The quarterly benefit rates for Old Age Security (OAS) are increasing for July to September, according to Human Resources and Skills Development Canada (HRSDC).
As of July 1, 2012, the maximum basic OAS pension benefit paid to people 65 years of age and older will increase to $544.98 per month. This represents an increase of 0.9 per cent from the current rate. Payments under the guaranteed income supplement (GIS), the allowance and the allowance for the survivor will also increase by 0.9 per cent.
The OAS program consists of the basic pension, the GIS and the allowances. The GIS and the allowances provide additional benefits to eligible low-income pensioners and their spouses or common‑law partners, as well as to eligible survivors.
OAS benefit rates are reviewed quarterly (in January, April, July and October) and revised as required to reflect increases in the cost of living, as measured by the consumer price index (CPI) set by Statistics Canada.
Since July 1, 2011, seniors with little or no income also receive a GIS top-up benefit. This quarter, the GIS rate is increasing to $612.72 per year for single seniors and up to $857.76 per year for couples. This GIS rate includes the top-up benefit, said HRSDC.
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