The Government of Canada is committed to supporting seniors after a lifetime of hard work. That's why the Government of Canada has taken historic measures to improve financial security for the oldest seniors.
Today, the Honourable Kamal Khera, Minister of Seniors, and the Honourable Pablo Rodriguez, Minister of Canadian Heritage and Quebec Lieutenant, announced that the Old Age Security (OAS) pension has permanently increased by 10% for seniors aged 75 and over. This means that full pensioners will get more than $800 extra over the first year.
This will be the first permanent increase to the OAS pension since 1973, other than adjustments due to inflation. It will strengthen the financial security of 3.3 million seniors. Eligible seniors will not have to take any action to receive this increase-their payments will be automatically increased.
This increase follows a one-time payment of $500 that the Government of Canada provided in August 2021 to seniors who were eligible for the OAS pension in June 2021 and born on or before June 30, 1947. The one-time payment was provided to help address the immediate needs of this group of seniors. Both measures were announced in Budget 2021.
These measures are part of broader work to support the financial security of seniors of all ages, including the following:
- restoring the age of eligibility for the OAS pension and the Guaranteed Income Supplement (GIS) to 65 from 67;
- enhancing the Canada Pension Plan for future retirees;
- increasing the GIS for single seniors;
- raising the GIS earnings exemption; and
- amending the Old Age Security Act to exclude federal pandemic benefits from the calculation of income for GIS/Allowance purposes.
