The amounts for Old Age Security (OAS) benefits are increasing in July.
Some Canadians can get close to $830 with the new amounts from this government payment.
OAS is a retirement pension with payments issued each month to eligible Canadians by Service Canada.
Benefit amounts for OAS are reviewed every year in January, April, July and October to "reflect cost-of-living increases" measured by the Consumer Price Index in Canada.
The monthly payment rates will increase if the cost of living goes up, but the monthly payment rates won't decrease if the cost of living goes down.
Based on changes in the Consumer Price Index, there will be a payment adjustment for the upcoming quarter, which is from July to September.
OAS benefits will go up by 1.2% as of the July payment date, for an increase of 2.3% over the past year from July 2025 to July 2026.
So, that means payment amounts will be bigger in July, August and September than they were in April, May and June.
The new maximum payment amount for the OAS pension at age 65 will be $751.96, which is an increase of $8.91 from the previous three-month period.
The new maximum payment amount for the OAS pension at age 75 will be $827.16, which is an increase of $9.80 from the previous three-month period.
Even if you're eligible to receive OAS, the maximum amounts aren't guaranteed.
That's because amounts vary depending on your age, income and the number of years you've lived in Canada.
The upcoming payment dates for the increased OAS benefit are July 29, August 27, and September 25, 2026.
You will get OAS payments from Service Canada as direct deposits into your bank account or cheques delivered to your mailbox if you're entitled to receive the federal benefit.
This article's cover image was used for illustrative purposes only.
Old Age Security payment amounts are going up next month and some people can get close to $830
Source: News Article Viral
0 Comments