The nimbys born close to the gold standard, when credit creation had an actual cap, want even more.
Plucky_DuckYa on
Not going to happen. The Liberals polling advantage comes almost entirely from the Boomers. They ain’t doing nothing to upset them.
Cowboyboots_123 on
I will vote for any party who reduces the cutoff to the average Canadian wage or less then that something like make 60K or more in retirement and you get zero OAS. Then anything from 40-60K its a scale of how much is clawed back. It was made to keep seniors off the streets and now its just a bonus most of them get.
This-Is-Spacta on
When they were young you coaxed them into paying high tax with promises they will be taken care of as well when they reach retirement.
Now you say i am moving the goal posts and you are SOL.
dirtoperator69 on
Just a reminder that OAS clawback starts at 95k, and max cut off is 154k, per person. So a boomer household could be bringing in 180k a year and still get full OAS.
leftygrooviness on
AKA put back in place the plan that JT cancelled
New-Low-5769 on
MATCH THE CLAWBACKS TO THE CHILDCARE BENEFITS
OAS and CCB clawbacks should be identical
At 204k HHI you get no CCB of any kind.
They don’t START clawing back OAS until 186k
(Edit: 93k per person but seniors can income split unlike working age people, thanks for that Trudeau.)
AnyAlternative9440 on
We have Canadians advocating for the government to cut fellow Canadians off social programs as a way for the government to get its spending under control, it’s disgusting. The government can keep its greasy paws off of our social programs that we have been promised and forced to pay into our whole careers.
InternationalPlan on
The clawback should probably happen at a lower income, but it can’t happen overnight. People are building entire financial plans around receiving it. There’s no need perfect answer to satisfy everyone, but instead of indexing the recovery tax rate to inflation, it could be indexed to half of inflation until it gets to median of the second federal tax bracket, and the clawback could be increased to 20%.
NihilsitcTruth on
Translation give them less.
Saisinko on
Canadian Pension Plan is under-achieving. That needs to be re-evaluated, not to mention it only invests about 12% at home. While I grasp aspects of diversification, if we believe in ourselves we should invest more in ourselves. It should also incentivize government and regulatory bodies to favor CPP funded projects instead of us looking for foreign or private partners and giving them the moon and insane subsidies.
Re: Old Age Security, if you ever step foot into a casino you’ll see it’s almost entirely elderly. Some people live in excess and are there, others are poor to begin with and become poorer from being there. I’d consider a taxation on winnings over a certain threshold.
Assimulate on
“Pull up the ladder!”
Ag_reatGuy on
How about we reform government employee pensions while we’re at it?
DeanPoulter241 on
Not that I will ever qualify, but if you paid into a system that provided this benefit, then you should receive said benefit or refund those taxes paid.
Perhaps the federal and provincial govts should cut waste across the board and how much is spent on ILLEGAL migrants who get better benefits than CANADIAN taxpayers do!!!! BEFORE they even consider this kind of measure.
How about that!
Next_Permission3353 on
OAS should be eliminated.
CPP is paid into. GIS is there if you are truly low income.
OAS has absolutely no reason to exist. If you refused to save money for your entire working life, what on earth is wrong with you? This is especially true for people who enjoyed some of the best economic conditions in recent history and in a time where DB pensions were more commonplace. If you didn’t work and provided childcare, maybe seek compensation from your working spouse, then? Why is that the taxpayer’s problem? Or seek compensation from your kids?
Setting the younger generation’s future on fire for irresponsible decisions their great grandparents made. Nice.
gnunn1 on
OAS is definitely in need of reform and I say that as someone who is nearing retirement and will benefit from OAS. Since it is a pay-as-you-got program, unlike CPP, it continues to get more expensive as the population ages with increasing lifespans.
IMHO they should increase the age needed for OAS to 67 and reduce where the clawback begins from the current $95K to $75K IMHO. The Harper government had slated OAS to start at 67 instead of 65 in 2023 but this was eliminated by the Trudeau government.
rando_dud on
I’d be curious if they could put a portion of what they put into OAS into the CPP instead..
Then pay a basic UBI out of the enhanced CPP..
I would think compound growth would be a more efficient way to generate these revenues than general income.. which is partially financed with debt.
Brokenkuckles on
Get rid of it and just have UBI
HunterGreenLeaves on
This is shite. I can see how it will play out. It will be put in place just in time to affect Gen-X, then the cutoff point will not be inflation indexed.
