As of early 2026, there is no new, universal $500 payment for all Canadian seniors. However, a one-time $500 payment was previously issued in August 2021 to Old Age Security (OAS) recipients born on or before June 30, 1947. Eligible seniors also received a 10% OAS increase for those aged 75+ in July 2022.
Not only will the government be issuing a one-time cash payment of $500 to be paid in August 2021, this year's Federal Budget also includes the highest quarterly adjustment to existing OAS payments since July 2014.
Old Age Security Payment Updates
For December 2025, OAS payments reflect a 1.2% quarterly indexation increase tied to the Consumer Price Index. Maximum monthly amounts now stand at $740.82 for ages 65-74 and $814.90 for those 75 and older, up from previous quarters.
Today, Canada's Minister of Seniors, Deb Schulte, announced the highest quarterly adjustment to existing OAS payments since July 2014. She also confirmed that the Government of Canada will deliver the $500 one-time payment to older seniors, announced in Budget 2021, during the week of August 16, 2021.
Canadian seniors are set to benefit from a landmark expansion of federal support programs in 2026, with eligible individuals potentially receiving up to $3,200 in combined Old Age Security (OAS) top-ups and related payments.
The $1,200 payment is a one-time direct deposit issued by the Canada Revenue Agency for seniors classified as low income based on their most recent tax return. The payment is not a loan, does not need to be repaid and does not replace existing monthly benefits.
The Guaranteed Income Supplement (GIS) is a monthly payment you can get if you are 65 or older. The Supplement is based on income and is available to Old Age Security pensioners with low income. It is not taxable. In many cases, we will let you know by letter when you could start receiving the first payment.
What Is the New $300 Seniors Payment. The $300 seniors payment is described as a one-time direct deposit issued through the Canada Revenue Agency to eligible older Canadians. It is designed to provide short-term relief during a period when inflation, housing costs, utilities, and groceries remain elevated.
This increase is in line with previous projections for next year and long-term averages for the adjustment. The dollar amount increase to checks will vary depending on a person's benefit amount, but the average Social Security Retirement benefit, $2,008.31 in July 2025, will grow by about $56.
Who Will Receive the $1,100 Centrelink Bonus. The bonus will be automatically issued to eligible Australians receiving approved Centrelink payments. Those expected to qualify include: Age Pension recipients.
✅ If you began receiving CPP in September 2025 or later and made valid contributions, you'll get an additional top-up to your base CPP amount. ✅ This change is part of the ongoing CPP enhancement that started in 2019, helping to provide greater financial security in retirement. Learn more: https://www.canada.
The new tax deduction for seniors 65 and older allows you to reduce your taxable income by up to $6,000. Taking the new senior deduction can mean less tax or potentially an even bigger tax refund when you file your return.
The $2,200 payment is a one-time, tax-free financial benefit provided by the federal government through the CRA. Unlike monthly pension programs, this payment is not ongoing but instead offers immediate relief to help seniors weather current financial pressures.
The maximum OAS payment amount for Canadians is $740.09 per month at age 65 (October 2025). The amount of your monthly OAS payment depends on several factors, including how long you have lived in Canada, the amount of your other retirement income and the age you decide to start receiving OAS.
Cost-of-Living Adjustment (COLA) Information for 2026
Social Security and Supplemental Security Income (SSI) benefits for 75 million Americans will increase 2.8 percent in 2026.
you are 65 or older. you are a Canadian citizen or a legal resident. you live in Canada. your income is below the maximum annual income threshold for the GIS based on your marital status.
* So if you now receive more than one type of benefit -- for instance, some combination of Social Security, SSI, Railroad Retirement and Veterans benefits --you will get only one payment of $250. If you're married and both you and your spouse get Social Security or SSI, you each will receive a one-time $250 payment.
Eligibility and details for the $250 rebate.
To qualify, individuals must meet criteria such as working in 2023, earning under $150,000, filing a tax return, and being a Canadian resident on March 31, 2025. Payments will be issued automatically via direct deposit or cheque by the CRA.
The $1,000 "Welcome to Canada Bonus" is a General Motors (GM) program for new Permanent Residents or Temporary Workers, requiring a valid PR card (arrival date generally 2022 or later) or a valid work permit, plus a Canadian driver's license, for the purchase or lease of a new eligible Chevy, Buick, GMC, or Cadillac vehicle. Eligibility hinges on your status at the time of purchase, with specific arrival year requirements for Permanent Residents.
The one-time top-up to the Canada Housing Benefit aims to help low-income renters with the cost of renting. You may be eligible for a tax-free one-time payment of $500 if your income and the amount that you pay on rent qualify. The Canada Revenue Agency (CRA) administers this one-time payment.