10% Increase to the Old Age Security Pension for Seniors Aged 75 and Older

Canadians are living longer than ever before. As they age, older adults tend to have lower incomes and often face higher health-related expenses because of the onset of illness or disability. This financial vulnerability is further compounded by fewer opportunities to supplement income with paid work and the risk of outliving personal savings. That is why the Government is taking action to help make life more affordable for older Canadians by increasing the Old Age Security pension by 10% for pensioners aged 75 or older, starting in July 2022. This will provide an extra $766 for full pensioners over the first year.

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