By now most Canadians have heard about the changes to seniors’ benefits announced by the federal government in Budget 2012. Beginning in 2023, the age of eligibility for Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) top-up will be increased from 65 to 67. As a result, seniors will have to work longer, draw from whatever savings they might have, hope for family support, or rely on provincial social assistance programs to get by.
Of course, these changes won’t be a problem for middle and upper-income seniors, those fortunate enough to have good pensions and healthy saving accounts. It will hurt the low-income Canadians who need income supports the most. Read more »