OAS gets a 10% boost for those aged 75+
In addition to that simple benefit-boosting tactic, Ottawa further boosts benefits with regular inflation adjustments and rare budget-mandated increases. The 2021 Canadian federal budget promised to boost OAS payments for seniors age 75 and older. And in July of 2022, it delivered on that promise, with a 10% increase, plus an additional quarterly inflation adjustment.
The National Institute for Ageing (NIA) confirmed in a news release that the increased OAS payments for Canadians aged 75 or older were the first permanent increase in almost 50 years. The NIA encourages retirees to defer their OAS benefits.
Is it worth waiting for CPP and OAS until age 70?
The NIA’s director of financial security research, Bonnie-Jeanne MacDonald and associate fellow Doug Chandler suggest that the best way for retirees to maximize these…
