The Government of Canada has taken historic measures to improve financial security for the oldest seniors.

The Honourable Kamal Khera, Minister of Seniors, and the Honourable Pablo Rodriguez, Minister of Canadian Heritage and Quebec Lieutenant issued a joint statement on July 21, 2022.

They announced that the Old Age Security (OAS) pension has permanently increased by 10% for seniors aged 75 and over.

Full pensioners will get more than $800 extra over the first year.

This will be the first permanent increase to the OAS pension since 1973, other than adjustments due to inflation.

It will strengthen the financial security of 3.3 million seniors. Eligible seniors will not have to take any action to receive this increase—their payments will be automatically increased.

This increase follows a one-time payment of $500 that the Government of Canada provided in August 2021 to seniors who were eligible for the OAS pension in June 2021 and born on or before June 30, 1947. The one-time payment was provided to help address the immediate needs of this group of seniors. Both measures were announced in Budget 2021.

Older seniors make up one of the country’s fastest-growing demographics, and the population of people aged 85 and over is expected to triple over the next 25 years.

According to The Honourable Kamal Khera, “the permanent increase to the OAS pension will help provide older seniors with greater financial security now and in the future. Younger seniors—and all Canadians—can enjoy greater peace of mind while planning their retirement finances, knowing they will be able to count on more support from the OAS pension in their later years.”

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