OTTAWA — The Liberal government has set a date for its one-time payment to older seniors this summer.
Seniors Minister Deb Schulte says Canadians who are 75 as of next July will receive $500 during the week of Aug. 16 this year.
The one-shot cash injection is part of a government plan laid out in the April budget to boost old-age benefits over the long term.
Ottawa announced a 10 per cent raise in old age security for those aged 75 and older starting in July 2022, providing an estimated $766 in extra benefits to 3.3 million retirees.
The government projects the bump, which marks the first permanent increase to old age security since 1973, combined with the one-time payments will cost just over $12 billion over five years.
Old age security benefits will also automatically increase by 1.3 per cent this month, bringing the maximum pension amount to about $626 — up from around $618.
This report by The Canadian Press was first published July 7, 2021.
The Canadian Press
