Old age security amounts raised

Human Resources and Skills Development Canada has announced the quarterly benefit amounts for Old Age Security (OAS) for July to September 2013.

The maximum basic OAS pension benefit paid to people 65 years of age and older will increase from $546.07 to $549.89 per month from July 1 to September 30, 2013. This represents an increase of 0.7% from the previous quarter. Payments under the Guaranteed Income Supplement (GIS), the Allowance and the Allowance for the Survivor will also increase by the same percentage.

The OAS program consists of the basic pension, the GIS and the Allowances. The GIS and the Allowances provide additional benefits to eligible low-income pensioners and their spouses or common-law partners, as well as to eligible survivors. 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.in January 2013.