Increased old age security pensions set to roll out. How much?
Canadian seniors are set to receive a scheduled top-up in benefits as the Liberal government faces pressure to increase payments for those under the age of 75 years.
October payments of the old age security (OAS) pension will roll out on Tuesday to eligible Canadians aged 65 years or older.
OAS amounts are reviewed each year in January, April, July and October to reflect cost-of-living increases, as measured by the Consumer Price Index (CPI).
For the month of October, the benefits are increasing by 2.8 per cent compared with the previous year, based on CPI changes.
For the October to December period, OAS benefits are rising by 1.3 per cent, according to the government.
The OAS pension was permanently increased by 10 per cent for seniors aged 75 and above in July 2022.
The OAS pension amount is based on a person’s age, how long they’ve lived in Canada as an adult and their income.
On Oct. 29, eligible seniors aged 65 to 74 years will receive a maximum monthly amount of up to $727.67. In order to be eligible for the OAS payment, a person’s annual net world income in 2023 must be less than $148,451.
For those aged 75 and older, the maximum monthly payment is set for $800.44, provided their annual net world income in 2023 was less than $154,196.
However, if a person’s net annual income for 2023 is higher than $90,997, they will have to repay part of or the entire OAS pension.
To be eligible for the OAS payment, a person must be at least 65 years old. Employment status is not a requirement.
On top of the pension, seniors and their partners may also be eligible for extra benefits such as the guaranteed income supplement, allowance and the allowance for the survivor under the OAS program. These three benefits are non-taxable.
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