As of 2014, the Canada Pension Plan disburses 12 payments annually, according to Service Canada. The plan issues payments at the end of each month and earlier in December. Recipients who have registered for direct deposit can expect payments within the last three days of the month.
The Canada Pension Plan is an employee social insurance program similar to United States Social Security plan. Employees pay into the plan, and payout benefit amounts are based on employee contributions. Individuals become eligible for benefits at age 65 but can wait until they are older to claim benefits to receive higher monthly payments. The plan also provides unemployment insurance to severely disabled workers and survivor benefits to spouses and children.