Last updated: July 10 2014
Old Age Security and the Guaranteed Income Supplement are indexed quarterly based on changes to the consumer price index. As of July 2014, the amounts are increased by 1.28%.
Adjustments in January were tiny (55 cents a month increase) and there was no increase at all in April. However, as of the July payments, OAS recipients will receive an additional $7.17 per month; up to $558.71 from $551.54. Of course, higher-income seniors may have to repay some (or all) of this raise. If their 2014 net income exceeds the $71,592 base amount they’ll have to repay the lesser of the OAS they receive and their net income over the base amount. Once net income exceeds about $116,000 the OAS is fully clawed back.
Low-income seniors will also receive the 1.28% raise. The following table shows the third quarter rates (July to September 2014) and the maximum income level from the previous calendar year (2013) to qualify.