Justin Trudeau announced yesterday that next week’s federal budget will restore eligibility for Old Age Security to age 65 from age 67.
“We are keeping the old retirement age at 65,” Mr. Trudeau told the room of journalists and businesspeople. “How we care for our most vulnerable in society is really important.”
He said his predecessor, Stephen Harper, was wrong to move the Old Age Security eligibility to 67 from 65. Mr. Harper raised the age in the 2012 budget, making it effective for 2023.
“We think that was a mistake,” Mr. Trudeau said.
We are delighted by this news for all our younger clients born after 1958. The benefit is currently $570 per month indexed quarterly.
We will have a summary of the 2016 budget highlights on Tuesday. Stay tuned!