By 2047, the costs of OAS and GIS will increase by an estimated 47 per cent.
age of eligibility
Reversing course and raising the age of eligibility for retirement benefits to 67 from 65 would be politically costly, but it makes eminent sense when one considers the aging of our population.
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.