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Benefit rates

The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.

The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.

Human Resources Development Canada (HRDC) has announced that Old Age Security (OAS) benefit rates will not change as of October 1, 2003. These benefit rates are adjusted for inflation every three months (January, April, July and October) based on changes in the average Consumer Price Index. The basic OAS pension, paid to most people 65 years of age and over, will remain at $461.55 per month. This is the same rate as that of the previous three months. To calculate the OAS rates for October 2003, HRDC compared the current three-month CPI average (May, June and July 2003) with the previous highest average-in this case, that occurred in February, March and April 2003. Since the current average was lower, the rates will remain unchanged from the previous quarter. The maximum Guaranteed Income Supplement and Allowance, which are income-based, will also stay the same. Canada's Old Age Security program provides most seniors with a secure base of retirement income. It also provides additional benefits to eligible low-income pensioners and their spouses or common-law partners in the form of the Guaranteed Income Supplement and the Allowance.

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