Old Age Security (OAS) Update

OTTAWA: Gerald Soroka, Member of Parliament for Yellowhead, wishes to advise that in July 2021, OAS benefits will automatically increase 1.3%, bringing the maximum monthly OAS pension amount to $626.49, up from $618.45. The Guaranteed Income Supplement (GIS) and the Allowances will also be adjusted for inflation. Also, the $500 one-time payment to older seniors, will be delivered during the week of August 16, 2021.
A permanent increase of 10% to the OAS pension, will be implemented in July 2022 for seniors aged 75 and over. This will provide an additional $766 to full pensioners over the first year. It builds on measures to support all seniors, which include restoring the age of eligibility for the OAS pension and the GIS to 65 from 67, strengthening the Canada Pension Plan for future retirees, increasing the GIS for single seniors, raising the GIS earnings exemption and reducing income taxes for all Canadians.