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In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too. When to apply for CPP? When do the payments go out? And, of course, are CPP payments taxable? We cover this and more below. But first, here’s a quick overview of how the CPP works.
About the Canada Pension Plan (CPP)
The Canada Pension Plan is a retirement pension that offers replacement income once a person retires from working life. The CPP is a social insurance plan, and it’s one “pillar” of the retirement income system for Canadians—the other three are Old Age Security (OAS), the Guaranteed Income Supplement (GIS) and personal savings. The CPP is funded by contributions from workers, employers and self-employed individuals. It’s not paid for by the government, despite what many Canadians may think…
The best high-interest savings accounts in Canada for 2025
– moneysense.ca
Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings of major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
Best high-interest savings account rates in Canada
Generally, savings accounts offer very low interest rates. So, if you want to earn on your deposits (rather than simply using your account as a temporary “holding tank” or directing to longer-term saving and investing vehicles), a savings account with a high interest rate is a no-brainer…
Why late-career savers need to be careful with RRSPs
– moneysense.ca
When should you keep contributing to your RRSP?
If you have a group RRSP with matching contributions from your employer, this provides a significant boost to your savings. Many group plans offer matching contributions of 25%, 50%, or even 100% on contributions up to a certain dollar amount or percentage of income. To get your hands on this free money, you have to keep contributing. Defined contribution (DC) pension plans fall into this same category, with employer contributions making maximum participation a compelling opportunity.
If you do not have much retirement savings or pension income, RRSP contributions are also generally advantageous…
If you’re approaching or planning for retirement, you may have questions about Old Age Security (OAS) benefits, like: Do I need to apply for OAS? How much will I receive in OAS? When do OAS payments go out? We cover these questions and more below. But first, here’s a quick overview of how OAS works.
About Old Age Security (OAS)
Old Age Security benefits are monthly payments made by the federal government to supplement the income of eligible Canadians age 65 and older. Along with the Canada Pension Plan (CPP) and personal savings, OAS provides financial support for older Canadians. CPP and OAS payments are issued on the same dates.
OAS payment dates for 2025
January 29, 2025
February 26, 2025
March 27, 2025
April 28, 2025
May 28, 2025
June 26, 2025
July 29, 2025
August 27, 2025
September 25, 2025
October 29, 2025
November 26, 2025
December 22, 2025
Where does OAS money come from?
The money that funds the OAS comes from the federal government…
