OTTAWA, 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.
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This news release is available in alternative formats upon request.
For more information (media only):
Media Relations Office
Human Resources and Social Development Canada
819-994-5559
Website: www.hrsdc.gc.ca
backgrounder
Maximum Old Age Security benefit rates
as of April 1, 2007
Type of Old Age Security benefit
Maximum monthly benefit rates
April — June 2007
Previous quarter
January — March 2007
Basic Old Age Security pension
$491.93
$491.93
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
The Allowance
regular
survivor
$901.97
$999.81
$901.97
$999.81
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