March 23, 2016

in Government Updates

2016 Federal Budget: Eligibility age for OAS returning to 65

The 2016 Federal Budget tabled yesterday confirmed that the age of eligibility for Old Age Security will return to 65, canceling the former government’s original provision to increase OAS and Guaranteed Income Supplement benefits to 67.

In addition, the budget outlines plans to increase the GIS top-up benefit by up to $947 yearly for single seniors starting in July 2016. The government estimates that this will affect 900,000 seniors across Canada.

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