Old age security (OAS) benefits for October to December 2014 will increase by 0.9%.
The maximum basic OAS pension paid to people 65 years of age and older will increase by $5.03—from $558.71 to $563.74 per month—starting on Oct. 1, 2014.
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 that OAS benefits do not go down, even when there is a decrease in the CPI.
For those with direct deposit, the OAS and Canada Pension Plan payment dates for the rest of 2014 are 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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