Canada Pension Plan payments are made once a month, usually around the last three business days of each month as of 2015, according to Service Canada. Recipients can apply to receive direct deposit payments by providing their Social Insurance number, bank name, branch transit number and account number.
Almost everyone who works in Canada makes contributions into the Canada Pension Plan, which pays pensions and benefits to workers when they retire, become disabled or die, notes Service Canada. Contributing workers can begin drawing retirement benefits as early as age 60 or as late as age 70. The plan pays monthly benefits to disabled workers who cannot work, and it pays benefits to a deceased worker's survivors and estate.