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OAS benefits

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) 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 (CPI). 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. The maximum Guaranteed Income Supplement (GIS) and Allowance, which are income-based, will also stay the same. The OAS program is the first level of Canada's three-level retirement income system. It is funded through general tax revenues and provides a basic minimum income for more than 95 percent of Canadian seniors. The second level, the Canada Pension Plan, is funded through contributions by Canadian workers and their employers and the self-employed, as well as through earnings on investment ofthe Plan's funds. In addition to retirement benefits, the Plan also provides disability benefits, death benefits, survivor benefits and benefits for children. The third level is made up of private savings, including employer- sponsored pension plans and registered retirement savings plans (RRSPs).