CPP and OAS payments hit bank accounts Thursday for eligible Canadians

Canadians eligible for the Canada Pension Plan and Old Age Security will see payments deposited Thursday, Aug. 27. The timing gives residents a midweek reminder to check their accounts and confirm the transfers landed.

The CPP is a monthly, taxable benefit that replaces part of eligible Canadians' income in retirement. To qualify, you must have made at least one valid contribution and be at least 60 years old. You can continue working while receiving your full CPP pension as long as you're under 70, and additional contributions after you start collecting can increase your pension amount.

New beneficiaries aged 65 will receive an average monthly payment of $877.01. The maximum monthly payment at age 65 is $1,507.65. The amount you receive depends on when you started collecting, how much you contributed, your earnings over your working years, and how long you contributed to the program.

Old Age Security operates separately. If you live in Canada, you can qualify if you're 65 or older, are a Canadian citizen or legal resident when your application is approved, and have lived in Canada for at least 10 years since age 18. Those aged 65 to 74 can receive up to $751.97 per month in 2026 if their annual net income in 2025 was less than $152,062. Canadians aged 75 and older can receive a maximum of $827.17 if their annual net world income in 2025 was less than $157,923.

Unlike CPP payments, which are stable, OAS payments are reviewed every quarter. Both saw increases this year.