Thursday, March 29, 2012

Budget Changes OAS Age Eligibility

By 2023 Age of Eligibility 
For OAS Rises To 67

The federal budget tabled by Finance Minister Jim Flaherty will see the age to qualify for the Old Age Security plan in Canada increase to age 67 by the year 2023. That means if you are currently 54 or older as of March 31, 2012 it will not affect you.

A couple of other highlights from the budget include 19,200 federal public sector jobs being cut over 3 years, with many of these coming via attrition. The budget also looks to returning to a surplus budget by 2015, which will be an election year.

There are no significant tax changes in store for individuals, and cross border shoppers limits rise this summer to $200 for 24 hour trips and $800 for trips of 48 hours or more.

The retirement age for federal public servants rises to 65 from 60 for people hired in 2013, and public servants will also pay more into pensions under a 50/50 formula.

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