Updated July 2026. The Canada Pension Plan (CPP) and Old Age Security (OAS) are Canada’s two main public retirement income programs, and both pay on the same date each month.
How CPP and OAS Differ
CPP is funded through payroll contributions from employed and self-employed Canadians, and pays out based on your contribution history — it also includes disability benefits, survivor pensions, children’s benefits, and death benefits beyond the standard retirement pension. OAS, by contrast, is funded through general tax revenue and is based on age and Canadian residency rather than employment history; you can qualify for full or partial OAS depending on how long you lived in Canada after turning 18. OAS is taxable and subject to a clawback for higher-income seniors.
2026 CPP Amounts
- Maximum monthly payment at age 65: $1,507.65
- Average monthly payment at age 65: roughly $925.35
Reaching the maximum requires close to 39 years of maximum contributions, which is why most recipients receive well below that ceiling. Both CPP and OAS are indexed annually based on the Consumer Price Index.
Eligibility Basics
To qualify for CPP retirement benefits, you need to be at least 60 years old and have made at least one valid contribution. You can start collecting anywhere from age 60 to 70 — starting earlier reduces your monthly amount, while delaying past 65 increases it.
2026 Payment Schedule
CPP and OAS both pay on the same date each month:
- January 28
- February 25
- March 27
- April 28
- May 27
- June 26
- July 29
- August 27
- September 25
- October 28
- November 26
- December 22
Direct deposit is the most reliable way to receive payment on schedule; mailed cheques can take longer depending on postal service timing.
