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New benefit amounts for CPP and OAS came in from January 1, 2016

CPP benefits will increase by 1.2% for those already receiving the benefits. For 2016, the maximum CPP retirement benefit for new recipients age 65 will be $1,092.50 per month, an increase of $330 for the year compared to the maximum in 2015.

OAS benefits, which consist of the basic OAS pension, the Guaranteed Income Supplement (GIS) and the Allowances, will increase by 0.1% for the first quarter of 2016 (January to March). As of January 1, 2016, the basic OAS pension will increase from $569.95 to $570.52 per month.

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