Karen Minn
Canadian seniors could soon see an unexpected boost in their pension payments, with an anticipated $720 deposit on the horizon.
The Canada Revenue Agency (CRA), in collaboration with the Government of Canada, is expected to roll out increased Old Age Security (OAS) and Canada Pension Plan (CPP) benefits in 2025, potentially including a one-time $720 top-up for qualifying seniors.
While this $720 CPP & OAS deposit is not yet confirmed, various discussions and benefit reviews suggest changes are likely, especially after Prime Minister Justin Trudeau’s 2024 proposal to improve retirement benefits for Canada’s aging population.
Here’s what you need to know about this potential financial relief, eligibility requirements, payment schedules, and more.
What Is the $720 CPP & OAS Payment for Seniors?
The $720 surprise deposit is an expected additional payout under the existing CPP and OAS frameworks. It aims to support low- to moderate-income seniors dealing with rising costs of living, including rent, food, electricity, and transport.
| Benefit Type | Maximum Monthly Payment (2025) |
|---|---|
| CPP (Age 65) | $1,433 |
| OAS (Age 65–74) | $727.67 |
| OAS (Age 75+) | $800.44 |
| Possible Bonus | $720 one-time deposit (pending) |
Although the $720 bonus is not officially confirmed, many experts believe that benefit increases are likely due to cost-of-living adjustments and public demand.
Eligibility for $720 CPP & OAS Payment 2025
To potentially qualify for this $720 CPP/OAS deposit, seniors must meet the following eligibility criteria:
| Eligibility Criteria | Requirements |
|---|---|
| Age | At least 60 for CPP, 65+ for OAS |
| CPP Contribution | Must have contributed to CPP at least once |
| Residency for OAS | At least 10 years in Canada after age 18 |
| Legal Status | Canadian citizen or legal resident on day before benefit is due |
| Current Resident | Must reside in Canada or meet residency rules |
| Income Status | Targeted at low- and moderate-income earners |
If you qualify under the above rules and already receive CPP and/or OAS, you may automatically receive any revised or additional benefits announced in 2025.
CPP & OAS Payment Dates 2025
Knowing your CPP and OAS payment dates is essential for planning your monthly budget. Here’s the official CRA pension payment calendar for 2025:
| Month | Payment Date |
|---|---|
| January | 28 Jan 2025 |
| February | 27 Feb 2025 |
| March | 26 Mar 2025 |
| April | 26 Apr 2025 |
| May | 29 May 2025 |
| June | 26 Jun 2025 |
| July | 29 Jul 2025 |
| August | 28 Aug 2025 |
| September | 25 Sep 2025 |
| October | 29 Oct 2025 |
| November | 27 Nov 2025 |
| December | 20 Dec 2025 |
Seniors should mark July 29, 2025, as the potential date for receiving the $720 extra CPP/OAS deposit.
How to Claim the $720 CPP & OAS Checks
If announced, the extra payment is expected to be processed automatically for eligible seniors. However, here’s how to check or apply:
- Visit the official portal: www.canada.ca
- Log in to your My Service Canada Account (MSCA)
- Navigate to “Old Age Security” or “CPP”
- Ensure all personal information (including SIN) is accurate
- Upload required identification or income proof, if needed
- Submit the application and wait for CRA confirmation
If you’re already receiving CPP or OAS, most updates, including this one-time payment, will be processed without needing to reapply.
$720 CPP & OAS Checks – Fact Check
- Confirmed Monthly Increases: CPP and OAS amounts for 2025 will be adjusted quarterly to match inflation.
- One-Time $720 Deposit Not Officially Confirmed: While heavily speculated and expected, there has been no formal announcement from CRA regarding a one-off $720 bonus.
- Planning & Advocacy Underway: Multiple groups have urged the government to implement additional support for seniors.
The potential $720 CPP & OAS payment represents a lifeline for thousands of Canadian seniors, especially those on fixed incomes. As inflation continues to impact day-to-day living, the Government of Canada is under growing pressure to increase support for retirees.
While the $720 deposit is not officially confirmed, seniors should stay updated via official sources and mark July 29, 2025, on their calendars. If you meet the age, residency, and income requirements, you’re likely already eligible for any increase once it is rolled out.
In the meantime, ensure your My Service Canada Account is up to date and monitor updates from canada.ca to avoid missing out on this crucial financial support.
FAQs
Is the $720 CPP & OAS payment confirmed for July 2025?
No, the payment is not confirmed yet, but it is widely expected as part of benefit increases for 2025.
Who is eligible for the extra $720 payment?
Canadian residents aged 60+ for CPP and 65+ for OAS, with qualifying income levels and contributions, may be eligible.
Do I need to apply separately to get the extra deposit?
If you already receive CPP or OAS, any approved bonus or increased payments will be deposited automatically.