Some exciting news coming for seniors in Ontario. The Government is increasing the Old Age Security pension by 10% for seniors 75 and older as of July 2022. How great is that?
The Old Age Security pension is a monthly payment that seniors get after you turn 65. It is automatically deposited to your account. In most cases you will be automatically enrolled for the OAS pension. Go Canada!
If you are already receiving OAS and you are at least 74 years old on July 1st of 2021, you will be receiving an extra $500.00! What a lovely treat for being 74, right? I’m sure the grandkids would love a present or two from the grandparents, but don’t feel bad if you spend it on yourself.
In this weeks Wealthy Choices episode, we dive into the details of the pension.