Human Resources and Social Development Canada

Human Resources and Social Development Canada
Government of Canada

Government of Canada

March 30, 2007 07:00 ET

HRSDC: Old Age Security Benefit Rates Effective April 1, 2007

OTTAWA, ONTARIO--(CCNMatthews - March 30, 2007) - Human Resources and Social Development Canada today announced the latest benefit rates for Old Age Security (OAS).

OAS rates are based on the average Consumer Price Index and are adjusted quarterly (in January, April, July and October). As of April 1, 2007, the basic OAS pension, paid to people 65 years of age and over, will remain unchanged at $491.93 per month. There has been no increase over the previous quarter, although over the past four quarters the OAS benefit rates have increased by 1.5 percent overall.

The maximum Guaranteed Income Supplement (GIS) and Allowance payments, which are based on the recipient's family income during the previous year, are also unchanged.

Together, the OAS program and the Canada Pension Plan provide Canada's seniors with basic pension income in retirement.

The OAS program is funded through general tax revenues and provides a basic minimum income for Canadian seniors. Old Age Security provided 4.3 million seniors with approximately $29 billion in 2005-06.

The Canada Pension Plan (or the Quebec Pension Plan in Quebec) is funded through contributions by Canadian workers, their employers and the self-employed, as well as through earnings on investment of the Plan's funds. In addition to retirement benefits, the Plan also provides disability benefits, death benefits, survivor benefits, and benefits for children.

This news release is available in alternative formats upon request.

Backgrounder



Maximum Old Age Security benefit rates as of
April 1, 2007

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Type of Old Age Security Maximum monthly benefit Previous quarter
benefit rates January - March
April - June 2007 2007
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Basic Old Age Security
pension $491.93 $491.93

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Guaranteed Income
Supplement

Single $620.91 $620.91

Spouse/Common-law partner
of

- a non-pensioner $620.91 $620.91

- a pensioner $410.04 $410.04

- an Allowance recipient $410.04 $410.04
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The Allowance

- regular $901.97 $999.81

- survivor $901.97 $999.81
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Contact Information

  • Media only: Human Resources and Social Development Canada
    Media Relations Office
    819-994-5559
    www.hrsdc.gc.ca