old age security

3:44PM
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This sea change in labour-force behaviour of older workers was completely unanticipated by research into pension adequacy.


1:45PM
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For the most part, the government did not decide to reform or cut low-priority spending or ineffective programs.


11:30AM
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Upper-middle income earners in Canada receive full OAS benefits, which doesn’t represent effective targeting of benefits.


10:00AM
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The Ontario Liberals recently introduced legislation to create a mandatory government pension plan modelled after the Canada Pension Plan.


2:00AM
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Imagine receiving a credit card bill that totaled $243,476. This would no doubt be a shock for most Canadians. But if you add up all the liabilities of every Canadian government "federal, provincial, and local" that is in fact how much each taxpayer would owe of the $4.1 trillion total in direct debt and unfunded liabilities.

This admittedly is a very large number and much bigger than what is usually talked about by both politicians and pundits alike. So let's deconstruct it to gain a better understanding.


2:00AM
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With the holiday season now behind us, the oncoming flood of credit statements to Canadian households is a powerful reminder that there are no free lunches. Borrowing to pay for current consumption brings interest payments, and ultimately, the need to pay off principal balances. Most Canadians are intimately familiar with this reality when it comes to their household finances. But this same reality also applies to governments. As taxpayers, Canadian families are also responsible for interest on government debt. And these payments are significant.


3:00AM
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Some provincial politicians are again trying to make the dubious case that we have a "retirement income crisis" to revive calls for a mandatory expansion to the Canada Pension Plan (CPP).  While the issue is set to be on the agenda at the annual federal-provincial finance ministers meeting in December, the reality is that the case for expanding CPP is built on shaky assumptions about retirement income inadequ


2:00AM
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In 2012, the federal government shocked many Canadians by announcing an important change in the cherished Old Age Security (OAS) program, one of three key income programs for seniors. The reform, which was implemented in the 2013 budget, increases the age of eligibility for OAS to 67 from 65 beginning in 2023 with full implementation achieved in 2029. While the reform is a positive first step given the aging of Canadians, more is needed.