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Payments under OAS and GIS will rise 0.5 percent.
Ottawa (11 March 2011) – Human Resources and Skills Development Canada recently announced the quarterly benefit rates for Old Age Security (OAS) and the Guaranteed Income Supplement (GIS), effective April to June 2011.
As of April, the basic OAS pension benefit, paid to people 65 years of age and older, will be $526.85 per month. This represents an increase of 0.5 percent. Payments under the GIS and the Allowances will also increase by 0.5 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. OAS benefits will have increased by 1.9 percent since July 2010.
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 4.8 million seniors with $35 billion in 2009-2010.
Maximum Old Age Security benefit rates as of April 1, 2011
| Type of Benefit | Maximum Monthly Rate April – June 2011 |
|
Basic Old Age Security pension |
$526.85 |
|
Guaranteed Income Supplement Single Spouse/Common-law partner of
|
$665.00
$665.00 $439.13 $439.13 |
|
The Allowance
|
$965.98 $1070.78 |
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