Human Resources and Skills Development Canada has announced the benefit rates for the Canada Pension Plan (CPP) and Old Age Security (OAS), effective Jan. 1, 2012.
CPP benefits will increase by 2.8% for those already receiving CPP benefits. The maximum CPP retirement benefit for new recipients will increase from $960 to $986.67 per month.
The new CPP rates will be in effect until Dec. 31, 2012.
The basic OAS pension, the Guaranteed Income Supplement and the Allowances will increase by 0.4%. The maximum basic OAS pension will increase from $537.97 to $540.12 per month.
For more information on the CPP and OAS, visit the Human Resources and Skills Development Canada website at hrsdc.gc.ca.