Employment and Social Development Canada has announced the benefit amounts that go into effect January 1st for the Canada Pension Plan and Old Age Security.
CPP benefits will increase by 1.2 percent for anyone who's already receiving them.
For new recipients, the maximum CPP retirement benefit at age 65 will be $1,092.50 per month, an increase of $330 for the year, or $27.50 per month compared to the 2015 maximum benefit.
Old Age Security benefits, which consist of the basic OAS pension, Guaranteed Income Supplement and Allowances, will increase by 0.1 percent for the first quarter of 2016 from January to March.
As of January 1st, the basic OAS pension will increase from $569.95 to $570.52 per month.
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