Old Age Security Act

Version of section 12.1 from 2011-06-26 to 2016-06-30:

Marginal note:Additional amount — paragraph 12(1)(a)
  •  (1) The amount that may be added to the amount of the supplement that may be paid under section 12 to a pensioner referred to in paragraph 12(1)(a) for any month in a payment quarter beginning after June 30, 2011 is the amount determined by the formula

    A × B – C/4

    where

    A
    is $50;
    B
    is the pensioner’s special qualifying factor for the month; and
    C
    is
    • (a) in the case of a pensioner who has no spouse or common-law partner, 1/12 of the pensioner’s income for the base calendar year in excess of $2,000 rounded, if it is not a multiple of four dollars, to the next lower multiple of four dollars, and

    • (b) in the case of a pensioner who, on the day immediately before the current payment period, had a spouse or common-law partner to whom no benefit may be paid for any month in the current payment period, 1/24 of the aggregate of the income of the pensioner and his or her spouse or common-law partner for the base calendar year in excess of $4,000 rounded, if it is not a multiple of four dollars, to the next lower multiple of four dollars.

  • Marginal note:Additional amount — paragraph 12(1)(b)

    (2) The amount that may be added to the amount of the supplement that may be paid under section 12 to a pensioner referred to in paragraph 12(1)(b) for any month in a payment quarter beginning after June 30, 2011 is the amount determined by the formula

    A × B – C/4

    where

    A
    is
    • (a) in the case of a pensioner referred to in subparagraph 12(1)(b)(i), $50, and

    • (b) in the case of a pensioner referred to in subparagraph 12(1)(b)(ii), $35;

    B
    is the pensioner’s special qualifying factor for the month; and
    C
    is 1/24 of the aggregate of the income of the pensioner and his or her spouse or common-law partner for the base calendar year in excess of $4,000 rounded, if it is not a multiple of four dollars, to the next lower multiple of four dollars.
  • Marginal note:Indexation

    (3) For the purpose of calculating the amount payable under subsection (1) or (2) for any month in a payment quarter beginning after September 30, 2011, the amount to be determined for A in that subsection is the amount obtained by multiplying

    • (a) the amount determined for A for any month in the three-month period immediately before that payment quarter

    by

    • (b) the ratio that the Consumer Price Index for the first adjustment quarter that relates to that payment quarter bears to the Consumer Price Index for the second adjustment quarter that relates to that payment quarter.

  • Marginal note:No decrease

    (4) Despite subsection (3), the amount determined for A for any month in a payment quarter shall not be less than the amount determined for A for any month in the three-month period immediately before that payment quarter.

  • Marginal note:Effect of reduction in Consumer Price Index

    (5) If, in relation to any payment quarter, the Consumer Price Index for the first adjustment quarter is lower than the Consumer Price Index for the second adjustment quarter,

    • (a) no adjustment to the amount determined for A shall be made under subsection (3) in respect of that payment quarter; and

    • (b) no adjustment to the amount determined for A shall be made under subsection (3) in respect of any subsequent payment quarter until, in relation to a subsequent payment quarter, the Consumer Price Index for the first adjustment quarter that relates to that subsequent payment quarter is higher than the Consumer Price Index for the second adjustment quarter that relates to the payment quarter referred to in paragraph (a), in which case the second adjustment quarter that relates to the payment quarter referred to in that paragraph is deemed to be the second adjustment quarter that relates to that subsequent payment quarter.

  • 2011, c. 15, s. 13.
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