Seniors in Canada received a small boost in their OAS pension last summer when they were paid a one-time $500 payment.
This increase was part of changes proposed in Budget 2021 “to improve the financial security of Canadians in retirement after a lifetime of hard work.”
All seniors will see increases in their OAS benefits in 2023 based on indexing to inflation or the Consumer Price index (CPI).
Who is Eligible for the OAS Increases in 2023?
Starting in July 2022, older Canadians aged 75 and older will see a 10% increase in their monthly OAS pension payment.
If you are a current recipient of OAS, you will also notice a 0.3% increase in your regular benefits for the January to March 2023 quarter.
This increase reflects the inflation rate and quarterly indexing to the Consumer Price Index.
How Much OAS Will You Get?
The maximum OAS benefit from January to March 2023 is $687.56 per month for seniors aged 65 to 74.
The maximum OAS benefit for those aged 75 and above is now $756.32 per month, a 10% boost for the January to March 2023 payment period.
The OAS is one of the pillars of retirement income in Canada.
You get the full regular OAS amount if you have lived in Canada for at least 40 years since turning 18. If you do not meet the 40-year requirement, you get a partial payment.
Seniors can choose to delay OAS for up to 5 years in exchange for higher payments.
Lower-income seniors may qualify for OAS and the Guaranteed Income Supplement.
Learn more about retirement income sources:
- Canada Pension Plan Payments
- How To Invest in Retirement
- How Much Money Do You Need To Retire?
- RRSP Transfers
- Should I Delay CPP?
- Retirement Savings by Age
Have questions? Leave them in the comments.
25 thoughts on “OAS Benefit Increase and Changes in 2023”
Why did our pension go down from $876.95 each to$647.69 that is a lot to take off a senior a month (OAS)
Why immigrants are not getting OAS for years before they moved to Canada, but they have to pay double tax for foreign pension, earned in full before they moved to Canada?
@Ricz: I am not very familiar with the taxation on foreign pensions. I assume the tax rate will depend on whether the country you are coming from has a tax agreement with Canada?
My wife and I are both 81. We did not receive the $500 payment which I understand was to be paid in August. Am I wrong?
@Leon: Here are some of the articles I have written about annuities:
What is the thinking of just people over 75 getting the increases? People between 65-75 are wealthy? We are all seniors and can use the money.
Why can seniors 65 and older receive the amount 75 and older will be getting?
Just dental and health is what I need. Not fair
Why are seniors not receiving the same benefits as those are 75 and older?
I need more for medication ,dental.,and my herniations in my back. Not affordable to these no matter the health inusrances.,which i looked at.
How can seniors live on CPP and OAS it is well below poverty.there was a raise of 1%. How can a country as rich as Canada ignore the needs of seniors. Many people especially woman did not have the opportunity to make enough money to save for their retirement and they were in low paying jobs with no benefits. All government employees receive a good pension paid by all Canadian citizens why don’t all seniors receive enough to live on. With the increased rise in housing and food it is impossible. The golden years are not golden.
I Need to know who do I contact to get this changed it’s disgusting.
Only seniors who are 75 as of July 1, 2022 received the $500 last year. They will also get an increase after July 1. Seniors who are 75 from July 1 to Dec 31 this year got $0 and will get $0 increase. I asked the former Minister for Seniors and the new Minister for Seniors what about those 75 after July 1. Both could not or would not answer why they get $0. I told them it was discrimination based on the month you were born in in the same same.
Here we go again the seniors 65-75 are being ignored. Do the Liberals things are cheaper for us? What seems to be the problem? Well let me see. Stupidity, ignorance, discrimination? All of these? I am so fed up with the Liberals I will be making a change zt the polls first chance I get. I don’t think the Liberals will get a surprise when they loose the next election. Looks like a foregone conclusion to me.
I think it is disgusting that only seniors from 75 and up will get a 10% increase in July 2022. A senior is considered senior at age 65. So much of our canadian money is wasted on overseas handouts and yet we paid our taxes all our lives and get shafted. Shame on you. If your going to up the OAS for people 75 and older it must be increased for all seniors 65 and up. Last year they got a bonus of $500.00 too. Another thing that we end up paying is that blues fest. I don’t want to give them my money. Such a farce is our government.
I don’t understand why only seniors over 75 are getting increases! Do we have a 2 tier system for seniors now? I need the increase at 70 also. This is BS & should apply to all seniors.
I guess not too many people above 75 are still alive. Those who are alive are struggling with increased cost of living.
When does the 10% increase start?
I received my oas & cpp on June 28th. It was the same amount as usual I thought that was July/22 payment so i was expecting the increase.
This is not a complaint. Just wondering
@Faye: OAS amounts will be indexed in July and I believe this is when the increase starts.
I haven’t received any raise in my OAS and its Nov. They sent me notice July that i was getting a raise but i haven’t seen anything.
Please explain to me why not all pensioners are receiving an increase. The cost of living has increased tremendously and we are left waiting until January 2023 to see that reflected in our pensions. If 75 year old pensioners can’t live on the current income, why would 65 to 74 year olds be able to? Are you expecting all of us to fill in all the lost workers positions. We should go back to working 40 hours a week at minimum wage to make ends meet.
You are so correct Catherine Lewix. I worked and paid taxes my entire working life and am left with a meagre pension that falls below the poverty line even with their miniscule increases. I have written to Chrystia Freeland, Minister of Finance, Federal Government but they need more vocal seniors. We treat our new immigrant Canadians better than we do our seniors. Chrystia Freeland’s e-mail address is as follows:
I could not have said it better myself. i have written to the minister of seniors regarding the matter of seniors 65 to 74 with no luck. i guess if i was an immigrant just stepping off the boat i will be heard as it will make the canadian government look good but us that have lived in canada all our lives or over 62 years paying taxes know better what BS this government shoots. i am 79 so i am not fighting this issue for me but for seniors 65 to 74
have a good day
I have read the comments and I agree that “ALL” seniors, 65 and older should get the 10%. increase and also dental and vision. It is a shame that seniors that need the increase get so little and that people with a lot of money get it also.
Why do some people get over $800 in OAS. I do not understand” why”?
Why did seniors 75 and older get a 10% OAS increase?
Those of us under 75 deserve and need it !
I contacted the Minister of Seniors to ask why. She has not responded. Disappointing!!
What I think is someone (lawyer) should take the government to court and sue for discrimination. When we paid into the pension plan it was all the same rules for all seniors. You can’t change that and only include some seniors. If you want to top up seniors with cost-of-living increase, you must do so with all seniors not just some in an age group. Some of us will die before we even get to seventy-five. My husband and I are just two of the seniors that have a shortened life expectancy because of multiple medical issues.
i to thought old age was from 65 but gee i was mistaken as far as i can see senior starts at 75 not 65 wake up federals
I turn 75 in April 2023. I am told I will not receive the $500. I will get the increase of 10%. Why is this happening? Everyone 65 and older should get the same. We are all seniors. The PM made a huge mistake with how this was handled.