The quarterly benefit amounts for old age security (OAS) for July to September 2014 will be 1.3% higher.
The maximum basic OAS pension benefit paid to people 65 years of age and older will increase to $558.71 per month from $551.54.
OAS benefit amounts are reviewed quarterly 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 benefit amounts also increased slightly for the first quarter of 2014, in response to an increase in the average CPI. The Old Age Security Act guarantees that OAS benefits do not go down, 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.
For those with direct deposit, the OAS payment dates for the rest of 2014 are July 29, Aug. 27, Sept. 26, Oct. 29, Nov. 26 and Dec. 19. Those without direct deposit will usually receive their payment within the last three business days of each month.
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