Cost of Living Increase

In 2024, the Canada Pension Plan (CPP) will see a 4.4% increase, aligning with inflation to help Canadians manage rising living costs. Retirees can expect a new maximum payment of $1,364.60, alongside changes to contribution tiers for higher incomes. This annual adjustment, effective January, ensures seniors maintain their purchasing power. Beneficiaries are encouraged to stay informed and plan for taxes on these payments. For more information, visit the official Government of Canada CPP page.