Extra pension payouts creating 2-tier system for seniors: Duvall

Next week, seniors over 75 who qualify for the Old Age Security pension will receive a one-time payment of $500.

Canadians born on or before June 30, 1947, are eligible to receive up to $626.49 per month in Old Age Security (OAS) payments, depending on how long they’ve lived in the country.

In July last year, the federal government gave all OAS recipients an extra $300, and $200 more to Guaranteed Income Supplement (GIS) recipients.

The GIS is a monthly payment for seniors 65 and older, and is based on the earnings of “low-income OAS pensioners.” The OAS is considered taxable income.

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