CPP and OAS in 2026: How Much Will You Actually Get?
By Jordan Ellis · Published · Reviewed
Quick Answer
In 2026 the maximum CPP at 65 is $1,507.65/month but the average new pension at 65 is about $877; OAS pays up to $751.97/month (65–74) and $827.17 (75+) in July to September 2026. Taken together, a typical retiree gets $1,600–$2,200/month from both — enough for a floor, not a lifestyle. Delaying CPP to 70 raises it 42%; delaying OAS to 70 raises it 36%.
Most Canadians’ retirement plan starts with “there’s CPP, right?” — and ends with a number far smaller than expected. Here are the real 2026 figures and the decisions that move them.
CPP: the maximum is not the average
- Maximum at 65: $1,507.65/month (2026)
- What the average new retiree actually gets: ~$900/month
The gap exists because the maximum requires contributing at the yearly maximum for roughly 39 years — few careers look like that. Your Statement of Contributions (My Service Canada Account) shows your number; everything else is folklore.
The CPP enhancement (phased in since 2019) is raising the replacement rate from 25% toward 33% of pensionable earnings — younger workers will retire on a meaningfully richer CPP than today’s retirees, in exchange for the higher contributions already coming off their paycheques.
OAS: the residency pension
- 65–74: up to $751.97/month (July to September 2026)
- 75+: up to $827.17/month (the 10% boost added in 2022)
- Requires 40 years of Canadian residency after age 18 for the full amount (partial from 10 years)
- Clawback: net income above $95,323 (2026) loses 15¢ per dollar; gone entirely at about $155,000 for ages 65 to 74
The timing decision worth thousands
| Start CPP at | Adjustment | Breakeven |
|---|---|---|
| 60 | −36% | — |
| 65 | baseline | — |
| 70 | +42% | ~age 82 vs taking at 65 |
Delaying is the cheapest inflation-indexed annuity money can buy — but only wins if you live past the breakeven and don’t need the cash now. OAS has its own version: +36% for waiting to 70 (breakeven around 82 as well).
The honest math on the gap
A typical retiree couple receiving average CPP × 2 plus OAS × 2 lands around $3,200–$4,400/month combined — a floor, not a lifestyle. If your target retirement spending is $5,000/month as a couple, the missing ~$1,500/month must come from savings: very roughly $375,000–$450,000 of invested assets using a 4–5% withdrawal rate. That’s the number your RRSP/TFSA contributions are actually chasing — project yours with the compound interest calculator and see how contributions plus time close it.
Bottom line
Check your real CPP estimate at Service Canada, delay benefits past 65 if health and cash flow allow, and keep taxable retirement income under the OAS clawback line — TFSA withdrawals don’t count toward it, one more reason the RRSP vs TFSA decision matters more than it looks.
Official sources
Rules and dollar limits change. Confirm current amounts with the official pages below before you act · Last reviewed .
- CPP retirement pension: how much you could receive (Employment and Social Development Canada)
- Canada Pension Plan: monthly payment amounts (Employment and Social Development Canada)
- Old Age Security payment amounts (Employment and Social Development Canada)