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OAS Payments Are Bigger This July — Here's How Much More You'll Get

  July 21, 2026 If you or someone in your family collects Old Age Security, the deposit landing later this month is larger than the last one. Here's exactly why, and what the new numbers look like. Old Age Security payments went up 1.2% for the July-to-September 2026 quarter — the largest of the four scheduled increases so far this year. Combined with earlier adjustments, that puts OAS 2.3% higher than it was in July 2025. OAS amounts are reviewed every January, April, July, and October to track the Consumer Price Index. When the cost of living rises, the payment rises with it. When it falls, the payment simply holds steady — OAS is protected from ever decreasing. The new maximum monthly amounts Age Group April–June 2026 July–September 2026 Monthly Increase 65 to 74 $743.05 $751.97 +$8.92 75 and older $817.36 $827.17 +$9.81 Seniors 75 and up sit higher because of the permanent 10% top-up the federal government added to that age group's OAS back in July 2022. That bump applies...
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How to make your RRIF last longer and avoid tax traps

 

If you are a senior who has a registered retirement income fund (RRIF), you may be worried about outliving your savings or paying too much tax on your withdrawals. Fortunately, there are some strategies you can use to make your RRIF more efficient and flexible.

A RRIF is a tax-deferred account that you must convert your RRSP into by the end of the year you turn 71. You have to withdraw a minimum amount from your RRIF every year, based on your age or your spouse’s age. The minimum amount increases as you get older, and it is fully taxable as income.

One way to reduce your tax bill and preserve your RRIF is to withdraw less than the minimum amount. You can do this by electing to use your younger spouse’s age to calculate the minimum amount, which will lower the percentage you have to withdraw. You can also split up to 50% of your RRIF income with your spouse if they are in a lower tax bracket.

Another way to make your RRIF last longer is to invest it wisely. You can choose from a variety of investments, such as stocks, bonds, mutual funds, ETFs, and GICs, to suit your risk tolerance and income needs. You can also diversify your portfolio across different asset classes, sectors, and geographies to reduce volatility and enhance returns.

A third way to optimize your RRIF is to plan ahead for your estate. You can name your spouse as the beneficiary of your RRIF, which will allow them to continue receiving the income or transfer it to their own RRIF tax-free. You can also name your children or grandchildren as beneficiaries, but they will have to pay tax on the fair market value of the RRIF as a lump sum. Alternatively, you can donate your RRIF to a charity of your choice, which will generate a tax credit for your estate.

By following these tips, you can make your RRIF more flexible, tax-efficient, and long-lasting. You can also consult a financial planner or a tax professional to help you tailor your RRIF to your specific situation and goals.

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