OAS Benefits Increase to $563.74

Employment and Social Development Canada announced today the quarterly amounts for Old Age Security (OAS) benefits for October to December 2014 will increase from $558.71 to $563.74 for each of October, November and December, bringing the total OAS benefit for the year up to $6,676.59. 

The rare few who deferred their OAS for a few months in 2013 will have received a slightly higher pension.

The maximum basic OAS pension is paid to those 65 years of age and older. It can be postponed, however to age 70. For each month the pension is postponed, the pension amount is increased by 0.6% for a maximum increase of 36% if OAS is deferred for five years.

OAS will be clawed back when individual net income exceeds $71,592 in 2014. The full $6,676.59 OAS is lost when income exceeds $116,102.60.