Canadian retirees can expect to see a major bump in the Canadian Pension Plan (CPP) payouts next month.
The increase is the fruit of higher CPP contributions from 2019 to 2023, during which time annual ¿premiums rose from 5.10% of pensionable income to 5.95%.
The increase will benefit only those who contributed to the fund during that period. Canadians who had already retired by 2019, will not receive the boost, although they will still get occasional inflation adjustments.
CPP enhancements will also witness a rise on pensionable earnings up to $81,100 in 2025, one of the biggest increases ever.
