Benefit payments for Canadian seniors went up slightly in a scheduled increase as retirement is “becoming unaffordable” for many in the country.
July amounts of the Old Age Security (OAS) benefits increased by 2.8 per cent compared with the previous year after adjusting for inflation.
For the July to September period, OAS benefits are rising by 0.7 per cent, according to the government.
The OAS pension was permanently increased by 10 per cent for seniors aged 75 and over in July 2022. These are monthly taxable payments that go out to Canadians aged 65 years or older.
The 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).
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 July 29, eligible seniors aged 65 to 74 years were to receive a maximum monthly amount of up to $718.33.
For those aged 75 and older, the maximum monthly payment is set for $790.16.
However, if a person’s net annual income for 2023 was higher than $86,912, they will have to repay part of or the entire OAS pension.
