As retirement planning becomes more important amid rising living costs, many Canadians are closely watching the Canada Pension Plan (CPP) updates. One of the most talked-about developments is the $1560 monthly CPP payment for 2025. This new maximum amount is part of an ongoing enhancement to improve income security for Canadian seniors.
If you’re wondering who qualifies, when the money is credited, or how to apply, this article simplifies everything you need to know about the CPP monthly increase.
Table of Contents
Overview
The Canada Pension Plan is a mandatory retirement savings program for working Canadians. Contributions are automatically deducted from your paycheck and matched by your employer. These funds are used to provide retirement income once you turn 60 or older.
The latest enhancement raises the maximum monthly benefit to $1560 in 2025. However, not everyone will receive this full amount. Your benefit depends on how much and how long you have contributed, and when you choose to start your payments.
| Feature | Details |
|---|---|
| Maximum Monthly Payment | Up to $1560 |
| Eligibility Age | 60 to 70 years old |
| Payment Dates | 3rd-last business day of each month |
| Application Process | Online via My Service Canada Account or by mail |
| Full Details | Service Canada website |
Program
The CPP is one of the three main pillars of retirement income in Canada, along with Old Age Security and private savings or pensions. Since 2019, the government has been rolling out enhancements to increase the payout amount over time.
The $1560 maximum reflects these efforts and applies to seniors who made the highest allowable contributions for most of their working life.
Enhancement
Several key changes helped make this increase possible:
- Contribution rates have gone up for both employers and employees
- The maximum pensionable earnings threshold has increased
- Additional post-retirement contributions can boost payments even after retirement
These changes are intended to strengthen retirement income over time and provide greater security for future retirees.
Dates
The CPP is paid out monthly, typically on the third-last business day. Here are the CPP payment dates for 2025:
- January 29
- February 26
- March 27
- April 26
- May 29
- June 27
You can find future dates and past payments by logging into your My Service Canada Account.
Eligibility
To receive the full $1560 per month, several conditions must be met. Here’s what affects your payment amount:
Contribution History
You must have contributed the maximum amount to the CPP for most of your working years. In 2025, the maximum pensionable earnings are $68,500. If your income was consistently below this, your benefit will be lower.
Age You Start Receiving CPP
CPP is available from age 60, but starting early reduces your benefit by 0.6 percent per month before age 65. Delaying increases your payment by 0.7 percent per month after 65, up to age 70.
For example:
- Starting at age 60 results in a 36 percent reduction
- Waiting until age 70 earns a 42 percent increase
Timing your CPP start date is a key decision in retirement planning.
Years of Maximum Contributions
CPP is calculated based on your best years of contributions. To reach the $1560 limit, you must have contributed at or near the maximum for most of your working years.
If you had years of part-time work, gaps in employment, or lower wages, your payments will be adjusted accordingly.
Apply
The application process is straightforward. Here’s how to apply:
Online
Apply using your My Service Canada Account. This is the fastest and most efficient option. Make sure your account information is up to date before applying.
Paper Form
Download the CPP retirement pension application from the Service Canada website, print it, and mail it in. This method takes longer but is available if you prefer not to apply online.
When to Apply
It is best to apply six months before you want your payments to begin. This gives Service Canada enough time to process your request and avoid delays in receiving your benefit.
If you’re already past 60 and eligible, applying early ensures you don’t miss out on months of payments.
The $1560 CPP monthly payment in 2025 offers a stronger foundation for Canadians heading into retirement. While not everyone will qualify for the maximum, knowing the factors that affect your payment—and planning around them—can help you get the most from your pension. Whether you apply online or by mail, make sure you review your contribution history and choose the right start time to maximize your benefits.
FAQs
Who gets the $1560 CPP payment?
Seniors who contributed the maximum to CPP for most working years.
When are CPP payments made in 2025?
On the third-last business day of each month.
Can I receive CPP at age 60?
Yes, but payments will be reduced by 36 percent if taken early.
How do I apply for CPP?
Apply online via My Service Canada Account or by mailing a paper form.
Does working longer increase my CPP?
Yes, delaying past 65 increases payments by 0.7 percent monthly.
