Social Development Canada today announced that Old Age Security benefit rates will increase as of July 1.because of cost-of-living increases.

As of July 1, the basic OAS pension, paid to people 65 years of age and over, will be $476.97 per month. This is an increase of 0.7% over the previous quarter.

The maximum Guaranteed Income Supplement (GIS) and Allowance payments, which provide additional benefits to eligible low-income pensioners and their spouses or common-law partners, as well as to eligible survivors, will also increase by 0.7%.