Canadians already receiving CPP benefits as of December 2006 will get a 2.1% increase starting next year.
Increases are based on changes in the Consumer Price Index(CPI), the cost-of-living measure used by Statistics Canada, over a 12-month period.
The basic Old Age Security(OAS)pension will remain unchanged at $491.93 per month. There has been no increase over the previous quarter, although the OAS benefit rates have increased by 2.5% overall.
OAS rates are based on the average CPI and are adjusted quarterly.
The Guaranteed Income Supplement(GIS), the Allowance and the Allowance for the survivor will increase by $18 a month for single recipients and by $29 a month for couples effective Jan. 1, 2007.
The GIS and Allowance payments provide additional benefits to eligible low-income pensioners and their spouses or common-law partners as well as to eligible survivors.
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