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.
Social Development Canada has announced that Old Age Security (OAS) benefit rates will increase as of April 1, 2005. Increases in OAS rates are based on changes in the average Consumer Price Index (CPI). As of April 1, 2005, the basic OAS pension, paid to people 65 years of age and over, will be $473.65 per month. This is an increase of 0.4 percent over the previous two quarters. For the quarter ending March 31, 2005, OAS benefit rates had remained steady. Since 1973, all OAS benefits have been adjusted quarterly (in January, April, July and October). The maximum Guaranteed Income Supplement (GIS) and Allowance payments, which provide additional benefits to eligible low-income pensioners and their spouses or common-law partners, will also increase by 0.4 percent. In the February 2005 budget, the Government of Canada announced the first non-cost of living increase to the GIS since 1984. Beginning January 1, 2006, the Guaranteed Income Supplement and the Allowance will be increased by 7% over two years. The OAS program is funded through general tax revenues and provides a basic minimum income for Canadian seniors. It is the most widely accessible source of income for older Canadians, providing 4.1 million seniors with approximately $27 billion in 2003/2004.1/4/05
