Many Canadian seniors depend heavily on monthly Old Age Security (OAS) and Canada Pension Plan (CPP) payments to manage everyday expenses.
In recent months, claims about a one-time $720 CPP and OAS bonus circulating online have caught the attention of retirees nationwide.
With inflation impacting the cost of living, such a payment would be a welcome financial relief. But is it fact or fiction? Here’s a complete breakdown of what’s true, what’s rumored, and how to stay financially prepared in 2025.
What Is the Rumored $720 CPP and OAS Payment?
According to various online sources, an extra $720 payment is expected to be deposited into seniors’ accounts by the Canada Revenue Agency (CRA). However, no official statement has confirmed this claim.
Instead, it’s more likely that the $720 figure is a misinterpretation of quarterly inflation adjustments or potential top-ups based on the Consumer Price Index (CPI).
Current CPP and OAS Rates for 2025
Even though the $720 bonus is unconfirmed, here are the verified maximum payments Canadian seniors can expect in 2025 under the CPP and OAS programs:
| Benefit Type | Age Group | Monthly Maximum (2025) |
|---|---|---|
| CPP | 65+ | $1,433.00 |
| OAS | 65–74 | $727.67 |
| OAS | 75+ | $800.44 |
These figures reflect increases based on CPI indexing and the government’s commitment to the OAS enhancement for seniors aged 75 and older.
Eligibility Criteria for CPP, OAS, and Potential Bonuses
To receive CPP, OAS, and any potential future enhancements, seniors must meet the standard eligibility criteria:
- Must be 60 or older (CPP) or 65+ (OAS)
- Must have made at least one valid CPP contribution
- Must be a Canadian citizen or legal resident
- Must have lived in Canada for at least 10 years after age 18 (for OAS)
- For those living outside Canada, at least 20 years of Canadian residency after turning 18
If any bonus or top-up is introduced in 2025, it’s expected to follow the same eligibility standards.
2025 CPP & OAS Payment Schedule
Here is the official 2025 payment schedule for CPP and OAS, useful for monthly planning:
| Month | CRA 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 |
These payments are automatically deposited into eligible recipients’ bank accounts by the CRA.
How to Claim CPP, OAS, or Any Future Payments
If an extra $720 payment becomes available, the claiming process would likely mirror the existing CPP/OAS application procedures:
- Go to www.canada.ca
- Navigate to CPP or Old Age Security sections
- Sign in or register for My Service Canada Account
- Submit personal information and your Social Insurance Number (SIN)
- Upload residency, age, and citizenship verification documents
- Submit the application and track your status online
Caution: Always apply only through official Canadian government websites and never share personal data with third-party or unverified platforms.
Fact Check: Is the $720 Bonus Real?
At present, there is no confirmed announcement from the CRA or Government of Canada about a $720 one-time payment for seniors.
Here’s what we do know:
| Fact | Details |
|---|---|
| CPP Max Monthly (2025) | $1,433.00 |
| OAS (65–74) | $727.67/month |
| OAS (75+) | $800.44/month |
| Avg. CPP Monthly Payment | $899.67 |
| Adjustment Frequency | Quarterly (CPI-indexed) |
So far, no special deposit of $720 has been scheduled or approved for 2025. The figure may stem from upcoming CPI increases, but it’s not an official extra bonus.
What Should Seniors Do Now?
While the $720 bonus may not be real, seniors should stay alert and follow these best practices:
- Monitor official CRA updates or changes to CPP/OAS via canada.ca
- Use the My Service Canada Account to track your payments and eligibility
- Speak to a financial advisor for retirement planning and tax benefits
- Check if you qualify for GIS (Guaranteed Income Supplement) or other income-tested programs
Though the idea of a $720 CPP and OAS bonus payment in 2025 is making waves online, no official confirmation exists to support it as of now.
Seniors should continue to rely on verified monthly pension schedules and remain cautious about online claims.
By staying informed, checking your My Service Canada Account, and understanding the actual benefit structure, you can ensure you’re receiving what you’re entitled to and plan your retirement finances wisely.
FAQs
Will seniors actually receive a $720 extra payment in 2025?
As of now, no official confirmation exists regarding a one-time $720 payment for CPP and OAS recipients in 2025.
How can I check if I’m eligible for CPP and OAS?
Visit the My Service Canada Account portal to check your contribution history, eligibility, and forecasted payments.
When will the next CPP and OAS payments be made?
The next payment date is 29 July 2025. Monthly payments follow a standard CRA schedule and are deposited directly.