Canadian seniors relying on Canada Pension Plan (CPP) and Old Age Security (OAS) benefits can expect up to $1,976 in combined monthly payments this February. Thanks to the 2.5% Cost-of-Living Adjustment (COLA) introduced in January 2025, these payments reflect an increase designed to help seniors cope with rising living expenses.
How Much Will You Get?
The payment you receive depends on your eligibility for both CPP and OAS benefits:
- CPP: The maximum monthly CPP benefit is $1,433 in 2025. However, most recipients receive an average of $808.14, as the actual amount depends on their earnings history and the age they began collecting benefits.
- OAS: For seniors aged 65 to 74, the maximum OAS monthly payment is $727.67, while those aged 75 and older receive $800.44.
This means that a senior aged 65 to 74, who qualifies for maximum benefits, could receive a total of $2,160.67 per month. Those aged 75 and above could see up to $2,233.44 per month.
Who’s Eligible for These Payments?
-
CPP Eligibility: To qualify for CPP, you must be at least 60 years old and have made at least one valid contribution to the plan. Your benefit amount depends on the total amount contributed and the age at which you began receiving it.
-
OAS Eligibility: To receive OAS payments, you must be 65 or older and have lived in Canada for at least 10 years after turning 18. The longer you’ve lived in Canada, the higher your benefit amount will be.
When Are Payments Issued?
CPP and OAS payments for February 2025 are scheduled for February 26, 2025, typically the third-to-last business day of the month. Payments are deposited directly into recipients’ bank accounts or sent as a cheque by mail.
Additional Support for Low-Income Seniors
Seniors with limited income may also qualify for the Guaranteed Income Supplement (GIS), which provides extra monthly payments on top of OAS. Eligibility for GIS depends on your income and marital status, and it can significantly increase your monthly benefits if you qualify.
How to Check Your Payment Amount
To see how much you’ll receive this month, you can:
- Log into your My Service Canada Account (MSCA): Check your benefit statements and payment schedule online.
- Contact Service Canada: For personalized help, call Service Canada’s toll-free number.
- Consult a financial advisor: If you’re unsure of your benefits or want to maximize them, consider seeking professional advice.
What’s Next for Seniors in 2025?
With rising inflation, the 2.5% COLA adjustment has been a welcome increase for Canadian seniors, but experts advise staying informed about potential future adjustments. Keeping track of eligibility requirements and exploring additional programs like GIS can help maximize your financial security in retirement. For now, seniors can look forward to their February direct deposits arriving soon.
