It is finally official. The federal government confirmed its proposed changes to OAS last week. In defense of these changes, the website reads: The OAS is the single, largest federal program. It is financed from general government revenue and provides benefits to most Canadians 65 years of age and over. Canadians are living longer and healthier lives; there will be nearly twice as many seniors in 2030 as there were in 2011, growing from 5 million to 9.4 million. This will place significant pressures on the OAS program.
You can read all the changes at the website. Browse around, follow links and check out the “Top Questions and Answers”.
Will the changes affect you? Depends on your age now for sure. I think it also depends on the ages of your siblings and friends. If this hurts them, it probably will affect you one way or another.
There will be an “opinion” piece from me later this week. I’d appreciate hearing your opinions too.