CRA announced that older seniors will receive a one-time $500 Old Age Security Pension (OAS) payment during the week of August 16, 2021. It is meant to help support seniors’ higher expenses and will apply to any seniors that are eligible for the OAS pension in June of 2021.
No action is required by seniors as they will automatically receive the additional payment as long as they are eligible for OAS.
In addition to the one-time payment, OAS benefits will also increase for all eligible seniors in July of 2021 by 1.3% bringing the maximum monthly benefit from $618.45 to $626.49.
CRA also announced that the Guaranteed Income Supplement (GIS) and the Allowances will also be adjusted for inflation.
Seniors over 75 can expect OAS pension to increase again in July of 2022 by about 10% based on Budget 2021.
For more information, visit https://www.canada.ca/en/employment-social-development/news/2021/07/date-announced-for-500-one-time-payment-and-old-age-security-to-be-automatically-increased-by-almost-100-over-the-coming-year.html.