in 2020.

CPP maximum payouts for the last 6 years (per month)


 CPP payment dates:

  • January 27, 2021
  • February 24, 2021
  • March 29, 2021
  • April 28, 2021
  • May 27, 2021
  • June 28, 2021
  • July 28, 2021
  • August 27, 2021
  • September 28, 2021
  • October 27, 2021
  • November 26, 2021
  • December 22, 2021

CPP payment eligibility

Although the ideal age is 65 years, you can start receiving your check at 60 but you will lose 7.2% each year until you celebrate your 65th birthday. However, if you can wait till you’re 70 to start collecting the payment, you will earn an extra 8.4% per annum. Hence, the choice is yours but the minimum eligibility is 60.

Moreover, you qualify to get CPP if you live abroad and/or are still working. You can also apply to get your partner’s money if he/she is deceased or divide your share between you and your partner.

Factors that affect the Canada Pension Plan payout

  • How old you are when you start the pension
  • How much and for how long you contributed
  • Average earnings throughout your working life.
  • If you keep working after 65 and you don’t take the pension, then the years after 65 will replace the periods of low income before 65.
  • Raising children. The time you spent taking care of your children can help you increase your CPP 
  • Periods of low/no income and disability will also affect your pay.

CPP payment facts

  • The rate of inflation increases the CPP payout.
  • It is advisable that you start your contributions immediately after you turn 18.
  • Your CPP is taxable at your marginal tax rate.
  • You can share your CPP with your spouse even if you’re divorced/separated.
  • In case you’re self-employed, you will make both employee and employer contributions. That is $6332.90 maximum.
  • The people of Quebec have their fund known as Quebec Pension Plan (QPP).
  • You have to apply to start receiving your CPP

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