Human Resources and Skills Development Canada

Human Resources and Skills Development Canada

June 25, 2012 12:47 ET

Old Age Security Benefit Rates Increase for July to September 2012

OTTAWA, ONTARIO--(Marketwire - June 25, 2012) - Human Resources and Skills Development Canada today announced the quarterly benefit rates for Old Age Security (OAS) for July to September 2012.

As of July 1, 2012, the maximum basic OAS pension benefit paid to people 65 years of age and older will increase to $544.98 per month. This represents an increase of 0.9 percent from the current rate. Payments under the Guaranteed Income Supplement (GIS), the Allowance and the Allowance for the Survivor will also increase by 0.9 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 reviewed quarterly (in January, April, July and October) and revised as required to reflect increases in the cost of living, as measured by the Consumer Price Index (CPI) set by Statistics Canada.

Since July 1, 2011, seniors with little or no income also receive a GIS top-up benefit. This quarter, the GIS rate is increasing to $612.72 per year for single seniors and up to $857.76 per year for couples. This GIS rate includes the top-up benefit.

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. In 2010−2011, it provided 4.9 million seniors with $35.7 billion in benefits.

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

This news release is available in alternative formats on request.

BACKGROUNDER

MAXIMUM OLD AGE SECURITY BENEFIT RATES AS OF JULY 1, 2012

Type of Old Age Security benefit Maximum monthly benefit rates July to September 2012 Previous quarter
April to June 2012
Basic Old Age Security pension $544.98 $540.12
Guaranteed Income Supplement*
Single $738.96 $732.36
Spouse or common-law partner of
- a non-pensioner $738.96 $732.36
- a pensioner $489.98 $485.61
- an Allowance recipient $489.98 $485.61
The Allowances
Regular $1,034.96 $1,025.73
Survivor $1,158.69 $1,148.35

* The GIS amounts listed above include the Guaranteed Income Supplement top-up benefit.

Contact Information

  • Marian Ngo
    Office of Minister Finley
    819-994-2482

    Media Relations Office
    Human Resources and Skills Development Canada
    819-994-5559