Additional Payment of $1660 Canada Pension Plan (CPP): Some people in Canada are going to get an extra CPP (Canada Pension Plan) payment of $1660 in the month of October 2024. If you are entitled to this benefit or want to know who will be eligible for it, then this article is for you. We will give you all the information about the CPP payment schedule, eligibility criteria, and this Additional Payment of $1660 Canada Pension Plan (CPP).
The Canada Pension Plan (CPP) is an important financial security scheme for the elderly and other eligible persons of the country. Every year, there are some new updates in it so that the beneficiaries can get assistance according to their needs. And this time, in 2024, a special gift is being received – an additional payment of $1660, which will be deposited in the account of eligible people in October. Now the question is how will you get this Additional Payment of $1660 Canada Pension Plan (CPP) and what will you have to do for it? Let’s know about this whole scheme and some fun but informative things.
$1660 Additional Payment October 2024 – Fact Check
In October 2024, some beneficiaries of the Canada Pension Plan are likely to get an additional payment of $1660. But yes, not everyone will get this money. If you are thinking that just cross the age and the money will come to your account, then wait a bit. There are some conditions for this. Age, contribution and other things are considered.
So, if you have contributed enough to CPP and you are above 60 years of age, then you can get this money. But, do not think that every CPP beneficiary will get this. There are some special conditions for this, such as if you are at a particular stage of retirement or you have some disability. So, keep in mind, this money is not being distributed for free, there must be eligibility for it.
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Additional Payment of $1660 Canada Pension Plan (CPP) Overview
| Topic | Summary |
| Extra $1660 CPP Payment in October 2024 | Certain eligible recipients could receive an additional payment. |
| Eligibility for CPP | Canadians aged 60+ with valid CPP contributions are eligible. |
| CPP Payment Schedule | Payments are made on the third-last business day of each month. |
| CPP Enhancements in 2024 | New earnings ceilings: $68,500 (first ceiling) and $73,200 (second ceiling). |
| Maximum Monthly Payment | $1,364.60 at age 65; average payment is $815.00. |
Who is eligible for this bonus?
- If you are over 60 years of age and have made good contributions to the Canada Pension Plan, you are likely to receive this bonus.
- Also, if you have met certain conditions of the pension plan, such as retirement or disability status, then this money can come into your account.
- This $1660 bonus is coming under dearness allowance (COLA) so that the pension of the elderly can keep pace with inflation.
This $1660 bonus will be given only to those who have met all the conditions.
CPP Payment Schedule – When and How Do You Get Money?
Your CPP payment comes on the third last working day of every month. Now, it is a different matter how much money you will get. If you have deposited a good amount, then you can get the highest monthly amount of $1,364.60. And yes, the average monthly payment is around $815.
The additional $1660 that is going to come this October will also be a part of this schedule. So if you are eligible, then do check your account on the third last working day.
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New Changes for CPP in 2024
Every year there are some changes in CPP. Many changes have been made in 2024 as well. The biggest change is that the CPP earnings ceilings have been raised. The first ceiling is now $68,500 and the second ceiling is $73,200. What will happen? This will increase your pension, especially for those who earn more. This change is for those who want more financial security during their retirement.
Help for widows and children under CPP
If a person contributing to CPP dies, their family members can also get the benefit of CPP. Some special benefits are given under this:
- Widow’s pension: The wife or common-law partner of the person who has passed away can get this pension. The average payment of this pension in July 2024 was about $360.43.
- Death benefit: This is a lump sum payment of $2,500, which is given to the family of the deceased.
- Children benefits: If the deceased has dependent children (under 18 or 25 if they are in school), they can also get child benefits.
CPP disability benefits
CPP is not just for the elderly. If a person suffers from a severe and long-term disability and cannot work, he can also get CPP disability benefits.
The average monthly payment is $1,538.22 in 2024. If you are eligible, these payments can prove to be very helpful for you.
Early vs. late retirement – what is the right decision?
If you are wondering when to retire, then pay attention. You can start taking CPP by retiring at the age of 60, but then your monthly amount will be reduced by 36%.
On the other hand, if you wait till the age of 65, you will get the full amount. And if you postpone it till 70, your monthly amount can increase by up to 42%. So brother, decide wisely whether you want to retire early or earn more money.
