Eligible Canadians will see their Old Age Security (OAS) and Canada Pension Plan (CPP) payments deposited into their bank accounts on Wednesday, July 29, 2026. These monthly payments provide financial support to seniors and individuals with disabilities across the country.
OAS payments are available to Canadian citizens and legal residents aged 65 and older who have lived in Canada for at least 10 years since turning 18. The amount received depends on factors such as age, residency, and income. For the July to September quarter, OAS payments have increased by 1.2% to account for inflation. As a result, individuals aged 65 to 74 can receive up to $751.97 per month, while those aged 75 and older may receive up to $827.17 per month. These amounts are subject to reduction if the recipient's income exceeds certain thresholds.
CPP payments are available to individuals who have made valid contributions to the plan through employment or self-employment. The amount received is based on average lifetime earnings, total contributions, and the age at which benefits are claimed. For 2026, the maximum monthly CPP benefit at age 65 is $1,507.65, with the average benefit for new recipients being $877 per month.
To ensure timely receipt of these payments, eligible Canadians are encouraged to register for direct deposit. Those who have not registered will receive their payments by mail, which may take longer to arrive.
These payments are part of the federal government's ongoing efforts to provide financial assistance to seniors and individuals with disabilities, helping them maintain a stable income as they age.