First Session, Forty-fourth Parliament, 70-71 Elizabeth II – 1 Charles III, 2021-2022-2023 |
HOUSE OF COMMONS OF CANADA |
An Act to amend the Old Age Security Act (amount of full pension)
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FIRST READING, March 8, 2023
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Ms. Larouche |
This enactment amends the Old Age Security Act to increase the amount of the full pension to which all pensioners aged 65 or older are entitled by 10% and to raise the exemption for a person’s employment income or self-employed earnings that is taken into account in determining the amount of the guaranteed income supplement from $5,000 to $6,500.
Available on the House of Commons website at the following address:
www.ourcommons.ca
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1st Session, 44th Parliament, 70-71 Elizabeth II – 1 Charles III, 2021-2022-2023 |
HOUSE OF COMMONS OF CANADA |
BILL C-319 |
An Act to amend the Old Age Security Act (amount of full pension) |
His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
R.S., c. O-9
(b.1) for the purpose of determining benefits payable in respect of any month after June Insertion start 2023 Insertion end , there shall be deducted from a person’s combined amount — which is equal to the aggregate of the person’s income from office or employment for the year, as reduced in accordance with paragraph (a), and the person’s self-employment earnings for the year, as reduced in accordance with paragraph (b), if those reduced self-employment earnings are greater than zero — an amount that is equal to the aggregate of
(i) the lesser of Insertion start $6,500 Insertion end and the combined amount, and
(ii) if the combined amount is greater than Insertion start $6,500 Insertion end , the lesser of Insertion start $6,500 Insertion end and half of the amount by which the combined amount exceeds Insertion start $6,500 Insertion end ,
(i) obtained by multiplying the amount of the full monthly pension that might have been paid to a pensioner for any month by the applicant’s special qualifying factor for the month, and
(ii) rounded, if that product is not a multiple of four dollars, to the next higher multiple of four dollars; and
pension equivalent means, in respect of any month in a payment quarter, the amount of the full monthly pension payable for that month under section 7; (valeur de la pension)
Published under authority of the Speaker of the House of Commons
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