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What Was In The 2012 Canadian Budget?

March 31, 2012 by staff 

What Was In The 2012 Canadian Budget?, Millions of Canadians woke up Friday with some disheartening news about their work lives and financial future: they may now need to work two years longer than initially planned.

The Conservative government’s budget announcement on Thursday of a plan to gradually increase the eligibility age for Old Age Security and the Guaranteed Income Supplement to 67 from 65 will have profound impacts on the lives of Canadians across the country.

Finance Minister Jim Flaherty and the Harper government maintain the changes are necessary to ensure the financial sustainability of the OAS program for future generations, while the parliamentary budget officer and some pension experts insist the program is on sound financial footing.

The changes are also sparking questions over why the government isn’t clawing back more OAS benefits from higher-income seniors to help the lower- and middle-income retirees who are more dependent on it.

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