CPP and OAS payments arrive this week. What you need to know

The next Canada Pension Plan and Old Age Security payments are scheduled to hit bank accounts on Thursday.

The Canada Pension Plan (CPP) is a monthly, taxable payment that anyone 60 years or older is eligible for, so long as they made at least one payment to the plan while they were working.

Those who qualify will receive CPP payments for the rest of their lives.

Old Age Security (OAS) is a monthly payment you become eligible for once you turn 65. Most people are automatically enrolled for the OAS pension by Service Canada.

Here’s what you need to know.

Who will receive the payments?

Every worker in Canada, except in Quebec, where there’s a provincial pension plan in place, is automatically enrolled in the CPP.

Both employers and employees pay into plan, with employees payin