Older Seniors Receiving Old Age Security Will Get a One-Time Payment of $500 This August

Minister of Seniors, Deb Schulte announced that older seniors will receive a $500 one-time payment during the week of August 16, 2021.

3.3 million seniors who are eligible for the OAS pension in June 2021 and who were born on or before June 30, 1947, will automatically receive the one-time payment of $500, announced as part of Budget 2021.

 

The government also said that OAS benefits will automatically increase 1.3%, bringing the maximum monthly OAS pension amount to $626.49, up from $618.45.

Next year, OAS will increase by $96.48.

In addition to this, the first permanent increase to the OAS pension since 1973 will occur in July 2022, and OAS pension will increase by 10% for seniors aged 75 and over, providing an additional $766 to full pensioners over the first year.

All OAS benefits (the OAS pension, the GIS and the Allowances) are indexed on a quarterly basis in January, April, July and October so benefits don’t lose value over time. Increases to OAS benefits are calculated using the Consumer Price Index, which measures changes in prices paid by Canadian consumers for goods and services, and is the most widely used indicator of price changes in Canada. If the cost of goods and services goes down, OAS benefits do not decrease. OAS payment amounts will only increase or stay the same.

The government says 84% of OAS pensioners have individual incomes below $50,000.

The annual value of the monthly OAS pension has increased to $7,516 per year from $6,404 per year over the past decade.

By 2030, the number of seniors is expected to reach 9.4 million, representing close to one quarter of Canada’s population.

The maximum OAS pension is payable to seniors aged 65 and over who lived in Canada for at least 40 years after age 18. Partial pensions are payable if they lived in Canada for at least 10 years or qualified under International Social Security Agreements.

 

 

 

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  • 26 Comments

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    1. Elizabeth Barrett-Morton

      Wow!! What a slap in the face to seniors in Canada! This is definitely the worse type of discrimination against our younger seniors, in fact it is severely monetarily abusive. I, for one, will take my vote elsewhere this time, Mr. Trudeau. I thought retirement was so we could finally relax & enjoy our hard earned golden yrs., after so many decades of hard work..Boy was I was so very wrong! Each week I find out about something new, how seniors ARE greatly targeted, from high cost of rent, to the tune of both pensions, (OAS & GIS combined) charges for meds & dispensing fees, which should ALL be Absolutely FREE, because we’ve all paid more than our fair share prior, and then, little to no/0/nada, senior discounts in majority of all stores, at least here in poverty stricken N.B. (Shame on all of you, esp Superstore/Loblaws & then, good old Walmart) It’s just sickening & the way NB’s premier, Mr.Higgs caters to the rich, seniors will very soon be buying up all the tents and joining those already homeless in this province, if he doesn’t put a limit on rents, which are continuing to go up & up, but our pensions don’t, not enough to cover the high rising rents many of us must be for a roof over our heads! So, don’t get to excited about retiring people. It’s been very disappointing for many of us, who have worked very hard for 40+ yrs., or the majority of our lives, only to find they will also take your CPP as well, if you make a little to much or go over the poverty line, keeping us once again, in the poor-house for what is left of our lives..Very disappointing, very saddened, & really bloody angry. My next vote, will go to me! There are no decent (GetReal) parties left who will help and/or go to bat for the poor, esp. the working poor, and for our seniors, worthy to vote for any longer..Seniors, we must take a serious stand here..Next they will be giving us reductions instead of our tiny yrly increases..Sign, Elizabeth Barrett-Morton, Fredericton, New Brunswick..The Poorest Province in Canada…AGAIN!!

      July 15, 2021 at 7:43 AM
    2. Elizabeth Crossman

      This was very well said. This payment to older seniors, will it not trickle back to the government coffers as they are the recipients to this faction’s monies/pensions when they become residents of Nursing Homes? This discrimination at its worst and typical of Trudeaus Liberal government. After 42 years in the workforce I am disgusted. Seniors should not be catergoized. This government has misstepped without planning and thought
      throughout all their benefit efforts to assist Canadians effienctly through out
      this crisis. Time to go Trudeau.

      July 27, 2021 at 9:15 AM
    3. Sharon Marie Findlay

      Yes all seniors could benefit the $500 August payment. I maybe one in household but I own a home plus groceries and gas have risen tremendously. For those senior who rent the rents have really increased. I became disabled shortly after my divorce so I do not have very much CPP.

      July 28, 2021 at 6:20 PM
    4. Carol Bass

      SHAME ON THE GOVERNMENT!!!!! …ALL seniors should be receiving the 500.00 payment! We are the ones that worked hard all our lives to build this country and we receive hardly nothing! I am very disappointed at how our government treats seniors we should have our meds cost reduced and many other things. There is hardly anything that helps us. I am mad…very mad!!!

      August 7, 2021 at 11:59 PM
    5. laureen malfet

      shame shame shame for discriminating against seniors 65 to 74 Our expenses have increased also shame shame shame and as for voting? who for all are the same.

      August 18, 2021 at 6:51 PM
    6. laureen malfet

      all seniors matter

      August 18, 2021 at 6:52 PM
    7. Claire Belanger

      The $500 senior one time payment is appreciated, however, I wish it would not have been issued as taxable. This will now put me over by minimal dollars to receive BC Housing and full GIS, now actually leaving me with LESS money every month to survive, as I already count pennies from month to month.

      August 20, 2021 at 5:33 PM
    8. David French

      My mother taught me, if you dont have enough candy to share with everyone, dont take it out.

      August 23, 2021 at 10:37 AM
    9. Mark MacDonald

      I could understand this move if it were “staggered”, that is, all seniors get the $500 and the 10% increase once each reaches 75. But choosing 75 as of a certain date for the extra and permanent benefits does nothing more than create a permanent disqualification for those of us unlucky to have the wrong birth year. Those over 75 will continue to obtain extra benefit on extra benefit and those under 75 will never catch up to the over 75s. This is bizarre.

      August 24, 2021 at 12:05 AM
    10. Francine Dawson

      I have not received the 500.00 yet this month . I am 71 years old

      August 26, 2021 at 10:29 AM
    11. Delbert Raymond Halladay

      I have a question. My wife Donna E. Halladay receiv4ed the $500 grant
      for older seniors as announced by government…I did not receive the grant yet we are the same age, married to each other, live at he same address and share our retirement income….WHY? Will I receive the grant before the offer expires?

      September 19, 2021 at 5:35 PM

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