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OAS Just Got Its Biggest Raise of 2026: What 1.4% Actually Pays

  Canadian Money Brief • Published October 2, 2026 Old Age Security is going up 1.4% for the October-to-December quarter, the biggest of the four quarterly adjustments in 2026. For a senior on the maximum pension, that works out to $10.53 more a month . Whether that feels like a raise or just a catch-up depends on a number most headlines skip: how much prices have risen over the past year. +$10.53 a month Maximum OAS for ages 65 to 74 goes from $751.97 to $762.50. That is about $126 more over a year, and it starts with the Oct. 28 deposit. What actually changes on October 28 The new rate applies to the Oct. 28 payment and the two after it (Nov. 26 and Dec. 22). Nothing needs to be filed. It applies to OAS, the Guaranteed Income Supplement (GIS) and the Allowances automatically. Maximum monthly amount Jul–Sep 2026 Oct–Dec 2026 Change OAS, ages 65 to 74 $751.97 $762.50 +$10.53 OAS, age 75 and over $827.17 $838.75 +$11.58 GIS, single senior (approx.) $1,123.17 about $1,138.89 about +$...
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Canada’s economy shrinks in Q3 amid export and consumer woes

 


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Canada’s economy shrinks in Q3 amid export and spending woes

Canada’s economy contracted by 1.1 per cent on an annualized basis in the third quarter of 2023, according to Statistics Canada. This was a much weaker result than expected by analysts and the Bank of Canada, which had forecast a slight growth of 0.1 per cent and 0.8 per cent, respectively.

The main factors behind the economic decline were a drop in exports, a slump in business investment, and a stagnation in consumer spending. Exports fell by 5.1 per cent, reflecting lower shipments of energy products, motor vehicles, and aircraft. Business investment decreased by 10.1 per cent, as firms reduced their spending on machinery and equipment, intellectual property, and non-residential structures. Consumer spending was flat, as households saved more of their income amid rising interest rates.

The only bright spots in the third quarter were government spending, which increased by 7.3 per cent, boosted by a one-time GST/HST credit payment, and residential housing investment, which rose by 8.3 per cent, driven by a surge in new construction.

The Canadian economy also performed poorly compared with the U.S. economy, which grew by 5.2 per cent in the same period. Canada has been more sensitive to the impact of higher interest rates, which have been raised by the Bank of Canada to 5 per cent from 0.25 per cent since early 2022. The central bank has recently signalled that it may pause or reverse its tightening cycle, as inflation has eased and economic growth has faltered.

Some economists believe that the third quarter contraction was a temporary setback and that the economy will rebound in the fourth quarter and beyond. Statistics Canada estimated that GDP grew by 0.2 per cent in October, indicating a modest recovery. However, others warn that the economy may face more headwinds in the new year, such as the ongoing supply chain disruptions, the spread of the new COVID-19 variant, and the uncertainty over the federal fiscal policy.

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