1.1 (1) In this section, “base maximum increment” means the amount by which one-twelfth of the guaranteed income limit applicable to a beneficiary in respect of a quarter exceeds the sum of the maximum pension payable to an individual for a month in the quarter and the maximum supplement payable to a single or married individual, as the case may be, for a month in the quarter; (“supplément provincial maximal de base”) “change to the cost of living” means, for a given fiscal year, the amount calculated using the following formula and rounded to the nearest thousandth: (A ÷ B) - 1 in which, “A” represents the cost of living index for the fiscal year in question, and “B” represents the cost of living index for the fiscal year immediately preceding the fiscal year in question; (“variation du coût de la vie”) “cost of living index” means, for a given fiscal year, the average Consumer Price Index for Ontario (All-Items), as published by Statistics Canada under the authority of the Statistics Act (Canada), for the months that make up the 12-month period ending on September 30 of the previous fiscal year. (“indice du coût de la vie”) 2023, c. 8, Sched. 8, s. 2. Amount (2) For the fiscal year commencing on July 1, 2024 and subsequent fiscal years, the maximum increment payable for a month under this Act is the amount as most recently adjusted under this section, except that, if no adjustment occurs on July 1, 2024, the maximum increment payable for a month is the base maximum increment until the first adjustment occurs under this section. 2023, c. 8, Sched. 8, s. 2. Adjustment (3) Subject to subsection (5), if the change to the cost of living for the fiscal year commencing on July 1, 2024 or a subsequent fiscal year is a positive number, on July 1 of that fiscal year the maximum increment payable for a month shall be adjusted using the formula, C + (C × D) in which, “C” represents, (a) in the case of the first adjustment under this section, the base maximum increment, or (b) in the case of subsequent adjustments under this section, the maximum increment payable for a month, and “D” represents the change to the cost of living for the fiscal year in which the adjustment occurs. 2023, c. 8, Sched. 8, s. 2. Whole dollar amount (4) If an adjusted amount is not a whole dollar amount, it shall be rounded up to the next whole dollar. 2023, c. 8, Sched. 8, s. 2. Exception (5) No adjustment shall occur during a fiscal year if the cost of living index for the year is equal to or less than the cost of living index for the last fiscal year during which an adjustment occurred. 2023, c. 8, Sched. 8, s. 2. Subsequent adjustment (6) If no adjustment occurs in a fiscal year by application of subsection (5), for the first subsequent fiscal year during which an adjustment is to occur, the value of “D” in subsection (3) shall represent the change to the cost of living for that fiscal year, calculated using the cost of living index for the last fiscal year during which an adjustment occurred as the value of “B” in the definition of “change to the cost of living” in subsection (1). 2023, c. 8, Sched. 8, s. 2. Section Amendments with date in force (d/m/y) 2023, c. 8, Sched. 8, s. 2 - 18/05/2023