Canada Pension Plan Cheques Rising 1.5% for 2015 and Old Age Security Remaining the Same

Canada Pension Plan benefits are rising 1.8 per cent in the new year for people already receiving benefits.

Effective Jan. 1, 2015, the maximum CPP retirement benefit for new recipients age 65 will be $1,065 per month. The increase is calculated on the average yearly maximum pensionable earnings for the last five years.  The new CPP rates will be in effect until Dec. 31, 2015.

Old Age Security (OAS) benefits, which consist of the basic OAS pension, the Guaranteed Income Supplement (GIS) and the Allowances, will remain the same for the first quarter (January to March) of 2015.

As of January 1, 2015, the basic OAS pension will stay at $563.74 per month. OAS benefits, like CPP benefits, are based on the consumer price index (CPI). But unlike CPP, which is reviewed annually, OAS rates are reviewed quarterly and revised as required to reflect increases in the cost of living.

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