$500 One-Time Payment to Seniors in August 2021, and Automatic Increase of Old Age Security

Lisa C. Seniors, Updates

The Government of Canada will deliver the $500 one-time payment to older seniors, announced in Budget 2021, during the week of August 16, 2021.

This one-time payment of $500 will apply to 3.3 million seniors who are eligible for the OAS pension in June 2021 and were born on or before June 30, 1947. No action is required by seniors, who will automatically receive the payment if they are eligible.

In July 2021, OAS benefits will automatically increase 1.3%, bringing the maximum monthly OAS pension amount to $626.49, up from $618.45. Over the coming year, the increase is worth up to $96.48.

* Information in this post is based on the federal government’s news release dated July 7, 2021: Date announced for $500 one-time payment, and Old Age Security to be automatically increased by almost $100 over the coming year  – Canada.ca