[deleted] on
[deleted]
shiver-yer-timbers on
If only someone had implemented reforms over a decade ago… oh wait, someone did. Then jt undid them.
23 Comments
I’m sure it will happen the day I’m eligible.
the country is fucked beyond repair
The nimbys born close to the gold standard, when credit creation had an actual cap, want even more.
Not going to happen. The Liberals polling advantage comes almost entirely from the Boomers. They ain’t doing nothing to upset them.
I will vote for any party who reduces the cutoff to the average Canadian wage or less then that something like make 60K or more in retirement and you get zero OAS. Then anything from 40-60K its a scale of how much is clawed back. It was made to keep seniors off the streets and now its just a bonus most of them get.
When they were young you coaxed them into paying high tax with promises they will be taken care of as well when they reach retirement.
Now you say i am moving the goal posts and you are SOL.
Just a reminder that OAS clawback starts at 95k, and max cut off is 154k, per person. So a boomer household could be bringing in 180k a year and still get full OAS.
AKA put back in place the plan that JT cancelled
MATCH THE CLAWBACKS TO THE CHILDCARE BENEFITS
OAS and CCB clawbacks should be identical
At 204k HHI you get no CCB of any kind.
They don’t START clawing back OAS until 186k
(Edit: 93k per person but seniors can income split unlike working age people, thanks for that Trudeau.)
We have Canadians advocating for the government to cut fellow Canadians off social programs as a way for the government to get its spending under control, it’s disgusting. The government can keep its greasy paws off of our social programs that we have been promised and forced to pay into our whole careers.
The clawback should probably happen at a lower income, but it can’t happen overnight. People are building entire financial plans around receiving it. There’s no need perfect answer to satisfy everyone, but instead of indexing the recovery tax rate to inflation, it could be indexed to half of inflation until it gets to median of the second federal tax bracket, and the clawback could be increased to 20%.
Translation give them less.
Canadian Pension Plan is under-achieving. That needs to be re-evaluated, not to mention it only invests about 12% at home. While I grasp aspects of diversification, if we believe in ourselves we should invest more in ourselves. It should also incentivize government and regulatory bodies to favor CPP funded projects instead of us looking for foreign or private partners and giving them the moon and insane subsidies.
Re: Old Age Security, if you ever step foot into a casino you’ll see it’s almost entirely elderly. Some people live in excess and are there, others are poor to begin with and become poorer from being there. I’d consider a taxation on winnings over a certain threshold.
“Pull up the ladder!”
How about we reform government employee pensions while we’re at it?
Not that I will ever qualify, but if you paid into a system that provided this benefit, then you should receive said benefit or refund those taxes paid.
Perhaps the federal and provincial govts should cut waste across the board and how much is spent on ILLEGAL migrants who get better benefits than CANADIAN taxpayers do!!!! BEFORE they even consider this kind of measure.
How about that!
OAS should be eliminated.
CPP is paid into. GIS is there if you are truly low income.
OAS has absolutely no reason to exist. If you refused to save money for your entire working life, what on earth is wrong with you? This is especially true for people who enjoyed some of the best economic conditions in recent history and in a time where DB pensions were more commonplace. If you didn’t work and provided childcare, maybe seek compensation from your working spouse, then? Why is that the taxpayer’s problem? Or seek compensation from your kids?
Setting the younger generation’s future on fire for irresponsible decisions their great grandparents made. Nice.
OAS is definitely in need of reform and I say that as someone who is nearing retirement and will benefit from OAS. Since it is a pay-as-you-got program, unlike CPP, it continues to get more expensive as the population ages with increasing lifespans.
IMHO they should increase the age needed for OAS to 67 and reduce where the clawback begins from the current $95K to $75K IMHO. The Harper government had slated OAS to start at 67 instead of 65 in 2023 but this was eliminated by the Trudeau government.
I’d be curious if they could put a portion of what they put into OAS into the CPP instead..
Then pay a basic UBI out of the enhanced CPP..
I would think compound growth would be a more efficient way to generate these revenues than general income.. which is partially financed with debt.
Get rid of it and just have UBI
This is shite. I can see how it will play out. It will be put in place just in time to affect Gen-X, then the cutoff point will not be inflation indexed.
[deleted]
If only someone had implemented reforms over a decade ago… oh wait, someone did. Then jt undid them.