CPP payments are set for a bigger bump in 2027. Here’s what to expect - The Globe and Mail
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Oh hi, there. The air is getting colder, the days are getting shorter, and the end of the year is creeping up faster than I’d like to admit. But an upside to the calendar racing toward December is that we’re getting a clearer picture of how much government benefits, including Canada Pension Plan payments, could increase next year. And for retirees, there may be some good news. Let’s get into the numbers. On the up and up I would never claim to be an oracle, but I can tell you with a high degree of confidence how much CPP payments will rise in 2027. First, a quick refresher for the uninitiated. CPP payments are adjusted every January to account for inflation. The government looks at how much prices have changed, using Statistics Canada’s Consumer Price Index, over the 12 months ending in October compared with the previous 12-month period. The idea is to help ensure retirees’ pension payments keep pace with the rising cost of living. Jason Yee, principal financial analyst at Finepoint Solutions Inc. in Saskatoon, estimates that CPP payments will increase by – drum roll, please – 2.7 per cent in 2027 for Canadians already receiving benefits.
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