Older Canadian seniors across Canada face higher financial pressures. As they age, seniors tend to have lower incomes and often face higher health-related expenses, all while they are more likely to be unable to work, have disabilities or be widowed.
Today, the Minister of Seniors, Deb Schulte, highlighted that older seniors who were eligible for the Old Age Security (OAS) pension in June 2021 and born on or before June 30, 1947, will receive a taxable, one-time payment of $500 next week, without needing to apply. Older seniors who live in Canada or receive their pension payment by direct deposit, will automatically receive the payment next week. Delays can be expected for cheques mailed outside of Canada.
This one-time payment will provide immediate support before the OAS pension is increased by 10% for seniors aged 75 and over beginning in July 2022. The 10% increase will provide an extra $766 to full pensioners over the first year and will be the first permanent increase to the OAS pension since 1973, other than adjustments due to inflation.
These measures are part of broader work to support seniors’ financial security, including: restoring the age of eligibility for the OAS pension and the Guaranteed Income Supplement (GIS) to 65 from 67; strengthening the Canada Pension Plan for future retirees; increasing the GIS for single seniors; raising the GIS earnings exemption; and reducing income taxes for all Canadians.
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