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OAS recipients
November 8, 2019
6:54 pm
GICinvestor
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Are you enjoying the October increase?

What occurred for the generous increase? sf-confused

November 8, 2019
7:12 pm
Norman1
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Probably an increase in the Consumer Price Index (CPI).

According to Old Age Security Amounts and the Consumer Price Index,

Old Age Security (OAS) rate increases are legislated under the Old Age Security Act. They are calculated four times a year (January, April, July and October) using the All-Items Index from the Consumer Price Index (CPI) so that benefits keep up with the cost of living.

The percentage increase is the percentage change between the average of the most recent 3-month CPI period and that of the last 3-month CPI period in which OAS amounts increased. If the cost of living has decreased over the most recent 3-month CPI period, the calculation of the rate change will produce a negative amount.

However, as prescribed under Old Age Security Act benefit amounts do not decrease; they stay at the same level when there is a decrease in the cost of living. The highest 3-month average CPI remains the reference level until the most recent average CPI climbs above that of the reference level.

November 8, 2019
8:13 pm
Loonie
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October 21, 2013
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You must be new to the OAS, GICI! It went up about the same amount in July of this year.
As Norman noted, it gets adjusted every 3 months according to inflation. Typically, however, there is no increase in January, so you have nothing to look forward to there. And April is typically lean as well.

Don't get carried away with spending though. Increase in base rate 2019 over 2018 is just over $100/yr.

November 8, 2019
10:42 pm
GICinvestor
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Loonie. I have been receiving for awhile. I just never remember any increases other than July and January.

November 9, 2019
7:03 am
Norman1
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It was a CPI increase. This alert appears on Canada.ca: Old Age Security-How much could you receive:

Note: Subsequent to the increase in the Consumer Price Index, OAS benefit amounts will increase by 1.0% for the October to December 2019 quarter.

November 9, 2019
10:14 am
GICinvestor
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Thanks Norman1

November 9, 2019
10:26 am
Selkirk
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January 12, 2019
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GICinvestor said

Loonie. I have been receiving for awhile. I just never remember any increases other than July and January.  

You haven't been watching close enough ... sf-wink

November 9, 2019
10:49 am
GICinvestor
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Yes I know. I have so much money in my 4 pants pockets....it just keeps falling out!!!

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