Millions of senior Canadians will receive slightly more via their Old Age Security pension this month thanks to a benefit increase.

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Eligible Canadians receiving Old Age Security (OAS) payments will see a slight increase when the latest deposit lands in their account on Wednesday or when the cheque arrives in the mail, for those not signed up for direct deposit.

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Canadian Pension Plan payments are going out simultaneously to eligible recipients, but there’ll be no increase as that benefit is adjusted for inflation annually in January.

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Here’s what to know about the forthcoming OAS bump.

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The benefit, reassessed quarterly based on the “cost of living increases as measured by the Consumer Price Index”, is up 1.2 per cent for the July to September period, according to Service Canada, driving up the maximum amount for recipients.

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The latest adjustment brings OAS growth to 2.3 per cent since July 2025, the agency said. In fact, it’s the largest jump since a 1.3 per cent climb in October 2024.

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Canada’s CPI inflation rate was up 2.8 per cent over the 12 months leading up to June 2026. It was down 3.2 per cent in May, according to Statistics Canada. The next data is expected on Aug. 17.

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For recipients, the amount you receive is based on age, net income, and residence in Canada.

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The maximum payment for people aged 65 to 74 has increased from $743.05 to $751.97, provided your annual net income is less than $152,062.

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Those 75 and older with net incomes under $157,923 will see the payments go up from $817.36 to $827.17.

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The agency offers an OAS benefit estimator online, but exact amounts on deposit can differ based on the final assessment.

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Should life in Canada become less expensive, legislation ensures that the OAS benefit will not decrease.

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The next OAS payments this quarter are scheduled for Aug. 29 and Sept. 25. Another benefit recalculation will follow in October.

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Three other benefits under OAS are also increasing with this quarterly CPI measurement — the Guaranteed Income Supplement (GIS) paid to eligible low-income seniors, an allowance paid to low-income adults aged 60-64 whose partners received GIS, and another allowance supplied to low-income survivors of the same age group after a spouse’s or common-law partner’s death, provided they have not remarried or entered a new common-law relationship.

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Those benefit amounts are recalculated each July based on net income in the previous calendar year and Service Canada noted that “payments can increase, decrease or even stop according to changes” in that figure.

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A single, widowed or divorced person, will see their maximum GIS payment go from $1,097.75 last July to $1,123.17 monthly. Those with a spouse receiving an allowance or OAS themselves willget half that amount.

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The monthly payment cap for allowance recipients is $1,428.06, up from $1,395.73, while payments for survivors rests at $1,702.34 from $1,663.81.

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