Seniors Get a Raise for the Seventh Consecutive Quarter

Walter Harder

This month, seniors will see their OAS and GIS payments increase by one percent.  This increase marks the seventh consecutive increase in OAS payments.  The increase over the last year amounts to $30 per month for OAS recipients or just under 5%.

The formula for indexing of OAS and GIS amounts is based on increases in the consumer price index in prior months so, with when inflation rates are increasing each month (as they are now), the formula tends to leave seniors’ income lagging inflation by about two months.

Standard OAS (seniors who have been in Canada for at least 40 years and started when they turned 65) increases from $642.25 per month to $648.67.  The maximum Guaranteed Income Supplement for single seniors increases from $959.26 per month to $986.86 per month.

Additional educational resources: Professionals from coast-to-coast: join us conveniently online on May 18, 2022 for the next Virtual CE Summit. Canada’s most prominent tax educators, best-selling authors and technical experts will deliver a comprehensive budget, retirement and estate planning update.