Employment and Social Development Canada has released the quarterly benefit OAS amounts for July to September 2014.

During that period, the maximum basic OAS pension benefit paid to people 65 years of age and older will increase from $551.54 to $558.71 per month. Payments under the Guaranteed Income Supplement (GIS), the Allowance and the Allowance for the Survivor will remain unchanged, however.

Read: Canadians don’t understand CPP, OAS

OAS benefit amounts are reviewed quarterly (in January, April, July and October) and are revised as required to reflect increases in the cost of living, as measured by the Consumer Price Index (CPI) that’s set by Statistics Canada.

Read: How to structure drawdown portfolios

Throughout 2012 and 2013, the OAS program provided 5.2 million seniors with $40.3 billion in benefits.

For more on retirement saving, read:

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