Our government is working to help improve the financial security of Canadian seniors. In 2022, we announced that the Old Age Security pension has permanently increased by 10% for seniors aged 75 and over. That means full pensioners will receive more than $800 in additional support every year.

This was the first permanent increase to the OAS pension since 1973, other than adjustments due to inflation. It will strengthen the financial security of 3.3 million Canadian seniors and boost their quality of life. Eligible seniors will not have to take any action to receive this increase—their payments will be automatically increased.

That increase was part of our government’s commitment to strengthen retirement security, and help build on our broader efforts to support the financial security of seniors, including:

• restoring the age of eligibility for the OAS pension and the Guaranteed Income Supplement (GIS) to 65 from 67;
• enhancing the Canada Pension Plan for future retirees;
• increasing the GIS by 10% for single seniors;
• raising the GIS earnings exemption; and
• amending the Old Age Security Act to exclude federal pandemic benefits from the calculation of income for GIS/Allowance purposes.

While we realize no single solution can meet everyone’s needs, we are making progress, but there is more work to do. We will continue to more forward with measures that make an important difference for seniors’ financial security.

Please see programs and services for seniors: Programs and services for seniors - Canada.ca