As we approach the end of July, eligible Canadians will receive money from the government in the form of pensions.
Over the next few days, Canadians will receive money from the government in the form of pensions: the Canada Pension Plan, the Old Age Security Pension, and the Veteran Disability Pension. Canadians who receive the Canada Pension Plan and the Old Age Security Pension will see a slightly higher amount in their upcoming payment as the new calendar year for both benefits starts this month.
Financial support and benefits are more important now than ever. According to Statistics Canada, the cost of shelter increased by 2.9 per cent compared to the previous year, while Canadians are now spending 2.8 per cent more on groceries.
To find out if you qualify for these government benefits, read on to find out the requirements.
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The Canada Pension Plan (CPP) is a monthly taxable benefit that replaces part of the income of eligible Canadians upon retirement, providing support for the rest of their lives.
To be eligible for the CPP, you must have made at least one valid contribution to the CPP and be at least 60 years old. Canadians can still receive their full pension even if they’re under 70 and still working. In fact, contributing to the CPP post-retirement benefit can increase their pension.
How much you receive depends on when you started your pension, the amount you contributed, how much you earned during your working life, and how long you contributed to the CPP. New beneficiaries receive an average monthly payment of $899.67; however, the maximum monthly payment you can receive is $1,433.
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Canadians aged 65 and older can qualify for the OAS pension regardless of their work history.
Canadians aged 65 to 74Â can receive up to $734.95 per month in 2025 if their annual net world income in 2024 was less than $148,541. However, Canadians aged 75 and older can receive a maximum of $808.45 if their annual net world income in 2024 was less than $154,196.
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Some Canadians could be eligible for the Veteran Disability Pension, a tax-free disability payment to support their well-being. To qualify, you must be one of the following:
A member or veteran of the Canadian Armed Forces
A member or former member of the Royal Canadian Mounted Police (RCMP)
A Second World War or Korean War Veteran (includes Merchant Navy), or an eligible civilian who served in the Second World War
To qualify, you must have a diagnosed medical condition or disability and be able to show that it was related to your service. Eligible candidates can receive a lifetime monthly benefit (the amount depends on the number of dependents) or a lump sum payment for compensation for pain and suffering. Rates can vary from $69.60 to $1,391.98.