FEDS WILL SPEND BILLIONS MORE THIS COMING YEAR ON BENEFITS FOR THE AGING

Feb 25, 2015

By Michael Kramer

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With a growing number of Canadian Zoomers qualifying for Old Age Security – the Conservative government expects to spend billions more this coming year – on benefits for the aging.

Plans for the fiscal year beginning April 1st show spending on seniors benefits is expected to reach $46.1 billion in 2015-16.

That’s $4.3 billion more than the government spent – just two years ago.

It’s estimated the number of Canadians eligible for benefits will increase – from 394,000 in 2013 – to 537,000 by the year 2030.

Starting in April 2023, the eligibility age for OAS and GIS will be 67 – instead of the current 65.

A new report says the Conservative promise to double the tax-free savings account contribution limit would make it difficult to finance benefits for aging Canadians.

 

 

 

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