Canadian seniors are getting a top up to old age benefits. How much?

Benefit payments for Canadian seniors are going up somewhat successful a scheduled summation arsenic status is “becoming unaffordable” for galore successful nan country.

July amounts of nan Old Age Security (OAS) benefits, going retired connected Monday, are expanding by 2.8 per cent compared pinch nan erstwhile twelvemonth aft adjusting for inflation.

For nan July to September period, OAS benefits are rising by 0.7 per cent, according to nan government.

The OAS pension was permanently accrued by 10 per cent for seniors aged 75 and complete successful July 2022. These are monthly taxable payments that spell retired to Canadians aged 65 years aliases older.

The amounts are reviewed each twelvemonth successful January, April, July and October to bespeak costs of surviving increases, arsenic measured by nan Consumer Price Index (CPI).

The OAS pension magnitude is based connected a person’s age, really agelong they’ve lived successful Canada arsenic an adult, and their income.

On July 29, eligible seniors aged 65 to 74 years were to person a maximum monthly magnitude of up to $718.33.

For those aged 75 and older, nan maximum monthly costs is group for $790.16.

On apical of nan pension, seniors and their partners whitethorn besides beryllium eligible for other benefits specified arsenic nan Guaranteed Income Supplement, Allowance and nan Allowance for nan Survivor nether nan OAS program. These 3 benefits are non-taxable.

For single, widowed aliases divided Canadians aged 65 aliases older and earning an yearly nett income of little than $21,768, nan maximum GIS costs per period for nan July to September play is group for $1,072.93.

The maximum monthly allowance for a surviving spouse aliases common-law partner aged 60 to 64 years is $1,626.20.

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To beryllium eligible for nan OAS payment, a personification must beryllium astatine slightest 65 years old.

There are besides immoderate eligibility requirements of residency whether nan personification is surviving successful Canada aliases successful different country.

Employment position is not a requirement.

“You tin person nan Old Age Security (OAS) pension moreover if you person ne'er worked aliases are still working,” nan authorities states.

In astir cases, Canadians are automatically enrolled into nan OAS scheme erstwhile they move 65.

If they haven’t been enrolled, they tin use online and by insubstantial mail.

The costs of surviving is forcing galore Canadians to hold aliases reconsider their status plans.

A caller study by Fidelity Investments Canada showed that astir 60 Canadian retirees are supporting their big children financially, which they opportunity is having a antagonistic effect connected their ain finances.

Earlier this month, nan national authorities announced that it was readying to grow early status eligibility for immoderate kinds of front-line workers.

The legislative changes, which will beryllium introduced successful nan fall, would let immoderate front-line workers to discontinue aft 25 years of work without a pension reduction.

The proviso is already disposable to subject members, RCMP officers and immoderate correctional workers.

— pinch files from Global News’ Uday Rana and The Canadian Press.