Major Change: Retirement Age Increased
- Current retirement age for full benefits: 65
- New retirement age from October 2025: 67
- Applies only to future pensioners
- Existing retirees are not affected
Table of Contents
Canada Pension Plan (CPP) Overview
| Age to Start | % of Full Pension | Example Monthly Amount |
|---|---|---|
| 60 | 64% (36% reduction) | $915 |
| 65 | 100% (Full) | $1,433 |
| 70 | 142% (42% increase) | $2,030 |
- Eligibility: Based on years of contributions
- Flexibility: Take CPP between 60–70, with adjusted payouts
Old Age Security (OAS) Overview – Oct 2025 Rates
| Age | Monthly Amount |
|---|---|
| 65–74 | $740.09 |
| 75+ | $814.10 |
- Adjusted quarterly to keep pace with inflation
- Eligibility based on years of residence in Canada (40 years for full OAS)
Eligibility Requirements
- Must be a Canadian citizen or permanent resident
- Must have lived in Canada for 10+ years since age 18
- For full OAS: 40 years of residence in Canada
- For CPP: Must meet contribution and retirement age requirements
- Must have SIN and government ID
Required Documents
- Government-issued photo ID (e.g., passport, driver’s license)
- Social Insurance Number (SIN)
- Proof of address
- Bank info for direct deposit
- Proof of age (birth certificate)
- Work history/CPP contributions
How to Apply for CPP & OAS
- Sign in or register for My Service Canada Account (MSCA)
- Apply for CPP Retirement Pension and/or OAS
- Upload necessary documents
- Track status via “My Applications”
Support: Call 1-800-277-9914 for help with your application
Check Application Status
- Log into My Service Canada Account
- Select CPP/OAS Application Status
- See updates or contact Service Canada
Next Payment Date
- October 29, 2025 (for OAS/CPP)
Why the Change?
- To reflect longer life expectancy
- To ensure sustainability of public pension funds
- Encourages Canadians to work longer if they choose
- Offers flexibility: early, on-time, or delayed retirement