Seniors across Canada can expect to receive their February pension payments from the federal government this week.
These payments include both the Old Age Security (OAS) pension and the Canada Pension Plan (CPP) retirement pension, which will be distributed to eligible individuals on Wednesday.
OAS and CPP Pension Increases
Over the past five years, both the OAS and CPP have seen increases of up to 20% to keep up with the rising cost of living.
These are taxable monthly benefits designed to support eligible seniors. The adjustments are made to ensure that pensions keep pace with inflation as measured by the Consumer Price Index (CPI).
OAS Payments and Eligibility
The OAS pension is available monthly to Canadians aged 65 years or older, regardless of their employment status. The amount a person receives depends on several factors, including their age, how long they have lived in Canada as an adult, and their income level.
OAS payments are regularly updated four times a year—January, April, July, and October—to reflect cost-of-living changes. However, according to Employment and Social Development Canada, the OAS payment amounts for the January to March 2025 quarter will remain unchanged compared to the previous quarter since the CPI did not increase during the last three months.
February OAS Payment Amounts
For February 2025, eligible seniors could receive the following maximum monthly amounts:
- Seniors aged 65-74: The maximum OAS amount is $727.67, provided their annual net world income for 2023 is under $142,609.
- Seniors aged 75 and older: The maximum payment is $800.44, contingent on an annual net world income for 2023 of less than $148,179.
The government also notes that if a senior’s income exceeds $86,912 in 2023, they may have to repay part or all of their OAS pension.
Additional OAS Benefits
Beyond the pension, seniors may be eligible for extra non-taxable benefits such as:
- Guaranteed Income Supplement (GIS)
- Allowance
- Allowance for the Survivor
These benefits are designed to provide additional financial support to seniors in need.
CPP Payments and Eligibility
The Canada Pension Plan (CPP) retirement pension is available to seniors who are at least 60 years old and have made at least one valid CPP contribution.
The CPP is a taxable benefit designed to replace part of a person’s income when they retire, and it continues to be paid for the duration of their life.
CPP Payment Calculation
The amount a senior receives from the CPP depends on several factors, including:
- The age at which they start receiving their pension
- Their CPP contributions over the years
- Their average earnings throughout their working life
For 2025, the maximum monthly amount for the CPP retirement pension is set at $1,433 if the pension is started at age 65.
Upcoming Pension Payments
The next OAS and CPP payments are scheduled for March 27, 2025. Seniors can look forward to receiving their regular benefits as scheduled.
Maximum OAS Payments (February 2025)
| Age Group | Maximum OAS Payment (Monthly) | Income Limit for Eligibility (2023) |
|---|---|---|
| 65-74 years | $727.67 | Under $142,609 |
| 75 years and older | $800.44 | Under $148,179 |
FAQs
What is the OAS pension based on?
The OAS pension amount depends on the individual’s age, how long they’ve lived in Canada as an adult, and their income level.
How often are OAS payments updated?
OAS payments are updated four times a year—January, April, July, and October—based on the Consumer Price Index (CPI).
What is the maximum CPP payment amount for 2025?
The maximum CPP retirement pension is $1,433 per month if the pension is started at age 65.