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OAS Costs Soar as Seniors Multiply | Toronto News
Canada’s Old Age Security program faces soaring costs as the population ages, projected to hit $136.6 billion by 2035 and climb further by 2060. A 2012 attempt to raise the eligibility age to 67—aimed at saving $11 billion—was reversed in 2016 after internal documents revealed it would push millions of 65- and 66-year-olds into poverty. With over 8 million seniors today (about 20% of the population) and that number expected to swell to over 12 million by 2060, the program’s share of GDP will rise, forcing tough choices between fiscal responsibility and protecting those who rely on it most…
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