Section 7.1 — Old Age Security Act: Voluntary deferral — full monthly pension

If a person applies for their pension after they become qualified to receive a full monthly pension, the amount of that pension, as it is calculated in accordance with subsections 7(1) to (4), is increased by 0.6% for each month in the period that begins in the month after the month in which the person becomes qualified for that pension and that ends in the month in which the person’s application is approved. If a person applies for their pension after they become qualified to receive a partial monthly pension, the amount of that pension, as it is calculated in accordance with subsection 3(3) without regard to subsection 7(5), at the time that they become qualified for that pension, is increased by 0.6% for each month in the period that begins in the month after that time and that ends in the month in which the person’s application is approved. A person who is qualified to receive a monthly pension shall, unless they decide otherwise, receive the greatest of the following amounts: the amount of the full monthly pension as it is increased under subsection (1), if the person is qualified to receive a full monthly pension, the amount of the partial monthly pension as it is increased under subsection (2), and the amount of the partial monthly pension as it is calculated under subsection 3(3) at the time that the person’s application is approved. Despite subsections (1) and (2), the amount of a pension is not increased for any month before July 2013; after the month in which the person attains 70 years of age; or in which the person’s pension would not be paid by virtue of subsection 5(3), or would be suspended under subsection 9(1) or (3), if the person were a pensioner. Beginning in the payment quarter commencing on July 1, 2022, for the period that begins in the month after the month in which a person attains 75 years of age, the amount of the full monthly pension, as it is increased under subsection (1), is increased by 10%. Beginning in the payment quarter commencing on July 1, 2022, for the period that begins in the month after the month in which a person attains 75 years of age, the amount of the partial monthly pension, as it is increased under subsection (2), is increased by 10%.