http://www.globalnews.ca/budget+brings+big+changes+for+retirement+income/6442610751/story.html

Critics of the plan dispute the argument the retirement system is unsustainable – a view supported by a recent report from Parliamentary Budget Officer Kevin Page.

“These are unnecessary changes driving by political considerations, not fiscal considerations,” said David Macdonald, an economist at the Canadian Centre for Policy Alternatives.

Macdonald said the OAS has been a mainstay for Canadians, and that the changes are just going to drive up the number of seniors in poverty.

Other budget measures to ease the tension of Canada’s changing demographics include incentives to keep working and changes to survivor benefits.

Canadians can delay receiving their OAS pensions starting next year in order to receive a higher pension later, a measure that could encourage people to continue working. A five-year delay could mean $2,000 more in monthly payments.

The budget will see people collecting an OAS survivor allowance will also have to wait longer to collect the benefit as the government increases the eligibility ages from 60-64 to 62-66 starting in April 2023.

A final measure change to OAS will make enrollment automatic, eliminating the need for seniors to apply for the benefit.


Promising to hold the government accountable for a budget that delivered reckless cuts, NDP leader Tom Mulcair attacked the Conservatives for its new pension policy.

“The Conservatives ran an entire election campaign without saying a word to Canadians about their plans to cut OAS or health transfers,” Mulcair said. “Clearly Mr. Harper is not a man of his word.”

The Liberals said the changes pit generations against each other.

“Unfortunately, this budget has no real measures to grow jobs, and address youth unemployment and Canada’s skills shortage," said Liberal leader Bob Rae. "Moreover, it will worsen income inequality by increasing the qualifying age for the Old Age Security from 65 to 67, and by failing to make tax credits refundable for family caregivers, volunteer firefighters, children’s activities and the disability tax credit."

Read it on Global News: Global News | Budget brings big changes for retirement income

 

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Sounds like they are trying to solve problems up there, even if the results are not going to be popular. Enjoy the extra two years of work.

 

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Holy shit. How much do you crazy Canucks pay your old people that you're gonna pay them another $2000 PER MONTH just for putting off retirement 5 years?

Yeah. Inquiring minds want to know.

 

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Here's a concept - provide for your own gawd damn retirement.

 

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I think if anything it should be lower. People in general work already too much. There's 0 chance in hell I'll allow myself to keep working, unless I really like my job like I do right now, past 55


Then again social security is about as retarded as the people who don't plan for retirement

 

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Meh, they may not last the year in power.

This budget may not be worth the paper it is printed on.

 

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I like my job so I'm not sure how long I will work but I'm in the process of buying another company and since one of my nephews has started working for us I might have a successor to groom so I doubt I will retire any time soon.

 

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exactly how are they not gonna be in power for more then a year?

How do you think the retirement fund is funded? Magic money?