Human Resources and Skills Development Canada today announced the benefit rates for the Canada Pension Plan (CPP) and Old Age Security (OAS), effective January 1, 2011.
CPP benefits will increase by 1.7 percent . CPP benefits are revised once a year, in January , based on changes over a 12-month period (November 2009 to October 2010) in the Consumer Price Index, which is the cost-of-living measure used by Statistics Canada. The maximum CPP retirement benefit will increase from $934.17 to $960 per month.
The basic OAS pension, the Guaranteed Income Supplement and the Allowances will increase by 0.5 percent. These payments are also based on the Consumer Price Index but are revised quarterly, in January, April, July and October. The maximum basic Old Age Security pension will increase from $521.62 to $524.23 per month.
The Guaranteed Income Supplement and the Allowances provide additional income to low-income pensioners, their spouses or common-law partners, and eligible survivors.
Although OAS and CPP benefits are not indexed at the same time, they are both adjusted with the cost of living over a given year.
For further information, please consult the Human Resources and Skills Development Canada web site.
The Old Age Security pension and the Canada Pension Plan enhance the quality of life of Canadian seniors by providing a modest base upon which to build additional income for retirement.
The OAS program is funded through general tax revenues and provides a basic minimum income for Canadian seniors. It provided 4.8million seniors with $34.66 billion in 2009 2010
The CPP (or the Quebec Pension Plan in Quebec) is funded through contributions by Canadian workers, their employers and the self-employed, and through investment earnings on the Plan's funds. In addition to retirement benefits, the Plan provides disability benefits, death benefits, survivor benefits and benefits for children.
Canada's public pensions are fully sustainable for generations to come. Canadians can count on their public pensions to be there for them in the future.
Maximum Canada Pension Plan benefit rates as of January 1, 2011
|Type of Canada Pension Plan Benefit||Maximum Benefit Rates for 2011|
|Retirement pension (at age 65)||$960|
|Survivor's pension (under age 65)||$529.09|
|Survivor's pension (age 65 and over)||$576|
|Disabled contributor's child benefits|
Deceased contributor's child benefits
Survivor/Retirement (retire at age 65)
Maximum OLDAGESECURITY benefit rates as ofJANUARY 1, 2011
|Type of Old Age Security benefit|
Maximum monthly benefit rates
October to December 2010
|Basic Old Age Security pension|
|Guaranteed Income Supplement|
|Spouse/Common-law partner of|
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