Human Resources and Skills Development Canada (HRSDC) has announced the quarterly benefit rates for Old Age Security (OAS) for July to September 2012.
As of July 1, 2012, the maximum basic OAS pension benefit paid to people 65 years of age and older will increase by 0.9% to $544.98 per month.
Payments under the Guaranteed Income Supplement (GIS)—the Allowance and the Allowance for the Survivor—will also increase by 0.9%.
OAS benefit rates 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.
Since July 1, 2011, seniors with little or no income also receive a GIS top-up benefit. This quarter, the GIS rate is increasing to $612.72 per year for single seniors and up to $857.76 per year for couples. This GIS rate includes the top-up benefit.
For more information, visit the HRSDC website at hrsdc.gc.ca.