Bill C-319: An Act to amend the Old Age Security Act (amount of full pension)

R.S., c. O- 9 Old Age Security Act 1 Paragraph (b.1) of the definition income in section 2 of the Old Age Security Act is replaced by the following: (b.1) for the purpose of determining benefits payable in respect of any month after June 2023 , 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 $6,500 and the combined amount, and (ii) if the combined amount is greater than $6,500 , the lesser of $6,500 and half of the amount by which the combined amount exceeds $6,500 , 2 (1) Subsection 7(1) of the Act is replaced by the following: Basic amount of full pension (1) The amount of the full monthly pension that may be paid to any person for a month in the payment quarter commencing on January 1, 2023 is seven hundred and fifty-six dollars and thirty-two cents. (2) Subsection 7(5) of the Act is repealed. 3 (1) Subsection 7.1(2) of the Act is replaced by the following: Voluntary deferral — partial monthly pension (2) If a person applies for their pension after they become qualified to receive a partial monthly pension, the amount of that pension, as it is calculated in accordance with subsection 3(3), at the time that they become qualified for that pension, is increased by 0.6% for each month in the period that begins in the month after that time and that ends in the month in which the person’s application is approved. (2) Subsections 7.1(5) and (6) of the Act are repealed. 4 The description of B in paragraph 12(6)(b) of the Act is replaced by the following: B is the product (i) obtained by multiplying the amount of the full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 5 The definition pension equivalent in subsection 22(1) of the Act is replaced by the following: 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 )