Old Age Security Regulations

8 (1) When the amount of a benefit is adjusted quarterly under subsection 7(2), 12(2), 12.1(3), 22(4.2) or 22.1(4) of the Act,

• (a) there is a rounding off to the nearest cent, in accordance with subsection (2), of the product obtained by multiplying, as the case may be,

  • (i) 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,

  • (ii) 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,

  • (iii) the amount referred to in paragraph 12.1(3)(a) of the Act by the ratio referred to in paragraph 12.1(3)(b) of the Act,

  • (iv) the amount referred to in paragraph 22(4.2)(a) of the Act by the ratio referred to in paragraph 22(4.2)(b) of the Act, or

  • (v) the amount referred to in paragraph 22.1(4)(a) of the Act by the ratio referred to in paragraph 22.1(4)(b) of the Act; and

• (b) any ratio referred to in paragraph (a) is expressed as a decimal number in accordance with subsection (3).

(2) When the product obtained under subparagraph (1)(a)(i), as increased under subsection 7.1(1) of the Act, if applicable, or the product obtained under any one of subparagraphs (1)(a)(ii) to (v) contains a fraction of a dollar that is represented by three or more digits,

• (a) if the third digit is less than five, the third and subsequent digits are dropped; and

• (b) if the third digit is five or greater than five, the second digit is to be increased by one and the third and subsequent digits are dropped.

(3) Any ratio referred to in paragraph (1)(a) that is a decimal number represented by four digits after the decimal point is rounded as follows:

• (a) if the fourth digit after the decimal point is less than five, the fourth digit after the decimal point is dropped; and

• (b) if the fourth digit after the decimal point is five or greater than five, the third digit after the decimal point is increased by one and the fourth digit after the decimal point is dropped.