2024 Cola Increase Canada 2024. Social security benefits for millions of people will rise by an average of over $50 a month starting in january, thanks to the social security administration’s 3.2% annual cost of living. Based on changes in the consumer price index (cpi), oas benefits have increased by 0.7% for the july to september 2024.
The new cola each year is based on the increase in the cpi for canada over the prior calendar year. The second phase of the canada pension plan (cpp) enhancement program has come into effect as of january 2024, and with it, the final cpp contribution.
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