The next monthly Canada Pension Plan and Old Age Security payments are due to hit bank accounts on Wednesday.

The Canada Pension Plan (CPP) is a monthly, taxable payment that anyone aged 60 or older is eligible for, as long as they made at least one payment to the plan while working. Those who qualify will receive CPP payments for the rest of their lives.

Meanwhile, anyone can qualify for Old Age Security (OAS) once they turn 65. Most people are automatically enrolled for OAS 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 the plan; employees pay into it through payroll deductions, ma

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