The Bank of Canada Pension Plan, along with most major pension plans, are increased on January 1st of each year.
The increase is calculated using the average of the monthly Consumer Price Index (CPI), as published by Statistics Canada, for the preceding 12-month period ending September 30 over the prior 12-month period.
The tables below show the actuals for each month while those in yellow are forecast estimates.
I use my own calculations which are fairly accurate in the short term. Longer term estimates have many variables (natural disasters, oil supply disruptions, war, etc.) just like long range weather forecasting.
As more actuals become known, the January 1st increase becomes more accurate.
As of now, we have 5 months of actuals so the year-over-year average for January 1, 2027 is an estimate.
I will endeavour to keep these tables updated.
| Year | Month | Inflation |
|---|---|---|
| 2024 | October | 2.0% |
| November | 1.9% | |
| December | 1.8% | |
| 2025 | January | 1.9% |
| February | 2.6% | |
| March | 2.3% | |
| April | 1.7% | |
| May | 1.7% | June | 1.9% |
| July | 1.7% | |
| August | 1.9% | September | 2.4% |
January 1, 2026 increase will be 2.0%.
Future Forecast
As of March 22, 2026
| Year | Month | Inflation |
|---|---|---|
| 2025 | October | 2.2% |
| November | 2.2% | |
| December | 2.4% | |
| 2026 | January | 2.3% |
| February | 1.8% | |
| March | 2.1% | |
| April | 2.0% | |
| May | 1.6% | |
| June | 1.7% | |
| July | 1.7% | |
| August | 1.8% | |
| September | 1.9% |
January 1, 2027 increase is forecast to be 2.0%.
© 2026 Frederick John Wagner