By bringing retirement policies in line with Canadian values about supporting those in need

$14 billion in compensation could be delivered by modernizing outdated retirement policy.

• Old Age Security gives $18,000 a year in taxpayer funded cash benefits to retired couples with $180,000 in income. Better targeting OAS subsidies to those who actually need them would save $7 billion/year.
• Two largely unknown tax shelters remain on the books even though they primarily benefit financially secure retirees, and fail to reach most poor seniors. Since retirees have the lowest poverty and the most wealth, the $7 billion/year they cost could be better spent.

Most of us agree that it’s time to ask financially secure retirees to take slightly less, so we can invest more in building a Canada that works for all generations – including eliminating seniors’ poverty and compensating Millennials and Gen Z for protecting retiree nest eggs.