Born before June 30/47, Fed govt is giving you $500 during Aug 16-21

If you were born befoe June 30/47, the federal government is giving you $500 as an OAS increase. Watch for the automatic deposit into the account where your OAS pension is deposited.

But before you get too warm all over, you are paying for the increase bonus via your taxes and it also becomes part of your taxable income for the year. As the federal government giveth, it also taketh away.

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