Human Resources and Skills Development Canada

Human Resources and Skills Development Canada

June 22, 2010 15:29 ET

Old Age Security Benefit Rates Effective July 1, 2010

OTTAWA, ONTARIO--(Marketwire - June 22, 2010) - Human Resources and Skills Development Canada today announced the quarterly benefit rates for Old Age Security (OAS), effective July to September 2010.

As of July, the basic OAS pension benefit, paid to people 65 years and older, will be $518.51 per month. This is an increase of 0.3 percent compared with the last time the rates were adjusted. Payments under the Guaranteed Income Supplement (GIS) and the Allowances will also increase by 0.3 percent.

The OAS program consists of the basic pension, the GIS and the Allowances. The GIS and the Allowances provide additional benefits to eligible low-income pensioners and their spouses or common-law partners, as well as to eligible survivors. OAS benefit rates are revised quarterly (in January, April, July and October) to reflect increases in the cost of living as measured by the Consumer Price Index (CPI).

The OAS program is funded through general tax revenues and enhances the quality of life of Canadian seniors by providing a modest base upon which to build additional income for retirement. It provided 4.5 million seniors with $33.4 billion in 2008−2009. 

For further information, please consult the Human Resources and Skills Development Canada Web site at www.hrsdc.gc.ca.

This news release is available in alternative formats upon request.

BACKGROUNDER

MAXIMUM OLD AGE SECURITY BENEFIT RATES AS OF JULY 1, 2010

Type of Old Age Security benefit Maximum monthly benefit rates July – September 2010 Previous quarter April – June 2010
Basic Old Age Security pension $518.51 $516.96
Guaranteed Income Supplement    
Single $654.47 $652.51
Spouse/Common-law partner of    
  a non-pensioner $654.47 $652.51
  a pensioner $432.19 $430.90
  an Allowance recipient $432.19 $430.90
The Allowances    
  regular $950.70 $947.86
  survivor $1,053.83 $1,050.68

Contact Information

  • Office of Minister Finley
    Michelle Bakos
    Press Secretary
    819-994-2482
    or
    Human Resources and Skills Development Canada
    Media Relations Office
    819-994-5559