Seniors to Get Another Raise in October

Walter Harder

Old Age Security (and the Guaranteed Income Supplement) are updated quarterly according to changes in the Consumer Price index. With inflation running at close to 7%, OAS, which was indexed by 2.8% in July, is expected to increase another 2.8% in October. 

• October payments will be 7.9% higher than the October 2021 payments. That’s about $50 a month more for most OAS recipients.
• For seniors under age 75 who started to receive their OAS at age 65, that will be an increase of about $18 a month to just over $685.
• The increase for seniors over age 75 is just over $20 a month, bringing their pensions to about $754 per month.
• And, for seniors who deferred their OAS for five years, the increase is about $25 a month to just over $932.

Likewise, GIS recipients will see an increase starting in October. The maximum monthly amount for a single GIS recipient will be over $1,000 per month for the first time.

Walter Harder is a Master Instructor with Knowledge Bureau.

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