Canadian paper bills in 5 10 and 20 dollars
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The Liberal government has set a date for its one-time payment to older seniors this summer.

Seniors Minister Deb Schulte says Canadians who are 75 as of next July will receive $500 during the week of Aug. 16 this year.

The one-shot cash injection is part of a government plan laid out in the April budget to boost old-age benefits over the long term.

Ottawa announced a 10% raise in old age security for those aged 75 and older starting in July 2022, providing an estimated $766 in extra benefits to 3.3 million retirees.

The government projects the bump, which marks the first permanent increase to old age security since 1973, combined with the one-time payments will cost just over $12 billion over five years.

Old age security benefits will also automatically increase by 1.3% this month, bringing the maximum pension amount to about $626 — up from around $618.