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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1 2 3 4 Next »seniors born before 1947 get the 500 one time payment so does that mean when I am 80 but born after 1947 I still will not get it
Iam 76 my husband is 82 this is 25 August still no 500.00 it sure would have been nice to get so it was not for every one only some well election day is coming well see what happens then
I’m 78 & it’s Aug 20th. I have Direct Deposit. Nothing yet in Bank Acct
OK...So how do one describe a senior citizen in Canada ? Well, my thoughts are , when we reach the age of 65 , that we would receive the OAS and CPP and maybe GIS if were not over the threshold eligible amount...This is all true , but our government seems to have us broken down into 2 senior catagorys...Those between 65 and 74 and 75 and over....This is highly outrages ...We are all seniors 65 and over and we ALL should be treated alike DISCRIMINATION IN EVERY WAY POSSIBLE.....
Received my letter from Vestcor that I would receive a 1.46% cost of living increase for 2022, the same as last year, and then in June,2021 received a letter from Vestcor that my dental rate increase would be 2% and health rate increase would be 8.9%. So much for my 1.46% increase. Then another slap was hearing that 75 year old seniors ( which they deserve) received $500 onetime payment and a 10% increase coming in 2022. What about those between 65-74? We have bills and have to eat also!! Now waiting to see what CPP and OAS will be for 2022. After working 35 years I should be grateful for what I receive each month.
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?
I have not received the 500.00 yet this month . I am 71 years old
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.
My mother taught me, if you dont have enough candy to share with everyone, dont take it out.
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.