This enactment amends the Old Age Security Act to increase the amount of the full pension to which all pensioners aged 65 or older are entitled by 10% and to raise the exemption for a person’s employment income or self-employed earnings that is taken into account in determining the amount of the guaranteed income supplement from $5,000 to $6,500.

His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

• (b.‍1) for the purpose of determining benefits payable in respect of any month after June Insertion start 2023 Insertion end , 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 Insertion start $6,500 Insertion end and the combined amount, and

• (ii) if the combined amount is greater than Insertion start $6,500 Insertion end , the lesser of Insertion start $6,500 Insertion end and half of the amount by which the combined amount exceeds Insertion start $6,500 Insertion end ,

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, Insertion start 2023 Insertion end is Insertion start seven Insertion end hundred and Insertion start fifty-six Insertion end dollars and Insertion start thirty-two Insertion end cents.

(2) Subsection 7(5) of the Act is repealed.

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(2) Subsections 7.‍1(5) and (6) of the Act are repealed.

• (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

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)