Toronto/CMEDIA: Eligible Canadian retirees will reportedly receive their latest Canada Pension Plan (CPP) payments Tuesday.
Those eligible Canadians who had set up direct deposit would receive the CPP payments in their accounts, while others will receive a cheque deposited in the mail during the last three business days of the month.
The federal benefit’s final payments for this year are next scheduled on Nov. 27 and Dec. 20.
As part of the federal government’s commitment, this October payment would provide regular income support for eligible Canadian retirees.
The CPP benefit, which is taxable, helps replace part of a retiree’s income and continues for the rest of their lives or from credits transferred due to a former spouse or common-law partner’s contributions.
These contributions can come from employment income earned in Canada for eligible Canadians to replace part of their incomes when they retire when they receive the taxable benefit each month for the rest of their lives.
Canadians who are at least 60 years old and have made at least one contribution to the plan can be eligible for CPP, according to the Canadian government.
The Canadian government added that contributions are required to have been made from work conducted in Canada, or as a result of credits from a former spouse or former common-law partner.
