In the past, retiring at 65 has been the norm in Canada. Individuals worked until age 65 and then started receiving their Canada Pension Plan (CPP) and Old Age Security (OAS) benefits. But increasingly this is becoming a relic of the past. Individuals are living longer, remaining healthy, and seeking greater flexibility regarding when they retire.
The government is also changing. Recent news reports the retirement age will be raised to 67 for future pensioners from October 2025. That will mean future retirees will have to wait two years more to collect full CPP or OAS. But existing pensioners will remain the same.
Goodbye to Retirement at 67
The general intention of the new plan is to offer flexibility and financial security. Rather than fix retirement at age 65, the plan enables individuals to choose when to start benefits — sooner, on schedule, or later. Delayed retirement pays greater monthly amounts, allowing individuals to sustain income through longer lives.
It further seeks to render the pension scheme sustainable for Canada in the future. With people living longer, raising the age of eligibility serves to ease pressure on public funds. The action incentivizes Canadians to prepare more, stay longer in their jobs if possible, and opt for retirement based on convenience and savings.
Retirement age explanation
Under the existing system, Canadians are able to receive CPP at any time between the ages of 60 and 70. To take it early, at 60, is to receive a lower amount — some 36% less. Delaying, until 70, yields a 42% increased monthly benefit. The full benefit at 65 is some $1,433 monthly for those with maximum contributions.
OAS also tends in the same direction. The October 2025 base rate will be $740.09 for 65–74 and $814.10 for 75 and up, increasing by a nominal 0.7%. These are intended to stay in step with inflation every quarter to provide income security for seniors from coast-to-coast across Canada.
Eligibility Requirements for the New Canadian Pension System
- Must be permanent resident or Canadian citizen.
- Must have been in Canada for 10 years or more since the age of 18.
- To qualify for full OAS, must have had 40 years’ residence in Canada.
- The eligibility for CPP is based on cumulative years of contribution to the scheme.
- Applicants must achieve qualifying retirement age (at present 65, but likely 67 from 2025).
- Identification from the government and Social Insurance Number (SIN) is needed to apply.
Applying for CPP and OAS in Canada
- Go to the Government of Canada website: www.canada.ca.
- Log in or register for a My Service Canada Account (MSCA).
- Choose Apply for CPP Retirement Pension or Apply for OAS.
- Complete the online application using your personal, banking, and work history.
- Add documents that are needed such as ID and proof of age.
- Complete the form and follow the status of your application in “My Account.”
Documents to be included with CPP and OAS Application
- Current government-issued photo identification (driver’s license or passport)
- Social Insurance Number (SIN) card or letter
- Document of address (property record, rent receipt, or utility bill)
- Direct deposit bank information
- Record of employment or documentation of CPP contributions
- Birth certificate or authentic proof of age
Pension Amount and Payment process
| Age You Start CPP | Percentage of Full Pension | Example Monthly Amount (Full = $1,433) |
|---|---|---|
| 60 | 64% (36% below) | $915 |
| 65 | 100% (Full) | $1,433 |
| 70 | 142% (42% above) | $2,030 |
| Old Age Security (OAS) | Monthly Amount (Oct 2025) |
|---|---|
Ages 65–74 | $740.09 |
| Ages 75+ | $814.10 |
Installments are paid monthly by direct deposit. The next planned OAS/CPP date is 29 October 2025.
How to Check CPP and OAS Application Status
- Go to www.canada.ca and log into My Service Canada Account (MSCA).
- Go to “My Applications” under your account dashboard.
- Choose CPP/OAS Application Status.
- Check messages or updates provided by Service Canada.
- Or, call 1-800-277-9914 for immediate support from Service Canada.
- Update online contact information to receive an immediate notification.
Latest News on Age of Retirement in Canada
The retirement age remains technically 65, but the government can increase it to 67 from October 2025 for new pensioners. Current pensioners will remain on existing provisions, with no curtailing of benefits. The proposal targets a balance between fiscal prudence and flexibility for future retirees.
FAQs
What is the retirement age in Canada?
The retirement age stays at 65, though for new applicants from 1 October 2025, the retirement age will increase to 67.
What is the highest CPP at 65?
The highest CPP amount of 65 in 2025 is $1,433 monthly for contributing members.
What are the upcoming OAS and CPP payment dates?
The next combined payment date is 29 October 2025, by direct deposit to registered accounts.
Would the new rule have any impact on those who are already retired?
No. The new increase will only be for new pension claimants; existing retirees will not be touched.
