The Trudeau government’s policy reversal will cost an estimated additional $10.4 billion in 2030.
old age security
Health-care costs are expected to increase by 57 per cent by 2045.
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.
This sea change in labour-force behaviour of older workers was completely unanticipated by research into pension adequacy.
For the most part, the government did not decide to reform or cut low-priority spending or ineffective programs.
Upper-middle income earners in Canada receive full OAS benefits, which doesn’t represent effective targeting of benefits.
The Ontario Liberals recently introduced legislation to create a mandatory government pension plan modelled after the Canada Pension Plan.
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.