top of page
  • Writer's picturePeter Wiesner

OAS Seniors Getting a $500.00 One Time Payment Week of August 16, 2021!

The Government of Canada will deliver the $500 one-time payment to older seniors, announced in Budget 2021, during the week of August 16, 2021.

This summer’s one-time payment of $500 will support older seniors’ higher expenses, and will apply to 3.3 million seniors who are eligible for the OAS -Old Age Security pension in June 2021 and were born on or before June 30, 1947. No action is required by seniors, who will automatically receive the payment if they are eligible.

In July 2021, OAS benefits will automatically increase 1.3%, bringing the maximum monthly OAS pension amount to $626.49, up from $618.45. Over the coming year, the increase is worth up to $96.48.The Guaranteed Income Supplement (GIS) and the Allowances will also be adjusted for inflation.

Budget 2021 also included a permanent increase of 10% to the OAS pension, to be implemented in July 2022 for seniors aged 75 and over. This will provide an additional $766 to full pensioners over the first year, and will be the first permanent increase to the OAS pension since 1973, other than adjustments due to inflation.

I find the timing convenient when a election is being called just as one time unique cheques are being issued ahead of an election?

Dated : August 15, 2021

Copyright © 2021 By Peter Wiesner CPA, CA

All Rights Reserved

331 views2 comments
bottom of page