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Old Age Security Regulations

Version of section 8 from 2013-07-01 to 2024-06-19:

  •  (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 subparagraph (1)(a)(i), as increased under subsection 7.1(1) of the Act if applicable, or the product referred to in subparagraph (1)(a)(ii), 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.

  • SOR/90-813, s. 5
  • SOR/2013-23, s. 4

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