Old Age Security Regulations

8 (1) Where the amount of a full monthly pension or supplement is adjusted quarterly pursuant to subsection 7(2) or 12(2) of the Act,

• (a) there shall be an adjustment to the nearest cent, in accordance with subsection (2), of the product obtained

  • (i) by multiplying the amount referred to in paragraph 7(2)(a) of the Act by the ratio referred to in paragraph 7(2)(b) of the Act, or

  • (ii) by multiplying the amount referred to in paragraph 12(2)(a) of the Act by the ratio referred to in paragraph 12(2)(b) of the Act; and

• (b) the ratios referred to in paragraph (a) shall be expressed as decimal fractions in accordance with subsection (3).

(2) Where the product referred to in paragraph (1)(a) contains a fraction of a dollar that is represented by three or more digits,

• (a) if the third digit is less than 5, the third and subsequent digits shall be dropped; and,

• (b) if the third digit is 5 or greater than 5, the second digit shall be increased by 1 and the third and subsequent digits shall be dropped.

(3) Where the ratios referred to in paragraph (1)(a) contain a fraction that is less than 1, that fraction shall be expressed as a decimal fraction of four digits after the decimal point, and

• (a) where the fourth digit after the decimal point is less than 5, the fourth digit after the decimal point shall be dropped; and

• (b) where the fourth digit after the decimal point is 5 or greater than 5, the third digit after the decimal point shall be increased by 1 and the fourth digit after the decimal point shall be dropped.