By Bradley Bouzane
OTTAWA — The Old Age Security program in Canada can responsibly carry on its current path — with a retirement age of 65 — according to the country’s parliamentary budget officer, who said any potential changes to the system likely would be unrelated to financial issues.
The cost of federal elderly benefits are projected to nearly quadruple over the next 25 years, Kevin Page said. In a report released Wednesday by his office, it is anticipated that payments to Canadians in their golden years will top $140-billion by 2036. However, once that strain passes, levels are expected to drop below current costs.
“If you just look at the current structure of federal programs and the tax burden . . . there’s no reason to change [the OAS program] from a fiscal sustainability perspective,” Page said. “There may be other reasons to change retirement ages that have to…
View original post 660 more words