Increases to benefits payable under the Old Age Security program are based on changes to the Consumer Price Index, with such benefit amounts indexed quarterly.
The federal government has announced that, based on that indexing formula, Old Age Security benefits will remain unchanged for the April to June 2024 quarter. As a result, the maximum benefit for Canadians aged 65 to 74 will remain $713.34, and the maximum benefit for Canadians aged 75 and older will remain $784.67.
Your Old Age Security pension amount is determined by:
- your age (65 or older)
- how long you have lived in Canada after the age of 18
- your income
In addition to the Old Age Security pension, there are 3 other benefits available under the Old Age Security program:
- Guaranteed Income Supplement (GIS)
- Allowance
- Allowance for the Survivor
If you would like help with dealing with the CRA or would like to know more about taxable benefits, please feel free to call us at (905) 305-9722 or email us at info@eigenmachtcrackower.com and we will help you out!
