Beginning the week of July 25, 2022, retirees receiving a full pension will be eligible for a permanent increase of an additional $800 for the first year of their Old Age Security (OAS) pension.
Apart from indexation to inflation, this is the first increase since 1973 by Employment and Social Development Canada which was announced in Canada's 2021 budget. This measure, which represents a 10% increase, will, according to the federal government, strengthen the financial security of more than 3 million Canadian seniors.
Recall that in August 2021, a one-time payment of $500 was paid to seniors eligible for the OAS pension who were born on or before June 30, 1947, to meet their immediate needs.
What is the Old Age Security pension?
This is a benefit that aims to provide seniors with a minimum income and reduce the number of low-income seniors. If you are 65 or older, you can get a monthly payment that matches the Old Age Security pension. Most of the time, Service Canada registers you automatically, but some cases require an application to obtain this benefit. More information here .
