Old age security (OAS) benefits, which consist of the basic OAS pension, the Guaranteed Income Supplement (GIS) and the Allowances, will increase by 0.9% for October to December 2014.
The number of old age security beneficiaries is expected to increase by 60% within the next two decades, according to a report.
CARP is calling on the federal government to fight seniors’ poverty by eliminating mandatory minimum withdrawals from RRIFs, relaxing GIS rules and introducing measures to counteract the OAS changes for the most needy.
The quarterly benefit amounts for old age security for July to September 2014 will be 1.3% higher.
After a number of false starts (and there may be more yet), the goal of pension reform in Canada seems to have zeroed in on helping middle-income Canadians maintain their standard of living into retirement.
A Toronto man is accused of fraudulently collecting an estimated $197,000 in Canada Pension Plan and old age security payments.
Employment and Social Development Canada says the benefit amount for Old Age Security will stay the same for April to June.
Pensions help not only provide retirees with the financial support they need but also provide a benefit to the overall economy.
A revised agreement on social security between Canada and Norway came into force at the beginning of the year.
The benefit rates for the Canada Pension Plan and old age security are increasing, according to Employment and Social Development Canada.