KEY TAKEAWAY BOX
- CPP Increase: Starting in 2024, the Canada Pension Plan (CPP) will see an increase, with the maximum pension reaching up to $1,670 per month.
- Eligibility: All working Canadians over the age of 18 contributing to the CPP are eligible for the enhanced benefits.
- Payment Dates: CPP payments are made monthly, with the 2024 dates including March 26, 2024, as a key date for the increased payment.
- Action Required: Visit HustleHub to learn more about how you can claim your increased CPP payment.
Introduction
Hey there, Hustlers! Are you ready to dive into the latest buzz about the Canada Pension Plan? With the Trudeau Cabinet’s approval, a significant CPP increase is on the horizon for 2024. But what does this mean for you, and when can you expect these changes to reflect in your pocket? Let’s break it down and ensure you’re in the loop with all the details!
Understanding the CPP Increase
The CPP is set to grow, replacing one third (33.33%) of the average work earnings you receive after 2019¹. This enhancement is a ‘top-up’ to the base CPP and consists of two additional components phased in between 2019 and 2025¹.
| Component | Phase-In Period |
|---|---|
| First Additional Component | 2019 – 2023 |
| Second Additional Component | 2024 – 2025 |
For those who have been contributing to the CPP, this increase means a more comfortable retirement. The maximum CPP retirement pension could see an increase of over 50% for those who make enhanced contributions for 40 years¹.
Are You Eligible?
If you’re a working Canadian over the age of 18 and have been contributing to the CPP, you’re in luck! The enhancement applies to you, and there’s no need to worry about eligibility changes.
| Criteria | Description |
|---|---|
| Age | Over 18 years |
| Employment Status | Working in Canada |
| CPP Contributions | Made contributions in 2019 or later |
Mark Your Calendars: CPP Payment Dates for 2024
When it comes to managing finances, knowing when to expect your payments is crucial. For 2024, you can expect your CPP payments to be deposited on the following dates:
| Month | Payment Date |
|---|---|
| January | January 29, 2024 |
| February | February 27, 2024 |
| March | March 26, 2024 |
| … | … |
| December | December 20, 2024 |
Especially note the March payment date, as this could be when the new increase takes effect⁵.
How to Claim Your CPP Payment
Ready to claim your increased CPP payment? Head over to HustleHub for a step-by-step guide on securing your benefits. Remember, staying informed and proactive is key to making the most of these changes.
FAQs On Trudeau Cabinet Approved New $1670 CPP Increase
Got questions? We’ve got answers! Check out our comprehensive FAQ section on HustleHub to get all the information you need about the CPP increase.
IMPORTANT LINKS:
- What Expenses Can You Deduct from Your Rental Income? (Updated 2024)
- How to Get Your EITC Refund Faster in 2024
- CPP, RRSP, TFSA, FHSA, AMT and OAS Changes: What You Need to Know for 2024
- What Happens to Your CPP and OAS Benefits When Your Spouse Dies?
- ALERT: Alberta Residents to Receive Higher Canada Carbon Rebate in 2024 – Here’s How to Claim It
Conclusion
Hustlers, it’s time to gear up for a brighter financial future with the upcoming CPP increase. Keep these details handy, and don’t forget to mark those payment dates on your calendar. For more insights and tips, stay tuned to HustleHub – your go-to resource for staying ahead in the financial game!
Source: (1) Canada Pension Plan enhancement – Canada.ca. https://www.canada.ca/en/services/benefits/publicpensions/cpp/cpp-enhancement.html. (2) Benefits payment dates – Canada.ca. https://www.canada.ca/en/services/benefits/calendar.html. (3) CPP and OAS Payment Increase 2024. What To Expect. https://canpension.ca/articles/cpp-oas-2024. (4) What is the CPP enhancement? – MoneySense. https://www.moneysense.ca/earn/what-is-the-cpp-enhancement/. (5) Learn About the CPP Disability Increase in 2024: Updated Amount …. https://autofiy.com/cpp-disability-increase-in-2024/. (6) Canada’s Pension Payment Dates and Pay Schedule for 2024. https://canpension.ca/articles/canadas-pension-payment-dates-and-pay-schedule-for-2024. (7) CPP Payment Dates 2024: Canada Pension Plan Benefits Guide. https://piggybank.ca/resources/canada-pension-plan-cpp-payment-dates. (8) 2024 CPP Payment Schedule, Amounts, and Increases – Snappy Rates. https://snappyrates.ca/cpp-payment-schedule-date/.