Increased CPP and OAS Payments for Canadians Coming Next Week
Eligible Canadians will see an increase in their Canada Pension Plan (CPP) and Old Age Security (OAS) payments starting next week. This change is significant for retirees relying on these benefits for financial support.
Details of the Increased CPP Payments
The CPP is a monthly taxable benefit that provides financial assistance to Canadians during retirement. To qualify for the CPP, individuals must have contributed at least once to the program and be 60 or older.
- Increase in maximum monthly CPP payment at age 65: from $1,433 to $1,507.65 starting January 2026.
- Average monthly CPP payment for new beneficiaries at age 65: $803.76 as of October 2025.
- Decrease from the average monthly payment of $899.67 in October 2024.
- Eligible Canadians will receive their CPP payments on Wednesday, January 28.
Understanding the OAS Payments
The Old Age Security (OAS) pension is available to Canadians aged 65 and older, irrespective of their employment history. Eligibility criteria include:
- Must be a citizen or resident when the pension application is approved.
- Must have resided in Canada for at least 10 years after turning 18.
For those living outside Canada, the criteria include:
- Must be a citizen or resident on the day before leaving Canada.
- Must have resided in Canada for 20 years after turning 18.
Increased OAS Payments
The OAS payments have also seen an upward adjustment. Here are the new maximum monthly amounts based on age:
| Age Group | 2026 Maximum Monthly Amount | Previous Amount | Income Limit for 2024 |
|---|---|---|---|
| 65 to 74 | $742.31 | $727.67 | Less than $148,451 |
| 75 and older | $816.54 | $800.44 | Less than $154,196 |
Seniors can prepare for additional government benefits available in February. These increases represent a meaningful adjustment for those depending on these pensions.
