CPP Payment Dates September 2024:Check Eligibility & Payment Schedule

The Canada Revenue Agency (CRA) initiated the Canada Pension Plan (CPP) to financially support the elderly citizens of the country. It is a monthly taxable payment received by people who are 65 years old and above after their retirement. The Canadian government makes changes in the amount of CPP yearly to keep the amount indexed against inflation. 

Once you get qualified for the pension, CPP will take over your retirement income throughout your life. September 25, 2024, is the expected date of CPP payment for the month of September.

Highlights of CPP Payment Dates September 2024

Article Name	CPP Payment Dates September 2024
Program Name	Canada Pension Plan (CPP)
Monthly Benefit Amount	$1360
CPP September Payment Date	September 25, 2024
Post Category	Finance
Official website	Canada.ca

Eligibility Criteria

1. Individuals applying for CCP must be a permanent citizen of Canada. 
2. CPP is not available for Quebec Residents as they are eligible for the Quebec Pension Plan. 
3. The minimum age requirement is 60 years. 
4. One contribution to the CPP.

Payment dates for the year 2024

Month	Payment Date
January	January 29
February	February 27
March	March 26
April	April 26
May	May 29
June	June 26
July	July 29
August	August 28
September	September 25
October	October 29
November	November 27
December	December 20

Maximum amount of CPP for 2024

The maximum amount of CPP is $1364.60. There are some factors that affect the CPP amount :-

1. Your total contribution to CPP.
2. The amount of Canada Pension Plan is also based on the number of years you have contributed to it.
3. Your age at which you have started receiving CPP.
4. Your income over the years, you have worked for. 
5. You’re required to contribute to CPP for at least 39 years.

Contribution to CPP for 2024 :-

• $7,735.00 – Self Employed 
• $3,867.50 – Employers and Employees 

When should I start receiving CPP Payments?

The typical age of receiving CPP is 65 years. If you start your CPP payment at the age of 60, your monthly pension amount will be reduced by 0.6%. Annually, it will be reduced to 7.2%. 

If you delay your CPP for up to 70 years, you will receive a 0.7% increase monthly. Annually, it will be increased to 8.2%.

This means that you will receive a 42% increase in the CPP payment, if you decide to start receiving your CPP amount at the age of 70.

Below chart shows the outcomes of starting earlier or postponing your CPP payments :-

When CPP Starts	Monthly	Annual	Maximum
Before age 65	0.6% lower	7.2% lower	36% lower
After age 65	0.7% higher	8.4% higher	42% higher

Quick Facts About CPP 

1. CPP is a monthly taxable payment for the elderly people of Canada. 
2. You have to apply in CPP to receive the amount. 
3. CPP amounts get changed monthly due to inflation.
4. The maximum amount of CPP is $1306.57. 
5. 65 is the standard age of receiving CPP. You can start 5 years earlier or can delay it up to 5 years. 

Home Page

https://www.easthamptonchamber.com/

FAQs For CPP Payment Dates September 2024