Canadian seniors are set to receive the latest pension payments from the federal government this week.
The February payments for the old age security (OAS) pension and the Canada Pension Plan (CPP) retirement pension will roll out to eligible Canadians on Wednesday.
OAS and CPP are monthly and taxable benefits that have risen by up to 20 per cent in the last five years to keep pace with the rising cost of living
Each month, the OAS pension goes out to eligible Canadians aged 65 years or older. Employment status is not a requirement.
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The OAS pension amount is based on a person’s age, how long they’ve lived in Canada as an adult and their income.
OAS amounts are reviewed each year in January, April, July and October to reflect cost-of-living increases, as measured by the Consumer Price Index (CPI).
OAS payments for the January to March 2025 quarter are the same as last quarter since the CPI …