Canada Pension Plan 2024: Check Eligibility, Next Pay Date [20th Dec] & Amount, @canada.ca

Canada Pension Plan 2024: The pension plan is very important and beneficial for senior citizens to live their lives peacefully by using their savings through pension schemes. Governments are promoting pension schemes as the Government of Canada is also providing Canada Pension Plan to their citizens which is also famous as CPP 2024. Those who are living in Canada for working in Canada can participate in a Canada Pension Plan during their employment period so they will get their investment bank a pension after completing the year 60 or 65.

Canada Pension Plan is a welfare scheme conducted by the government of Canada for many years and provides pension facilities to the pensioners who contribute to the CPP. All the citizens of Canada who are working in Canada can apply for this CPP Pension Plan. The Canada Pension Plan offers beneficiaries a monthly pension after getting retirement. During the time of employment, both employee and employer have to invest in the Canada Pension Plan high specific percentage of salary which is designed and updated by the Government of Canada. Today we are discussing important dates of “Canada Pension Plan”, CPP Dec Payment Date including the Canada Pension Plan eligibility criteria and benefits of Canada Pension Plan.

Canada Pension Plan 2024

Currently, employees and employers are investing 5.95% salary into the account of Canada Pension Plan. It means both are paying the same amount and in the end employee is receiving a total of 11.9% share which is Savings in the Canada Pension Plan account and will be provided to the employer as a pension after retirement.

However, the percentage of shares had increased from 5.75% to 5.95% for the year of 2023. According to the information, the contribution rates has also increased to 6.5% in 2024. 

An Overview of Canada Pension Plan 2024

Eligibility Criteria for Canada Pension Plan

However, the Eligibility Criteria for Canada Pension Plan to receive a CPP pension amount will be enabled after reaching the age of 60. However, citizens have to contribute to the CPP during employment before retirement. So if you are working in any company in Canada then you are eligible to contribute to the Canada Pension Plan. However, if you want to work after the age of 60 then it will plus point for you as pensioners will not lose the benefit of a Canada Pension Plan and can also earn according to their suitability after the age of 60.

The government is also providing facilities to those citizens who have not contributed yet to the CPP Scheme and have completed the age of 65, they can work with any company and contribute to the scheme accordingly. As you start to contribute to CPP your benefit of increment in pension will continuously increase yearly. However, the maximum age to contribute to CPP is 70 years old and you cannot contribute to this plan after reaching the age of 70 however you can work to earn a salary accordingly. 

Apply Online for Canada Pension Plan

If you fulfilled the eligibility criteria and all other terms and conditions of the Canada Pension Scheme then you can Apply Online for Canada Pension Plan by following this procedure :-

• Visit the official website of the Canadian government.
• You can click on the direct link to directly visit the official website : https://www.canada.ca/ 
• Now select the services and click on the link to the Canada Pension plan.

• After this, you will be redirected to a new page where you have to click on the link to apply CPP Retirement Pension Plan according to the above image.

• Now read all the terms and conditions and eligibility criteria and after that click on the link to apply online for CPP.

• Now register yourself on the official portal and apply for the Canada pension plan online form and enter your personal details with all the important documents.

Once you have submitted the application form you have to wait at least 120 days for the verification process and during the verification you can continuously check the status of the Canada pension scheme by visiting the same website https://www.canada.ca/.

However, if you are not familiar with online mode then you can directly visit the nearest government office of Canada and after that apply manually. 

Maximum Pension in Canada Pension Plan

There are multiple factors that will decide the maximum Canada Pension Plan amount for pensioners after retirement. The decision to get a pension amount is totally on the beneficiary. Anyone can apply for a Canada Pension Planafter getting the age of 60.

However, if you are getting a pension after the age of 55 then you can get a maximum of $1,306.57 Per month. If you want to get specific information according to your condition then you can use the Canada Pension Calculator by clicking on this link you have to provide your pension information and after that system will calculate the pension amount will you receive after retirement. Canada pension calculator link.

CPP Payment Dates

The CPP Payment will be received only when the citizen has made any contribution either once in their lifetime. To get the pension, one must choose the plan out of the given options. The eligible one will get the CPP Payment for the month on the third last day of the concerned month.

CPP 2024 Payment Schedule

CPP Payment Amount

• The CPP Payment Amount receive for the pension each month is based on the total earnings throughout the working life.
• Contributions to the CPP are based on the earnings.
• The age to get the pension is 65 and you can begin receiving the payment as early as the age of 60 years or as late as 70 years.
• If you start the payment earlier, the monthly amount you will receive will be much smaller.
• The maximum advantage which you will get will be after you reach the age of 70 years.

CPP Calculator

The amount of the CPP Payment is determined at the retirement ages of the individual and using the CPP Calculator. The CPP Calculator will help to determine if one is entitled to receive the payment. The CPP benefits amount will rise each year if you defer your drawing age.

At the age of 70, the CPP Payment becomes 42% maximum and the CPP benefits are decreased by 7.2% in case you have been getting the benefits before achieving the age of 65 years.

FAQ’s: Canada Pension Plan