
Signing of the Dominion-Provincial Agreement on Old Age Pensions, May 18 1928. Source: Library and Archives Canada / C-013233
By Jay Young
Change to Old Age Security emerged as a controversial element of the Harper Conservatives’ last federal budget. Much speculation had been brewing in the months leading up to the budget’s introduction in March of this year, when federal Finance Minister Jim Flaherty announced its details in the House of Commons as part of C-38, his government’s omnibus budget bill.
Starting in April 2023, the age of eligibility for Old Age Security (OAS) benefits will shift from the current policy of 65 years of age to 67 years. The transition in policy will be complete by 2029. In other words, Canadians born before April 1958 — anyone aged 54 or older — will be unaffected by the change. But those born after will not enjoy the income benefits provided by Old Age Security for another two years in their life.
The recent change to OAS provides a chance to reflect on not only the history of Canada’s pension system, but also the wider historical context of the baby boom generation. Continue reading