The Old Age Security (OAS) Program is a key component of Canada's income security system for seniors. OAS provides a monthly benefit for all Canadians aged 65 and over who meet the residency requirements. In 2023, Old Age Security payments will increase in order to keep up with inflation. This means that Old Age Security beneficiaries will receive more money every month than they did in 2021 and 2022, allowing them to better cover costs and maintain their quality of life.
Additionally, the Old Age Security payment program can provide additional support to some low-income seniors who struggle to make ends meet every month. Those eligible for this type of financial assistance are also likely to see an increase in payments starting in 2023. The Old Age Security program is committed to ensuring that all Canadian seniors have access to a secure income during retirement so that they can continue living with comfort and dignity.
For these reasons, the increases planned for 2023 are expected to benefit Old Age Security beneficiaries and those who rely on other components of Canada's income security systems alike.
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