Ottawa: Bringing major relief to Canadian seniors, the federal government has announced an increase in Old Age Security (OAS) pension payments. A 1.4% increase has been confirmed for the fourth quarter, covering October through December 2026. This is higher than the 1.2% bump received in July, bringing the total annual increase from October 2025 to October 2026 to 3.0%. The new rates will take effect starting with deposits made on October 28.
Under the updated rates, seniors aged 65 to 74 will see their maximum monthly pension increase from $751.97 to $762.50. Seniors aged 75 and older will continue to receive the 10% top-up introduced in 2022, bringing their maximum monthly benefit up from $827.17 to $838.75. Additionally, the Guaranteed Income Supplement (GIS) for low-income seniors will also see a matching 1.4% increase, raising the combined OAS and GIS monthly maximum for eligible single seniors to approximately $1,901.
The adjustments were calculated using Statistics Canada’s Consumer Price Index (CPI). The updated payments will hit bank accounts on October 28, November 26, and December 22, with the December deposit arriving earlier than usual due to the Christmas holidays. Pensioners are also protected by a deflation safeguard, ensuring that benefit payments will not decrease even if inflation drops in the future.
