Feb 25, 2015
By Michael Kramer
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.