Old Age Security benefits going up very slightly in July

Employment and Social Development Canada announced June 26 the quarterly benefit amounts for Old Age Security (OAS) for July to September are increasing.

The maximum basic OAS pension benefit paid to people 65 years of age and older will increase by $1.13 from $563.74 to $564.87 per month from July 1 to Sept. 30.

Payments under the Guaranteed Income Supplement (GIS), the Allowance and the Allowance for the Survivor will also increase by the same 0.2 percent for this quarter.

OAS benefit amounts 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.

The Old Age Security Act guarantees OAS benefits can never be reduced, even when there is a decrease in the CPI. If the average CPI surpasses the previous level in the future, OAS benefits will go up again.