CPP and OAS Payment Dates December 2023 ~ When Are You Receiving Payments in the Month December?

The year of 2023 is an important year for the recipients who are eligible and who will be receiving their pension amounts by the Federal Government in Canada, as they have been making contributions to the CPP plan. The CPP is useful for those residents who have been worried about their retirement planning, and for this reason, they have made their required contributions to qualify and get their retirement pension in later years. This is important but the CPP option is not the only option available for the Canadians who have been saving and planning for their retirement.

This is because the retirement planning in Canada include a lot of private programs, and the workplace pension plans for the eligible workers are also of good help. To help with the problem of retirement planning, it had been announced in the year 2019 that there is going to be an increase in the CPP benefits, and this increase in the plan is going to be completed within a period of seven years. The agreement for the CPP Enhancement had been reported in the year 2016, and the support for this was important because a lot of reports had mentioned that the middle class Canadians are not able to plan and save for their retirement.

CPP and OAS Payment Dates December 2023

For the Federal Benefits in Canada, there are payment dates which are available on the official websites, and these dates include payments for many provincial or territorial benefit programs also. It has also been mentioned that if the receiver has set up an account for the Direct Deposit of these benefits, then the dates which are mentioned below will be used for the direct transfer of these Canadian benefits. Not only that, the CPP plan beneficiaries also get other benefits included, if they qualify, including the likes of CPP retirement pension, disability benefits children’s support for care, and survivor benefits.

Those who get the monthly benefits of the OAS or the Old Age Security Pension must check if they are also eligible for the payments of other benefits including the Guaranteed Income Supplement, Survivor’s Allowance, etc. It must be noted that the OAS benefits are the monthly benefit payments which are sent out to the eligible residents in Canada who have completed their 65 years of age or more. For many Canadians, the enrolments are automatically completed by Service Canada, but if there is incomplete information available for the enrolment, then the individual has to check their eligibility and file their OAS application manually.

CPP Payment Dates 2024

Canada Dental Benefit Payment

Factors Determining CPP Amount

CPP Benefits Increase 2024

OAS and CPP Dates Overview

CountryCanada
ProgramCPP and OAS
TypeRetirement Savings
CategoryFederal Pension
CPP Enhancement2019-2025
CategoryGovt Aid
December 2023 CPP Payment Date20th December 2023
December 2023 OAS Payment Date20th December 2023

CPP, OAS Payment Schedule

The CPP or the Canada Pension Plan has the retirement pension benefit which is paid out as monthly taxable payments, and this is because these payments help in replacing a small part of any individual’s income after they are retired. This benefit is a lifetime benefit, and it is given to those who have completed at least 60 years, and those who have also made a minimum of one valid CPP Contribution. Not only that, there is a good news for the people who have been making CPP contributions after 2019.

This good news is that there are going to be two additional components which will be a part of the new CPP enhancement, and it has been reported that the time which is required for these components to phase in is 7 years (starting from 2019 and until 2025). Not only that, in the recent updates it has been mentioned that the first component is going to phase in completely by the end of 2023, and this will be followed by the new earnings limit which is going to be phasing in starting from January 2024 till 2025. The increase in the CPP benefits are going to be provided for the Post Retirement Pension, Disability Pension, and the Survivor’s Pension. 

CPP and OAS Payment Dates December 2023 ~ When Are You Receiving Payments in the Month December?

CPP and OAS Payout Dates 2023

Starting from 01st January 2024, there are going to be the Second Additional CPP Contributions or the CPP2 which will be above the Yearly Maximum Pensionable Earnings or the YMPE as shown in the table below:

YearBasic Amount ExemptedMaximum Yearly Pensionable EarningsEmployee/ Employer Contribution RateMaximum Self Employed Contributions AmountMaximum Contribution by Employee or Employer
2023$3500$66,6005.95%$7508.9$3754.45
2024$3500$68,5005.95%$7735$3867.50

For the OAS Payments, there was a new update in 2022 that there is going to be a 10% increase in the pension amount for residents who are above 75 or more, and not only that, there are changes in the OAS Benefits which are measured by the cost of living changes and reviewed in the months of January, July, April and October. If the individual earned more than $81,761 in the year 2022, then they would have to be required to pay back either complete OAS Pension or a small part of it. The payment in OAS Benefits are shown below:

Maximum Monthly BenefitNet World Income LimitAge
$707.68Below $142,609Between 65 and 74
$778.45Below $148,17975 and more

Canada FPT Deposit Dates

CRA Benefits Payment Dates

Canada Government Payment Dates

OAS Payment Dates December 2023

The OAS Payment Dates and the CPP Payment Dates for the upcoming months are mentioned below:

  1. For CPP Payments:
    • 28th November 2023
    • 20th December 2023
    • 29th January 2024
    • 27th February 2024
    • 26th March 2024
    • 26th April 2024
    • 29th May 2024
    • 26th June 2024
  2. For the OAS Benefit Payments:
    • 28th November 2023
    • 20th December 2023
    • 29th January 2024
    • 27th February 2024
    • 26th March 2024
    • 26th April 2024
    • 29th May  2024
    • 26th June 2024
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