Old Age Security Regulations

8 (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.